Whether you set up a vendor account or buyer account Paypal is very safe. The only problem is when vendors don't deliver products and you're covered on that.
As usual, beware of phishing scams (3rd parties impersonating Paypal to get your account details). Paypal are quite good about warning you only to use your account details on the official Paypal site.
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
Not that I recall *but* there was a phishing email about it and it asked to to click a link to go verify all your personal info. I got the mail and immediately reported it to paypal.
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
I hear that quite often on certain websites or from certain eBay sellers, but I have had no problems myself. I have also never spoken with anybody who has had these kinds of problems. It just seems to be a few people with a personal crusade against PayPal.
The claims generally involve something like, "The buyer claims that I didn't ship the item, and PayPal took the money out of my account." or "Too many buyers complained, and PayPal froze my account and I was unable to talk with a real person to get the problem resolved."
I also remember a girl posting on a forum that her paypal account was frozen and all money taken out of it by PayPal because she was taking payments for a website containing nude pictures of herself.
I do worry that I will end up with a buyer who falsely claims that I refused to ship an item, so I always require insurance on items that I believe will sell for a high price.
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But crazy stories aside, I have used PayPal for a few years now, and I have not had any problems.
Been using it for years and never had a problem. Just don't ever send account info via email and always make sure to use https://www.paypal.com whenever logging in and change your password frequently.
I do worry that I will end up with a buyer who falsely claims that I refused to ship an item, so I always require insurance on items that I believe will sell for a high price.
if you shipped w/ ups or fedex, your ass is covered on this end as well. as long as you have your tracking number, they cannot falsely claim that you never shipped it, and if they do, it will never stand up. ive had a couple buyers try to pull this one on me, but as soon as i submitted the tracking number to paypal, the dispute was dropped.
I think I read it in /. and it did involve eBay. AFAIK they will freeze your account and then you can send email to them and hope for a reply. They don't operate under any rules that I know of. Just their own agreement that you can take or leave.
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
Yes.
I opened up a PayPal account about 2 years ago when selling my iBook on eBay. The account with PayPal was opened and set up with no problems. The iBook was sold, the buyer transferred the money to PayPal the same day the auction ended. This was verified by my PayPal account stating that the money was in my PayPal's account. I'm thinking great, this is an electronic transaction, I should get my money immediately as I was in a pinch and needed the money right away.
I get an e-mail from PayPal stating that my account was frozen due to "irregular activity", that's all they said, no explanation, nothing. I called them and was told they couldn't do anything about it until the investigation was over nor would they give me any specifics as to why the account was under investigation in the first place.
I was furious. I became even more angry when I found out that it would take me 3 months to get my money back because it was a new account. It all smelled bad. They had my money, where making interest with it and holding on to it for as long as they could so they could make more money with MY money!
I searched Google and discovered that PayPal was under investigation for freezing people's accounts. I reported them to 4 government agencies and e-mailed them a copy of my report. A few days later my account was unfrozen and the FULL amount was transfer to my checking account.
eBay has purchased PayPal since then. Is PayPal still messing with people's money? I don't know, but for me, PayPal will not be getting my business again any time soon.
I also have used it two or three times without complaint but I don't think that sites like Paypal Sucks are not completely unfounded. These people have real issues with PayPal. I think the thing is that PayPal won't go out of it's way to screw you in the first place, but if you do have a problem, it's hard if not impossible to get your money back depending on your problem. Again, I've only used it once or twice without problem (once to sell a $1,500+ PowerBook, but I made sure it transferred to my bank account before shipping). It seems that for eBay/personal use, it's fairly safe. But depending on what you do, if eBay -thinks- you're doing something bad, they can and will easily freeze your account and hold your money.
Paypal is not a bank, and doesnt operate under any of the laws that banks are. They are not fdic insured. If you read their statement on FDIC insurance, your money in _another_ bank may not even be protected from their creditors in case of paypal insolvency.
On the flip side, Ive had a paypal account for a few years now. Its been convenient, however, my model for usage has been as a buyer, and Ive attached my credit card, transfered the money, and then detached my card. Its inconvenient, but there are too many stories of people losing everything in their account with no recourse ( and not from phishing ).
Comments
Originally posted by Scott
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
Not that I know of.
Originally posted by Scott
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
Not that I recall *but* there was a phishing email about it and it asked to to click a link to go verify all your personal info. I got the mail and immediately reported it to paypal.
Originally posted by Scott
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
I hear that quite often on certain websites or from certain eBay sellers, but I have had no problems myself. I have also never spoken with anybody who has had these kinds of problems. It just seems to be a few people with a personal crusade against PayPal.
The claims generally involve something like, "The buyer claims that I didn't ship the item, and PayPal took the money out of my account." or "Too many buyers complained, and PayPal froze my account and I was unable to talk with a real person to get the problem resolved."
I also remember a girl posting on a forum that her paypal account was frozen and all money taken out of it by PayPal because she was taking payments for a website containing nude pictures of herself.
I do worry that I will end up with a buyer who falsely claims that I refused to ship an item, so I always require insurance on items that I believe will sell for a high price.
=========================================
But crazy stories aside, I have used PayPal for a few years now, and I have not had any problems.
I do worry that I will end up with a buyer who falsely claims that I refused to ship an item, so I always require insurance on items that I believe will sell for a high price.
if you shipped w/ ups or fedex, your ass is covered on this end as well. as long as you have your tracking number, they cannot falsely claim that you never shipped it, and if they do, it will never stand up. ive had a couple buyers try to pull this one on me, but as soon as i submitted the tracking number to paypal, the dispute was dropped.
Originally posted by Scott
Wasn't there a problem with PayPal freezing people's accounts, and money, with basically no recourse?
Yes.
I opened up a PayPal account about 2 years ago when selling my iBook on eBay. The account with PayPal was opened and set up with no problems. The iBook was sold, the buyer transferred the money to PayPal the same day the auction ended. This was verified by my PayPal account stating that the money was in my PayPal's account. I'm thinking great, this is an electronic transaction, I should get my money immediately as I was in a pinch and needed the money right away.
I get an e-mail from PayPal stating that my account was frozen due to "irregular activity", that's all they said, no explanation, nothing. I called them and was told they couldn't do anything about it until the investigation was over nor would they give me any specifics as to why the account was under investigation in the first place.
I was furious. I became even more angry when I found out that it would take me 3 months to get my money back because it was a new account. It all smelled bad. They had my money, where making interest with it and holding on to it for as long as they could so they could make more money with MY money!
I searched Google and discovered that PayPal was under investigation for freezing people's accounts. I reported them to 4 government agencies and e-mailed them a copy of my report. A few days later my account was unfrozen and the FULL amount was transfer to my checking account.
eBay has purchased PayPal since then. Is PayPal still messing with people's money? I don't know, but for me, PayPal will not be getting my business again any time soon.
Never trust an e-mail that asks to update your PayPal account!
Paypal is not a bank, and doesnt operate under any of the laws that banks are. They are not fdic insured. If you read their statement on FDIC insurance, your money in _another_ bank may not even be protected from their creditors in case of paypal insolvency.
On the flip side, Ive had a paypal account for a few years now. Its been convenient, however, my model for usage has been as a buyer, and Ive attached my credit card, transfered the money, and then detached my card. Its inconvenient, but there are too many stories of people losing everything in their account with no recourse ( and not from phishing ).