Trigger Mike Posted September 10, 2011 Share Posted September 10, 2011 I ave used paypal to pay for things but never to receive funds from someone. Are there any reasons not to do it? Any cliches? Is it hard to do? can I easily transfer money to my bank? Link to comment Share on other sites More sharing options...
Buckhorn Woodie Posted September 10, 2011 Share Posted September 10, 2011 I ave used paypal to pay for things but never to receive funds from someone. Are there any reasons not to do it? Any cliches? Is it hard to do? can I easily transfer money to my bank? I do it all the time....never a glitch....it just takes a bout 3 days for your money to get to your bank Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted September 10, 2011 Share Posted September 10, 2011 Couple of weeks ago PayPal's security flaws allowed someone to drain my bank account (do a search on PayPal here and on the Wire for more...). Due to MY diligence, I was able to keep the money from getting beyond PayPal - but it took conversations with nine PayPal agents and a week to get it back. That said, unless your are a very frequent user PayPal as a matter of course limits the amount of money you can have transferred from your PayPal account, and the timeframe in which you can get it. They can - and will - put a 21-day "hold" on your funds, and in my case tried to limit me from recovering more than $500 per day of the money they had sucked from my bank account. On the security issue... someone logged in using my email address (that's all that was needed, as your email address is your PayPal identifier). By clicking on "I forgot my password" they were somehow able to bypass the security questions I'd established. This is a MAJOR security flaw! In the past two weeks I've personally met several other people who have had similar experiences. Ya takes your chances! Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted September 10, 2011 Share Posted September 10, 2011 I would first try to get my money through other means. Paypal is not a bank, is not insured and is quite arbitrary in their methods. They have had at least one class action suit against them because of their practices. Of cousrse they will bend over backwards to avoid another but it does not mean that they won't give you a hassle before helping you. Link to comment Share on other sites More sharing options...
Ricochet Roy, SASS #71853 Posted September 11, 2011 Share Posted September 11, 2011 I use PayPal daily, never an issue in getting paid or my paying for a purchase. I love their invoicing system. Roy Link to comment Share on other sites More sharing options...
Utah Bob #35998 Posted September 11, 2011 Share Posted September 11, 2011 LOts of people use it for payment. I'm sure some have problems. Probably the majority don't have problems or they'd be out of business. Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted September 11, 2011 Share Posted September 11, 2011 I pay with it a lot. Is my prefered way to pay for on line purchases. I've had money transfered by someone to my account once. 500 $ I think it was. Several years ago. Pulled cash from an ATM with my PayPal card. No problems. I do limit the funds in both PayPal and my Wells Fargo accounts to what is needed for current expenses and have other accounts to draw on if there were ever a problem with those accounts that took a while to "fix". I also keep enough paper money around to cover living expenses for quite a while if ever the whole electronic financial system were to be in a mess. Just my $ .03 if of any conceivable value to anyone . . . Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.