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 Replies: 11 / Views: 1,265 |
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Pillar of the Community
United States
577 Posts |
So I was using paypal to fund all of my ebay purchases, when all of the sudden I need to verify my bank account! Supposedly, paypal automatically sets a $200 limit for all transactions until you are 'verified'. I am undergoing this painstaking process, and it's taking forever. Has anyone else been 'verified'? If so, what was your process like? |
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Forum Dad
 United States
24171 Posts |
They just make 2 small deposits in your bank account, you tell them how much they are, and you're verified. How long they take to show up depends on your bank, not Paypal.
It's a great idea that weeds out Paypal scammers becasue you have to prove who you are.
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Bedrock of the Community
United States
14454 Posts |
I actually did my verify when I started using paypal but I do remember them placing 2 very small deposits in my bank account and then when they did it I had to go online and punch in how much each one of them was and then I was verified
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Pillar of the Community
Australia
853 Posts |
It always worries me when organisation hold my banking details. My advice is to avoid paypal at all costs.
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Pillar of the Community
United States
533 Posts |
I to have been a bit hesitant to get "Verified." I am just not comfortable with too many organizations having my personal banking information. Also, it seems to me that Paypal could potentially be a target for fraud. I know that fraud exists everywhere, but I can not get over the thought that a totally "online" account would make for a better target. Any thoughts are appreciated.
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Valued Member
United States
344 Posts |
You probably will see the deposits on your monthly statement though if you are in a hurry you may want to go to or call your bank and receive those 2 amounts to enter to be verified to save time. Or wait for your montly statement.
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Valued Member
United States
223 Posts |
I also went thru verifying just a month or so ago. Hated the idea of putting my account number in cyber space. Set up a new account at a different bank. Now if somebody grabs my account number I may be out a few bucks, but the nest egg is safe, warm, and cozy.
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Pillar of the Community
United States
830 Posts |
I set up a small bank account just for the purpose of using PayPal. They only get information on that one account, not any of the "major" accounts, and I limit the amount of funds I keep in the little one.
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Pillar of the Community
 United States
577 Posts |
Also, I have already completed the 2 deposit part, but paypal says that they have charged my main card $1.95 and sent along with it an extended use code. No one else experienced this?
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Valued Member
United States
287 Posts |
madhandles761991, The amounts that you should have been charged should have been very small. Mine was $0.12 and $0.13 if I remember correctly. Please check that you are actually emailing Pay Pal and not an address that looks like Pay Pal. The con artists are very good and sending spoof which looks like the real thing, but isn't. Never clink on a link in your email, always go directly to the Pay Pal site. The spoof Pay Pal look alikes will also address your name differently than any official email from Pay Pal. Pay Pal is secure if you follow safe use practices.
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Valued Member
United States
67 Posts |
quote:
Originally posted by AuldFartte
I set up a small bank account just for the purpose of using PayPal. They only get information on that one account, not any of the "major" accounts, and I limit the amount of funds I keep in the little one.
I think this is a GREAT idea to deal with Paypal. I actually cancelled my account after being one of their early adopters. Used to be, you could fund your PP account with just a credit card, and there were no sending limits or receiving limits. You get dinged quite badly with fees if you want to either accept credit cards or collect on large transactions. Unlike a credit card, if you want to dispute a payment, you cannot do this when they have access to your bank account!! I've even read horror stories of people having their bank account assets frozen over something that PP thinks is their fault. Please read the fine print on Paypal's user agreement - it basically takes away most of your rights, and leaves you with little recourse if you have a dispute. Also - Paypal is NOT a bank, therefore all banking regulations and FDIC insurance do not apply to them. I have heard they have cleaned up their act recently, so I may create a small bank account ( at a different bank than my normal one) and use it for Paypal only...but they have made it too expensive to use them for many transactions.  |
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Valued Member
United States
256 Posts |
quote:
Originally posted by AuldFartte
I set up a small bank account just for the purpose of using PayPal. They only get information on that one account, not any of the "major" accounts, and I limit the amount of funds I keep in the little one.
I did just the same. I created a checking account which cost me $5 to open. I then got a debit card for the same account. When I got Verified with paypal I listed the debit card as my "back-up" funding (which paypal requires). Now if someone does get my account info and/or my card info they are both for the same account which holds only enough money to complete my ebay transactions. |
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Replies: 11 / Views: 1,265 |
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Posted 11/06/2006 11:39 pm
