Originally posted by ardeetee
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Buying & Selling Online using Paypal
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Originally posted by the breaks View PostThe last time I used the "gift" option I still got hit with fees.
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you have a sister?Fashion is a form of ugliness so intolerable that we have to alter it every six months - Oscar Wilde
StyleZeitgeist Magazine
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Another interesting fold is that Paypal can apparently lock your account for no reason and freeze the money for up to 90 days.
It apparently happens quite frequently and they don't have have to give a legitimate reason to do so.
I've been told many times never to keep more than $1,000 in the account at one time.
This is one example but if you google it, it's quite common.
Reasons appear to be: too much money in an account, too much activity, too little activity, to many transfers to the same person, too many received payments from a single source, sketchy credit reporting from credit agencies, etc, etc.
There are some guidelines here to help avoid it but I'm not sure if there really is a way to avoid it or to combat it if it happens.
I've never had it happen to me but I don't deal in large transfers. Apparently if you sell something for over 2 grand and receive a payment, it flags your account for review. Something to look into and keep in mind.Originally posted by mizzarSorry for being kind of a dick to you.
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I was just being silly, sorry. Felt like a funny thing to write.Fashion is a form of ugliness so intolerable that we have to alter it every six months - Oscar Wilde
StyleZeitgeist Magazine
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Originally posted by beardown View PostAnother interesting fold is that Paypal can apparently lock your account for no reason and freeze the money for up to 90 days.
It apparently happens quite frequently and they don't have have to give a legitimate reason to do so.
I've been told many times never to keep more than $1,000 in the account at one time.
This is one example but if you google it, it's quite common.
Reasons appear to be: too much money in an account, too much activity, too little activity, to many transfers to the same person, too many received payments from a single source, sketchy credit reporting from credit agencies, etc, etc.
There are some guidelines here to help avoid it but I'm not sure if there really is a way to avoid it or to combat it if it happens.
I've never had it happen to me but I don't deal in large transfers. Apparently if you sell something for over 2 grand and receive a payment, it flags your account for review. Something to look into and keep in mind.Last edited by Faust; 08-10-2009, 06:22 PM.Fashion is a form of ugliness so intolerable that we have to alter it every six months - Oscar Wilde
StyleZeitgeist Magazine
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Originally posted by Faust View PostYou shouldn't have to be warned about that. First thing I do is move money to my bank account each time I receive a payment.
3.6% is much better than my bank savings account and it was convenient for the most part to keep a separate fund for buying and selling.Originally posted by mizzarSorry for being kind of a dick to you.
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Why can't people SHARE the fees with their buyers/sellers? When I buy something and a seller charges me a 4% fee, I always have this moment of question and uncertainty. I just think that people are trying to pass on their own experience of disadvantage (for instance, pAYPAL) to others along with the fear of losing.
If people were generous enough to make that 4% to 2~3% depending on the price, I think it could make some of those rants quiet down a bit. Or, even better, talk to each other to answer this question - is that even necessary?
Yes, I agree with ironman and others who said about the exchage rate. But this isn't just with Paypal. I don't know how many of you use Moneybookers but they also have those 'I'm over here' exchange rates. I don't know that much about Google Checkout but there is a chance that they could be more or less the same. (Plus almost all the buisiness/companies that exist out there)
As for the Paypal's recent change in fees that made some ooze negative light beams, I don't know if it should be a big deal. Apparently, people are charged more than they have been. My point is this kind of "fooling people" unquestionably exists. Generally speaking, people buy the saying, "Seeing is believing." I think buisiness plays with this idea when it comes to money matters to make people conceive it and believe it. This would ultimately give consumers enough time to push the final button. I guess Paypal needs more practice since they are yet to stand on the same cliff as the other professionals.
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Originally posted by beardown View PostShouldn't have to be warned? I was making 3.6% interest on it and most of that was coming on going between buys and sells. It wasn't like I was starting a retirement fund and leaving money stagnant in there. It was generally a cumulative balance from selling stuff that was, in turn, used to buy other stuff.
3.6% is much better than my bank savings account and it was convenient for the most part to keep a separate fund for buying and selling.Fashion is a form of ugliness so intolerable that we have to alter it every six months - Oscar Wilde
StyleZeitgeist Magazine
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No, Faust. You're right....I felt a false sense of security because they handle and transfer so much money but in fact, they're not a bank and whatever interest I was making came at a high risk.
I assumed they had established themselves as a bank but the more I find out about them, the less apt I am to even want them to have access to my checking accounts and information of that nature.
They've no FDIC insurance since they're not a bank and they have no oversight that a federal banking institution might have.
I think it's a typical case of convenience winning out over rationale but I am being much more cautious after reading more up on their company and practices.Originally posted by mizzarSorry for being kind of a dick to you.
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In Europe it had a license to be a bank in Luxemburg. All the common rules of an european Bank should be obeyed. In the United States, PayPal is licensed as a money transmitter on a state-by-state basis. PayPal is not classified as a bank in the United States. So As i am from Europe i am not really afraid what they are doing wit my money but i will never let a cent in my account. I transfer em all to my bank account. at least you get 1-2% of interest lol.
Btw, the prob wit data privacy is considerable.
Originally posted by beardown View PostNo, Faust. You're right....I felt a false sense of security because they handle and transfer so much money but in fact, they're not a bank and whatever interest I was making came at a high risk.
I assumed they had established themselves as a bank but the more I find out about them, the less apt I am to even want them to have access to my checking accounts and information of that nature.
They've no FDIC insurance since they're not a bank and they have no oversight that a federal banking institution might have.
I think it's a typical case of convenience winning out over rationale but I am being much more cautious after reading more up on their company and practices.
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I too am surprised that there still isn't a decent alternative to paypal, as people have been complaining about paypal for years and years. There's certainly a lot of money to be made. Maybe someone here wants to start a new business?
As another poster previously mentioned, paypal's exchange rates are atrocious. Since a lot of us deal with overseas sellers, the pound, euro, and yen are often converted to dollars and vice versa, and paypal screws us on the conversion rate, making themselves a nice chunk of change in addition to the fees they're already charging.FS: Julius FW05 leather fencing jacket sz 3
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my worst experience was getting a refund after i already transferred the funds from CAD to USD. then back to CAD. PP ate like 3% each time. ughhh
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