eBay/PayPal question - advice needed!

[disney4me4ever]

Hoping my Dis friends can give some advice. I used to have a PP acct. (for years) and closed it out in 2005 because of all the phishing scams, etc. -- just wasn't worth the worry. Yesterday I cleaned out closets and have a bunch of stuff that probably would sell on eBay, and with a trip to the World coming up in Feb., thought maybe I would try.

The question is for you regular eBayers: did you set up a separate bank account to handle only eBay transactions and then tie that one to PP? Originally, I didn't have it set up this way; had it set up to our checking acct. But that makes me nervous. Any advice?

Thanks!
Nancy

 

[iNTeNSeBLue98]

I have PP linked to a separate personal account, not our joint account that is responsible for managing the household finanaces.

 

[MrsToad]

After reading some of the negative stories from sellers who had PayPal go into their checking accounts to take back money to repay buyers who made bogus complaints, I went to a separate bank and set up both a checking account and a savings account just for my eBay/PayPal activities. I linked the checking account to my PayPal account. Once I see through the bank's on-line website that the funds I requested be transfered from PayPal into my checking account have arrived, I then transfer the funds out of the checking into the savings (which PayPal has no access to). I like having both the checking and savings at the same bank because I don't go out every day and like to be able to transfer the money out of that checking account as soon as possible. The savings account has become our vacation savings account.

 

[DMRick]

Certainly it's fine to have your own account. But just so you know, if someone does do a chargeback and your account is empty, Paypal will wait for money to be put back in, or will treat it as any other owed bill and will bill you until they either get it, or hand it over to a collection aganecy. That said, many people still feel safer having a separate account. I like to buy on eBay, and I like the protection my cc gives me, so PP still has that cc, and once my account was empty, they would then charge my cc.

 

[blondimom]

Certainly it's fine to have your own account. But just so you know, if someone does do a chargeback and your account is empty, Paypal will wait for money to be put back in, or will treat it as any other owed bill and will bill you until they either get it, or hand it over to a collection aganecy. That said, many people still feel safer having a separate account. I like to buy on eBay, and I like the protection my cc gives me, so PP still has that cc, and once my account was empty, they would then charge my cc.

They will also report coolection activity on your credit reports.

 

[MrsToad]

DMRick & Blondimom, I see your very rational points on how PayPal will handle chargebacks if the checking account is empty. It was never my intention to not pay a bill due...I'd never want to risk a mark on my credit report. Knock on wood, I've never had an unacceptable experience either buying or selling on ebay. I guess when I set up the savings account I was just having a knee-jerk reaction to some of the bad stories I'd read. I still like having the separate checking account, though, to prevent any surprises in my regular bill-paying checking account.

 

[disney4me4ever]

Thanks for the excellent suggestions. I think I'll feel better with a separate account. If I buy something from eBay, I would go through PP and use a credit card. But if I sell something, I would want an account where that money would just be deposited. Anyone know if this could be set up online?

Thanks for your help!
Nancy