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3602
September 5th, 2011, 11:48 PM
[Mods, if this is inadequate, please feel free to delete it.]

Quick hard facts:

I have no credit card.
I have a Personal PayPal account (very recently opened) linked to my checking account.
This will most probably be one-off as I will close the PayPal account once I have received the product.
I am not buying on eBay.

Simple question:

Can PayPal withdraw money from my checking account without my agreement (or even my acknowledgement)? So by linking my checking account with PayPal, is my money at risk?

Thank you very much.

haqking
September 5th, 2011, 11:50 PM
[Mods, if this is inadequate, please feel free to delete it.]

Quick hard facts:

I have no credit card.
I have a Personal PayPal account (very recently opened) linked to my checking account.
This will most probably be one-off as I will close the PayPal account once I have received the product.

Simple question:

Can PayPal withdraw money from my checking account without my agreement (or even my acknowledgement)? So by linking my checking account with PayPal, is my money at risk?

Thank you very much.

In my poor experiecne with paypal then yes they can. However it should normally be a legitimate withdrawal.

For example if you use it with ebay they can withdraw the funds even if the item dont get delivered and then you have to deal witn it.

I prefer to use a pay as you go credit card for internet purchases, no credit check needed and you load what is needed onto it when needed ;-)

3602
September 5th, 2011, 11:58 PM
Well the thing is, the vendor accepts either PayPal or money transfer (bank transfer with a SWIFT number).

So in the event that PayPal really does do an unauthorized (as in not with my agreement) withdrawal from my checking account, I go to the bank and not PayPal, right?

Well I check my bank account every single day...

pjd99
September 6th, 2011, 12:04 AM
I would advise against it. With a credit card there are more options to recover your money for when they eventually screw you over. Not that I ever had been (closed my paypal account after the Wikileaks shenanigans) but there are plenty of horror stories out there.

In short, they aren't a bank, and don't adhere to the same regulations. I would be wary about how much power I give them over my money, especially if it was a revenue stream. Probably not too much of an issue for a one-off transaction.

And the question is redundant, because you saw the answer when you read and agreed to the terms and conditions whilst creating the account. ;)

LowSky
September 6th, 2011, 12:07 AM
Paypal is fine. I have had account for I think close to 10 years. Never a problem.

3602
September 6th, 2011, 12:08 AM
Right, 27-page PDF files.

Only time I actually read a wall of text is when my father purchased a vehicle. I sat there reading for 20 minutes and the dealer person had her expressions frozen.

Still, I don't have a credit card (yes, it's an age thing).

Anyway back to my question. I've been searching the Internet and I've been coming up on contradicting answers.

pjd99
September 6th, 2011, 12:27 AM
From what I understand, Paypal is fine for buying things. Most problems occur when a Paypal account is used to store revenue (business, eBay, whatever..). If for some reason a few transactions are complained about or there's any SUSPICION of fraudulent activity they will freeze your account, then you're stuck in their system trying to recover your funds.

3602
September 6th, 2011, 12:29 AM
You know what? I just inquired upon my bank and they told me that "We do not "support" PayPal and any withdrawal [into the PayPal account] will be charged $37,50 CAD."

Screw it, I'm closing the account. It's not even verified yet.

haqking
September 6th, 2011, 12:39 AM
You know what? I just inquired upon my bank and they told me that "We do not "support" PayPal and any withdrawal [into the PayPal account] will be charged $37,50 CAD."

Screw it, I'm closing the account. It's not even verified yet.

you dont need a paypal account to pay through paypal. Like i said get a pay as you go credit card.

Just put on it what you need to make a payment that way no one can take any money from it, if someone steals your details no big deal...it is pay as you go ;-)

3602
September 6th, 2011, 12:40 AM
The major problem being I don't have a credit card. But thank your for that tip!

doorknob60
September 6th, 2011, 12:48 AM
Or you can go to basically any store and buy those Visa (or Mastercard, AMEX, etc.) Gift Cards, and use those :)

pjd99
September 6th, 2011, 12:56 AM
If you're wondering if you made the right decision closing the account:

http://www.paypalsucks.com/credit-card-waiver.shtml

Goes into some of their sneakier TOS details and why they prefer bank accounts over CC accounts.

EDIT: Just so you know, there may be a hint of bias on that site. Just a smidge.

stillsittinghere
September 6th, 2011, 01:04 AM
I have been using paypal for many years with no problems experienced. Each withdrawal made from your account via paypal requires your authorization through providing either a password or pin#.

3rdalbum
September 6th, 2011, 01:22 AM
I've not had any issues with Paypal, but check your bank account after each Paypal withdrawal; sometimes if a page load goes wrong and you click the button again, it could be sent as a second transaction. If this happens just let Paypal know.

If you're wary, try those prepaid Visa/Mastercards you can get from petrol stations.

cariboo
September 6th, 2011, 04:19 AM
@3602 seeing as you are in Canada, you can purchase a prepaid credit card from any of the major chains eg: Zellers/Target or Walmart. The only drawback is that you can't purchase one for the exact amount you need, so you may end up with a credit card with a balance of a $1.37, which is essentially useless. :)