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Beware of PayPal

I made a payment via PayPal and just noticed that they took the money out of my checking account instead of my credit card. They made this change without notifying me! Worst thing is that there's absolutely no way to contact them. They don't respond to my emails and they have no phone number to call! This is horrible!
boros
argent
245 posts
 
I don't like PayPal. They are really raking in the interest on our cash. Their disclaimer says you can't take out the money in more than $100 increments without paying a penalty. What a ripoff! Even a modestly priced amp could cost $1000. It could take a year to get the money out, and you're still out the interest. Maybe I read their instructions wrong, but I don't see the benefit. I know that some people are worried about getting ripped off during a purchase, but I think COD is better in the long run.
lakefrontroad
302 posts
 
I have no clue what you're referring to. I have a Paypal account. I get interest on my cash. Not very different than my bank. I use my Paypal debit card and get 1.5% refunded to my account in cash for every use other than cash, which I don't do.

The problems I've experienced with Paypal have to do with the inability to obtain customer service. Also, they have taken the position that they are not a bank and are not subject to banking laws. This particularly affects fraud, theft and forgery. Banks are responsible for such to their customer's accounts.

The plusses are obvious... fast sure payment as long as it comes in payment by check, rather than when the buyer pays by credit card which has the possibility of charge backs.

Bill E.
sugarbrie
3,854 posts
 
Paypal lost access to my bank when it closed/merged and the account number changed. They won't get a new one.
johnj
27 posts
 
The comments are interesting, but I have never had a problem with PayPal. It works just fine for me.
Good Luck Guys
aroc
760 posts
 
>>>Argent said: <<
>>>Their disclaimer says you can't take out the money in more than $100 increments without paying a penalty. <<

No duh, paypal _wants_ you to keep money with them, so that they can use it to make money for them. Rather than take the penalty, I usually leave the money in. As much as I buy and sell computer equipment, I might as well leave when I get it, because it will be going back out eventually. ;-)

I think that's how Paypal want you to use their system. Receive paypal $$$ from a buyer, keep it with them, send paypal $$$ to a different seller, et infinitum.

I generally keep $300-500USD in their system at any one time. Maybe not the smartest move on my part, thought... (if they go under)
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