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PayPal Alternative? - What's your opinion?

I'm thinking about opening an electronic checking account with ING that would allow me to avoid PayPal fees. Basically the account would allow me to send money to anyone as long as I had their email address. Once I direct the funds to go to that person, ING pulls the money from my account, and sends the recipient an email that money is available. The recipient clicks the link in the email, inputs their own bank routing number and account number, and - zip - the money is theirs.

Does anyone already use this? Or would you be willing to input your bank info to receive money in this way?
128x128grannyring
tgrisham
1,291 posts
 
Timrhu,

That's a great idea. In fact, all of you can send me your bank routing and account numbers and I can test the security of your banking systems!
polk432
1,142 posts
 
Just read some of the horror stories on PAYPALSUCKS.COM It will open your eyes and make you think of alternatives.
prpixel
876 posts
 
Bank routing and account numbers are printed on the bottom of every check. I just had someone call my bank and "pretext" to gain access to my checking account. They added a name to the account, changed the address and walked away with big bucks. Now, I'm stuck proving that I did not authorize the changes.

As far as PayPal goes, their fees are getting ridiculous. Add in Ebay fees and they can "charge" you up to 13% of the final selling price. The few times someone screwed me PayPal never stepped up to the plate and help me one bit. All though, one time Ebay stepped up and re-reimbursed me $350 after I got ripped off for over $700. Then notarized affidavits had to be filed with the FBI and it was a big PITA. They finally caught the guy and I was receiving $12 every three months in restitution, but thats stopped since the economy went south.
stereo5's avatar
stereo5
6,388 posts
 
I have done 35 flawless transactions with PayPal since August 2008 and have never had a problem. As a buyer, you have piece of mind and as a seller, you get your money instantly. As far as the fees, I build it into the price of the unit in advance.

Bob
sit
315 posts
 
I disagree with Jamiek about never trading outside of Paypal.

I will NOT be using Paypal for the forseeable future and have not for several years since they made such a mess of my account and were non-to-quick at fixing things. I understand this is the exception to the vast experience out there and was for me up until several years ago prior to Paypal's screwup.

I deal with bank money orders, cashier's checks,or personal check waiting 'till it clears the bank. My largest transaction was just over $5k.
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