posted on March 13, 2002 08:52:09 PM new
I was wondering if I can use a Debit Card (with a Visa logo on it) to fund my paypal account, as I don't use a CC and the wait for the funds transfer from my checking account to my PP account gets annoyingly long (4-5 days)
Does anyone know?
posted on March 14, 2002 07:42:47 AM new
Be careful!
I used my debit card as well, it works great until you verify the account. When you verify the account, your account will then defaults to using your bank account, instead of the debit card. Once you verify, you will then be tempted by a quick pay option. If you use it, you must then make an extra effort to override the default payment method to use your debit card. I found this most confusing, especially when my only intentions was to use the debit card. (I still don't understand why PayPal does this!) I didn't find any of this out until I had a problem with a seller, since both come out of the same account. The debit card will give you your standard credit card protection, whereas the bank account will force you to rely on PayPal's... which we all know isn't worth much, since there is no guarantee.
Another bit of warning... when I had a problem with the seller, I stopped payment on the transfer from my bank account and PayPal put my account on restriction. Stopping payment forced the payment to the debit card. Even after PayPal found the seller at fault and they credited my account, they still refuse to unrestrict my account. They won't take it off restriction until I give them permission to debit funds directly from my bank account. (Something I don't want them to do!) When I opened the account, I didn't verify it (give them my bank account) and I was limited to $200. I'm willing to live with that but PayPal will still not budge. If you can live with a $200 limit, I'd recommend NOT giving them your bank information. (I wish PayPal would find a better way to verify!!)
[ edited by frustratedguy on Mar 14, 2002 07:44 AM ]
posted on March 14, 2002 12:52:16 PM new
Preacher- you CAN use a debit card, but it's highly not-reccomended. *Most* debit cards, even those that bear the Visa or M/C logos, still do not have the same level of chargeback protection as a true credit card.
It also makes unauthorized transactions just that little bit more tricky, since the money is sucked straight from your checking account.
Your ONLY protection against fraud is your credit card company- despite what PayPal will try to convince you of otherwise.
Just make sure you're covered according to the terms on your card, and you'll be fine.
posted on March 14, 2002 04:30:02 PM new
Sorry... I have to disagree. A debit card used as a CREDIT card has the same protection as a credit card. If it has the Visa stamp on it, it has the same protection as a normal Visa card. Yes, it does come directly out of your bank account, but when you stop payment on it, it will be immediately credited. (Just as a credit card.) I have used my debit/credit card as a credit and have a problems a few times with a seller. All I had to do was to call the bank, and the amount was immediately credited my account pending review. (I had to fill out the normal paperwork.) Of course, taking it directly out of you bank account, as PayPal defaults to, will not give you any protection. (Other than what little PayPal offers.)
posted on March 14, 2002 05:28:29 PM new
Frustratedguy, usually with visa/mc logos you have the same protection as with a credit card for fraudulent transactions (e.g. transactions you never authorized, such as someone stole your card). However, any other type of chargeback, you don't usually. My bank debit card only lets you charge back over 50 dollars and takes the first 50 dollars off (not just for fraudulent chargeback, others too). It also takes them a month or two to credit an account.
My friend's son has a visabuxx card, and they specifically state that no other chargebacks are allowed, and it does have the visa card logo and it acts just like a regular credit card. Look at PayPal's debit card. They say you can charge back things but I have seen many stories where cutomser service, even at the debit card division, is horrible and people can't charge things back. The law does not provide the same protection for debit cards as it does for credit cards (e.g. other types of chargebacks than fraudulent transactions). Therefore, it is up to the issuing bank.
As for using a debit card with PayPal, preacher4u, I definately wouldn't unless you are sure your debit card allows you to charge things back just like a regular credit card with no limit/fee and no restrictions on what type of transactions/problems you are protected for. Since there is basically no buyer protection on PayPal, that is the only way you could get your money back if a seller rips you off.
posted on March 14, 2002 07:44:19 PM new
I have talked to my bank about this many times and they assured me that it has the same protection as a credit card, if used as a credit card. (Not as a debit card) In addition, I have personal experience that it does indeed work this way. (If your bank works different, I'd find a different bank!)
As for the $50, most credit card agreements they clearly state that you may be liable for the first $50 of any charge resulting from it being lost, stolen, or for fraudulent transactions. If you immediately report an incident, the bank will usually waive this fee. (Which is why PayPal's wait of 30 days is problem.) Since this applies to a credit card, it would also apply to using your debit card as a credit card.
posted on March 14, 2002 09:20:15 PM new
Hey everyone, thank you for your responses and concern. I know there are risks, but I really don't want to use this account to pay for eBay stuff, but to use it as a "Money Beamer" to a relative (sister) that lives far from me.
Damon: I placed the debit card OK, it passed verification and everything. Now how long does it take for PayPal to make the $1.95 charge for verification purposes? I made the placing of the D.C. last night and there still anything on my account (I can check it online) not even the retained balance that takes a few days to clear.
Thanks!
posted on March 15, 2002 01:26:54 AM new
why dont you use western union??instead of waiting and waiting??
i use the paypal debit card only in places like big chain store(walmart,kroeger) and gas stations and post office.
i dont use it to buy on ebay or anywhere in cyberspace.
posted on March 15, 2002 05:54:12 AM new
I use a separate bank acct w/ a Mastercard Logo debit card for auctions/paypal etc. I simply went to my bank and opened another checking acct and they handed me a card. I feel alot safer not having my main bank acct. connected with cyberspace.
MEOW
posted on March 15, 2002 08:39:57 AM new
Yes, some banks have the same protection with a debit card as with a credit card. Some don't. Because you don't have the same legal rights you have with a credit card, it is up to the bank.
posted on March 15, 2002 12:18:22 PM new
Unfortunately, I found out too late that my Visa debit card doesn't provide any protection. That's why I couldn't reverse the $1,450 charge when the hacker got into my PayPal. I even called Visa, who told me it was strictly up to the issuing bank. She explained the Visa logo only meant I could use it wherever Visa is accepted, but it doesn't provide the same protection. The bank I had my debit card with was as helpful as PayPal ... I assumed my money was safe but I found out otherwise. She said the minute I gave them my card number, I in fact authorized them to debit my account whenever and for whatever amount they wanted. Needless to say, both that bank and PayPal are history!!!
posted on March 15, 2002 08:56:36 PM newDAMON:
The $1.95 charge just appeared on my online bank statement. But instead of a 4 digit number beside the charge, there is a 23 digit number. I assume the last 4 numbers are the correct ones, but if they aren't and I input them, will I still have another chance to get it right or the account will be automatically blocked?
Thanks for your help.
------------------------------------------------------------ Conform or be cast out.
posted on March 17, 2002 04:16:17 PM new
The 23 digit number is probably a transaction number. There should be a 4 digit number next to the word PayPal. Sometimes it might only be in your paper statement. But wait for Damon's answer to make sure.
