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The Kitchen Table

Another Paypal question

17 years ago

After reading about Redcurls' experience with money being withdrawn from her checking account for a Paypal purchase she didn't make, I'm wondering if it would be a good idea to have a separate account--one with a limited balance--for Paypal transactions.

My next question is whether or not it would have to be a checking account. I'm guessing that most banks charge for checking accounts, but not for savings.

Opinions?

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Comments (11)

stargazzer
17 years ago
Do you have to use paypal to buy and sell on ebay? I haven't sold on ebay for years and think often of starting again. I would never use paypal, I don't like a third party when it comes to my money. I asked my customers to send me payment with postal money orders. At that time it was the only guaranteed funds. Everything else was guaranteed with my bank account. I give my utility companies my banking info so they can do auto drafts for my bills, but never to someone unknown to me or out of town.
lindaohnowga
17 years ago
I no longer have a PayPal account, but yes, open up a checking account strictly for PayPal and only keep a small amount....$100 or less in it. You can always go deposit more as needed. There is NO way I would ever use my regular checking account. "Nobody" has access to it.
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donna_loomis
17 years ago
When I first started buying and selling on ebay there were several options for payment: PayPal, check (sometimes), money order, etc. I believe that PayPal is the only accepted method of payment now.
country_bumpkin_al
17 years ago
It's my understanding that as a Seller you cannot mention you'll accept any form of payment except PayPal...and that really chaps me, because I'd like to start selling again. Of course there are PayPal "fees" that the Seller also has to pay. As a Buyer, I've emailed the Sellers and asked if they'd accept a personal check or money order and I've only had 1 that told me that "eBay would not allow them to accept anything except PayPal"!

I've thought of opening another checking account with just a small amount in it, so I could use it for eBay transactions. It just irks me that I'm being forced to do that! I think eBay "owns" PayPal...or at least they use to.
wildchild
17 years ago
I have one credit card I only use for internet purchases. I always use the credit card option when paying with Paypal. I also have a bank account linked to my Paypal account for transferring funds into should the need arise. I never keep more than $50-$100 dollars there and never for more than a couple of days.

Paypal is the safest way to pay or transfer funds. If the account gets hacked it can usually be traced to consumer error, ie being taken in by a Phisher or clicking on a site that hijacks info.
alisande
Original Author
17 years ago
Yes, that's true. I listed some items on eBay tonight after a lapse of a year or so. The listing form was quite different from the old one, and Paypal was the only form of payment. No other choices.

Listing fees were lower, but they probably get us on the percentage of the selling price, assuming the item sells.

I guess a bank account for Paypal would have to be a checking account.
carla35
17 years ago
You know, I do business (buying and selling) on paypal all the time and I have never had to list a bank account -- that was optional. I only have a credit card listed... which provides a lot more protection (at least I would think). Does paypal require a bank account/ bank info now for an account to be set up? If not, I would suggest just using a credit card to set up your acct.
wildchild
17 years ago
Carla I don't know if it's required but it makes it easier to accept funds from others. I don't just use Paypal for eBay.
breenthumb
17 years ago
From what I've read on the E-bay forum, lots of sellers didn't like the new PP only option. But it sounded like if the buyer asked for another option they could agree. It was a while ago.
Lindsey_CA
17 years ago
I've never sold anything on eBay - I'm strictly a buyer. And, I've been buying on eBay since the Summer of 2001. I signed up for a PayPal account pretty much right away.

At that time, you could sign up with just a credit card, but there was a $1,000 limit on how much you could purchase. That's a combined amount from all purchases. Once you hit the $1,000, you had to attach your checking account. To verify the account was yours, PayPal would make three small (anywhere from one cent to $1) deposits to the account. Once all three showed up in your account (they wouldn't be on the same day), you had to go into your PayPal account and enter the dates and amounts of the deposits. The money, such as it was, was yours to keep.

I know that PayPal subsequently raised the credit card purchase limit to $1,200 before you had to attach a checking account. But, I have no idea what the current "deal" is now that eBay has changed to only accepting PayPal.

One thing that I really like about having a PayPal account is that there are so many other online "stores" that accept PayPal. I'd much rather pay for online purchases that way than have to enter credit card info on all of the various sites from which I purchase stuff.
mtnwomanbc
17 years ago
Ditto Lindsay, esp. since summer/fall 2001. I liked the idea of an independent arbitrator between the seller and buyer (me).

I've had a couple of problematic eBay transactions resolved purely because they either involved or threatened to involve PayPal.

What's interesting is in just this past month's waste management billing statement, they are now offering PayPal payment. I pay some of my other utillities directly via CC, but not PP.

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