[geeks] grr paypal

[Corda Albert J DLVA]

I've used it for a while now, but because of my innate distrust
of institutions, I've done the following:

The credit card number paypal has is one that I use
_only_ for paypal. I've had the limit lowered to the
smallest amount the credit card company will allow,
to reduce my liability.

The checking account # I gave them is used _only_ for paypal.
It has an almost-zero balance. My credit union allows me to
have more than 1 checking account, so this works out fine.
I also requested them to disallow overdraft protection on
that account... again, my paranoia at work.

I _Never_ keep a balance in my paypal account.  When I purchase
something, I do a funds transfer to the dedicated checking
account, and then process the paypal transfer. A little more
complicated, but well worth the peace of mind.


Of course, I haven't tried selling anything (and receiving
payment) yet, so I don't know how that works with them.

-al-
-acorda at 1bigred.com



> -----Original Message-----
> From: Joshua D Boyd [mailto:jdboyd at cs.millersville.edu]
> Sent: Friday, February 22, 2002 4:54 PM
> To: geeks at sunhelp.org
> Subject: Re: [geeks] grr paypal
> 
> 
> On Fri, Feb 22, 2002 at 04:48:24PM -0500, James Sharp wrote:
> > > Me either; most of the people who complain about PayPal 
> dont realize that
> > > its NOT a bank - its a FUNDS TRANSFERRAL SERVICE.  I 
> never leave a balance
> > > of more than $50 in my PayPal account at any time.
> > 
> > Which means its not covered by FDIC...so if PayPal goes 
> into the shitter,
> > everyone who has money in their account gets screwed.
> 
> What worries me about PayPal is there is no way to use it 
> with out opening 
> myself to large liabilities.  Normal online retailers don't 
> make me go through
> any agreements before I buy from them, so in theory disputing 
> charges should
> be easy.  Even still, I don't buy online with credit card 
> much, and if I am
> online, I prefer to go to well known brick and morter stores 
> like JCPenneys 
> (cloths for myself).
> 
> Paypal on the other hand has a mile long agreement signing 
> away my rights, and
> they either require permenant access to my high limit credit 
> card (IE my only
> credit card) or my bank accont (which usually has a fairly 
> high amount of cash,
> especially for a college student).  I don't feel comfterble 
> trying to do 
> business under those conditions.
> 
> -- 
> Joshua D. Boyd
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