Paypal account

[Christopher Kanda]

Has anyone had any negative experience with having a paypal account? I am a bit hesitant to give them my bank information without some feedback. Thanks

[Mark Rios]

Some folks here have posted that they've had some trouble but it seems to be a very rare occurance. Paypal is very secure. That's not to say however that you can't be defrauded by a buyer or seller, but that doesn't have anyting to do with the Paypal service.

I've been a member for quite a number of years and I'm still a member and I use Paypal with confidence.

[Gary Keedwell]

From what I understand, having a Pay Pal account is secure. There is a scam however, where a bogus solicitor will e-mail you saying he is from Pay Pal and has noticed suspicious activity on your account and have you verify it. Beware of the scams...but the account is safe.
Gary

[Jim O'Dell]

I was perfectly happy with PayPal when they would use my credit card to do the transaction for the account. Last spring they decided they wanted a bank account, that there was only X number of dollars they could run through a credit card. I won't give them a back account number. Too many possibilities. If I was selling on Ebay, then I would get an account that was specific to PayPal, that no other monies went through, and I'd keep a limited amount of money (<100.00) in that account, transferring money coming in as soon as it was deposited, but I haven't gotten into selling on Ebay.
So now I only buy off Ebay if the seller will take a credit card, or in special circumstances, a cashier's check. Otherwise, I don't need it that badly. Jim.

[Jim Becker]

Anyone concerned with providing a bank account...just open up a so-called "Free" checking account that you only use for PayPal and keep limited money in it. That said, I've never had a problem.

[David G Baker]

Jim O'Dell,
I had a bank account that was for PayPal purchases on Ebay. I didn't know that I had to make a deposit into the account at least once a year or the account went into an inactive status. I had a lot of money in my PayPal account and used that for a year or so to do my purchasing. That account was drained from all of my purchases so I tried to add some money from my bank account to the PayPal account. My bank rejected the transfer because the account was inactive. In order to reactivate the account all I needed to do was to add $1.00 every year. PayPal demanded a letter from a bank officer stating that the account was now active, I did that. PayPal E-mailed me back several days later letting me know that they now required a photo ID before I could use that bank account for anything associated with PayPal. I saw RED! I sent them an E-mail asking them where in their policy was there anything about a photo ID requirement. They never got back to me and I stopped my dealing with Ebay and PayPal by at least 90%. I was doing 100 or more auctions a year, I now do less than 3 or 4 a year and use the credit card option when I purchase things.
Other than the above problem that was specific to me, PayPal was excellent and they were paying 4% interest on the money I had in the account I had with them while the banks were paying .3% (notice the decimal point in front of the 3).

[Bruce Page]

I don't use my account all that often but I've never had a problem.

[Tim A. Mitchell]

I use it and have no problems. It is nice now that other vendors are now taking it as well. I use it fr reaccuring software upgrades, and don't have to provide CC info, or update experation dates.

Oddly enough, I went to a auto repair shop that was small and recomended by a friend. When I picked up my truck, the guy asked for a few hundred in cash. I never cary that. When I asked about paying with a CC, he said they take too much of a ut for his small business. He did take them through his Paypal account though.

[Ed Breen]

Have had one for years with no trouble. Matter of fact its the method I use to contribute to the creek each year.
Ed

[Bryan Rocker]

We have had no issues with Paypal. We have had an account with Paypal for 4 years or so. My wife uses it to buy and sell on eBay all the time......I should own stock in eBay....grumble.....The only concern that might be warranted are the phishing scams you see in your email The look legit but are not.....

[Dave Fifield]

I've had a PayPal account linked to my bank account since they first started way back in 1998. I have done hundreds of transactions through them. I have never had any trouble with them ever. Most times you hear of people having problems with them, the problem can normally be attributed to insufficient user IQ, user not understanding or following the rules, or unrealistic user expectation.

[Greg Crawford]

Google paypal sucks, then check out the stories to see if they're real. I've had nothing but bad experiences. As for IQ Dave, try finding a phone number to talk to a real person if you have a problem. If you'd like, I'll forward you the emails I got in response to my support questions. Maybe you have a high enough IQ to figure out what they are saying, but I don't.

[Steve Clardy]

No problems.............

[Tom Veatch]

Paypal account linked to my checking account. Preferred method for transferring cash. Never had a problem in several years of activity. And I've never replied to the several "problem with your account" emails I've received over the years.

[Glenn Clabo]

Nothing but good experiences here.

[Cliff Rohrabacher]

Yes.
All the happy customers aside - and there are happy customers - there are lots and lots of unhappy ones who got shafted big - and small - time.

Banks are regulated primarily by the UCC.

Pay Pal and their ilk are regulated by the US code referred to as "Regulation E."

The UCC is extensive well expanded, well developed and understood law.

Regulation E is the wild wild west of financial regulations.

Pay pal has many hundreds of lawsuits brought against it annually that never see the light of day. They are settled quietly and with agreements that the plaintiffs shall not speak of them.

Pay pal did end up as a defendant in a "reported case" because there was a dust up over how the settlement was to proceed.

The reason they settle is because they want no public opinion to be formed about their improper financial activities. So the long haul cost of settling is cheaper and smarter.

The things they are often accused of is mismanagement of money such that they lose it, over charge, charge fees that they should not etc. It's every thing you might imagine and more.

Don't give them your main banking information. I suggest that you establish a separate account just for them and only put in it what you want to have for transacting with them.

[Joe Collazo]

I have my Paypal account linked to both a US bank and a international bank (for import/export ease). Never had a problem and with the new security key clicker thingy it's almost bullet proof.

[Chris Padilla]

Lots of "Similar Threads" regarding PayPal. It seems to me that *most* folks probably have little trouble with PayPal but due to its size, there are bound to be issues.

Put me in the satisfied category...zero problems since I signed up way back in 2000 or so.

[Bob Rufener]

I've never had a problem. After a large number of transactions, I had my account verified with bank numbers. I still pay with my credit card rather than have it withdrawn directly from my account. I now have a fairly large account with paypal and intend to take it out. They will electronically transfer it to my bank account or mail a check for a fee of $1.50. I think I am going to opt for the check so I can get a new chain saw without my wife getting her hands on the money for new clothes:-)

[David G Baker]

Speaking of wives and PayPal accounts. I got divorced several years ago and the first couple of weeks of the proceeding my ex's attorney froze all of my assets that she could find. Guess what, they didn't find my PayPal account and an Internet stock account I had. I was able to survive for a couple of years on the two accounts until the asset split portion of the divorce was settled and the assets distributed. In that regard I love PayPal.