What do you do with your PayPal?

[emh1129]

Do you deposit it into your checking or savings account? Do you save up to purchase something with it?
I'm wondering if it's ok to leave it in there for a while. Now that Southwest takes PayPal, I was planning to just let it accumulate for a few months until I have enough to buy our tickets. Good idea? Bad idea?
I'm planning to sell some things on ebay but it certainly won't be high-volume. Maybe a few hundred dollars.
Thoughts?

 

[Crazoo]

It's fine to leave it in there, although some people really hate paypal and will tell you to withdraw it.

There are some other stores that accept paypal too..

There's a complete list here
http://www.paypal.com/cgi-bin/webscr?cmd=_shop-ext

 

[cymomtx]

I have a Paypal ATM card, I just use that and withdraw my money with it.

 

[ceecee]

I transfer it to my checking account.

 

[Harvest02]

Do you deposit it into your checking or savings account? Do you save up to purchase something with it?
I'm wondering if it's ok to leave it in there for a while. Now that Southwest takes PayPal, I was planning to just let it accumulate for a few months until I have enough to buy our tickets. Good idea? Bad idea?
I'm planning to sell some things on ebay but it certainly won't be high-volume. Maybe a few hundred dollars.
Thoughts?

Wow! I had NO idea that Southwest now took Paypal! I better start selling more stuff so I can get more money in my Paypal account. I am visiting my brother and sister in law in October, so it would be nice to pay for it that way instead of using a credit card! Can you pay part of it with Paypal and the rest with a credit card, or do you have to pay for all of it with Paypal??? Anyone know?

 

[LisaNJ25]

Wow! I had NO idea that Southwest now took Paypal! I better start selling more stuff so I can get more money in my Paypal account. I am visiting my brother and sister in law in October, so it would be nice to pay for it that way instead of using a credit card! Can you pay part of it with Paypal and the rest with a credit card, or do you have to pay for all of it with Paypal??? Anyone know?

If you didnt have 100% in your paypal account to cover it the balance would come out of your backup funding method.

 

[jessica52877]

I deposit into checking. I don't want it sitting there in case something would happen. If someone somehow got into my account and took all the funds then they would be gone.

 

[klineyqueen]

I leave a little in there in case I see something on Ebay that I would like to have. otherwise , I just deposit it into my bank account.

 

[Harvest02]

If you didnt have 100% in your paypal account to cover it the balance would come out of your backup funding method.

Thanks for letting me know! That is awesome!

 

[dizkids]

WOW Southwest takes Paypal!!!! That is very good to know. Thanks OP!

 

[disneysteve]

I leave it in there. In fact, I've deposited money in there on purpose due to the good interest rate (currently 5.02%). I use that account as part of our emergency fund.

 

[emh1129]

Thanks everyone I feel better about leaving it there for now!

 

[LisaNJ25]

Thanks everyone I feel better about leaving it there for now!

to read some negative things check out paypalsucks.com

 

[Crazoo]

to read some negative things check out paypalsucks.com

I was waiting for somone to mention that website..

I think over the years Paypal has gotten a lot better, especially since ebay bought them years ago...

Just be careful of those fake paypal emails that ask you to enter your login and password.

 

[Davidsmommy]

My business receives around $10K - 20K a month through paypal (depending on season). I transfer most money out to my bank account every single night. They are not as safe as a bank. I am not a paypal hater - it works for the many people on eBay who feel they need it's protection when buying on eBay. So, accepting it works for me. It is necessary for my business.

I much prefer it when my customers pay by my merchant account, money order, or even a personal check! I have had less problems with personal checks than with paypal in my 7 years in full time business.

I leave small amounts in paypal - amounts I can afford to lose - but I wouldn't leave anything I can't live without in there for an extended period of time. JMO - you mileage may vary of course.

 

[Davidsmommy]

Just to expand a bit, I know of several sellers who were restricted because of thing like "increased revenue." So, you sell a lot more because you went into a new area, and it throws up a red flag to paypal. Which, to be honest, isn't a bad thing (unfortunatley, because of all the scammers on eBay). But, in dealing with the fallout and getting your name cleared when you are innocent, you may not be able to access your funds when you need them.

Others have been flagged because of their credit (which may be spotty). When that happens, you may get a hold on your account and they hold your funds. These are all things I have seen firsthand with sellers I am friends with. It can be rough. They are not a bank.

 

[myAAbatteries&aTD]

I leave my money in paypal for online purchases and ebay stuff..... whatever I have in there when we go to WDW, I take out and use for our vacation. I haven't been selling much lately so it's not a lot right now, but it has built up before to quite a bit. I like leaving it there as a little extra money for splurging....

 

[rgmartin]

I am SO glad you started this thread! I have been pondering this all day. Am I the only one who feels funny about giving paypal your bank account info? I am very cautious in giving out this info, and as someone else said, Paypal is NOT a bank. I have used paypal several times in the past but have refused to become "verified" because it required providing my bank account information. What does this then give them permission to do (is something buried in the fine print of their user agreement?).

 

[C.Ann]

When I was selling on ebay on a regular basis, I cleaned out my Paypal account on a regular basis each week, after using the card to pay for my shipping charges for that weeks sales..

Now there's a very small amount in there in case I want to pick up some inexpensive item on ebay..

 

[grlpwrd]

I have it transferred to my separate checking account (not my personal account so they can't have access to it) or I just have them send me a check (I know... there is a fee) because I deposit it into a special fund, like my vacation fund at ING.

I don't keep my money in there for long and I also don't use their ATM/debit/VISA card.