Warning about using PayPal as a "savings" account

[#1 DOUG Live Fan]

Hey, guys!

I've posted this in a thread before, but it could easily be missed by anyone. It's very important, so I thought I better make it a new thread.

I've read in several different threads how people are selling on eBay to save up for Disney, and it sounds like they are leaving all the funds in their PayPal account until they're ready to go to WDW. I just want to warn you not to do this.

I know of some sellers who had their PayPal accounts frozen because a buyer had a dispute over having not received an item. So when PayPal decided to investigate the situation, they froze the sellers' accounts until they knew what the situation was. So when a particular seller went to the post office to purchase over $100 of postage with her PayPal debit card, it was rejected.

Please consider emptying out your account when you get a good sum of money. I'd hate for you to lose access to your funds.

Liz

 

[tinaluis]

I didn't know they could do that. Thanks for the tip.

 

[LOVETHATMOUSE]

That's why I set up a special checking account at our new COMMERCE bank. They gave me $20 to open it which was nice. Every week I dump whatever is left in paypal into that account. That way if I need to make a "Disney" payment, purchase Disney $$, etc. I just use their ATM card or send a check. That way nothing is coming out of our "Real" Checking account.

 

[Luv2trav]

I am currently switching over to a IMG account but for right now I just use 2 paypal accounts. One is the one I use for ebay and the other is just for me.. ) Once the money comes in from ebay I sent it to my other paypal account.

My ebay paypal account accepts credit cards and my other does not. So I do not get additional fees when I transfer to my other paypal account.

Paypal still makes me nervous so I am going to start using my IMG account instead.

 

[Svenson]

I have been doing just that -- frequently transferring my Ebay money out of Paypal into a separate "Disney Fund" savings account. But I have another related question:
When we go to Disney (and once I know that all Ebay customers are satisfied), should I transfer the money from the savings account back into Paypal? That way I can use my Paypal debit/credit card and earn 1.5% back on all our expenses at Disney! What do you think?

 

[Amor4Pooh]

The thing I wonder about is- will Paypal charge YOU for transferring money in? I also have the debit card- and have not tried it yet. I've never put any $$ on the caxrd myself, only used the payments I received to pay for things with it. I'd love to get the 1.5% back if I can do that, but what if when I transfer the $ in from my checking account, Paypal thinks I am accepting payment from someone else? Has anyone tried it yet? If so, please let us know.
Amor4Pooh

 

[Luv2trav]

They don't charge me to put money in.

 

[Amor4Pooh]

That answers my question.
Amor4Pooh

 

[#1 DOUG Live Fan]

No, there are no fees to either transfer money out of PayPal or into PayPal.

Liz

 

[Robinrs]

Having delivery confirmaton on EVERY item you send can prevent the "I didn't get my item" problem. I had two buyers who didn't get their items but my DC tracking proved it was delivered. Insurance saved one of them.

If PayPal is investigating a transaction they will let you know and give you time to fix it. Wakng up to unavailable funds shouldn't have been a shock to those who did have this problem.

 

[Svenson]

So if there is no fee for transferring funds into your Paypal account, and a frozen account due to unresolved Ebay problems is not an issue, is there ANY downside to transferring my whole Ebay savings account back into Paypal to earn the 1.5% back on my trip?

 

[summerrluvv]

Originally posted by Svenson
So if there is no fee for transferring funds into your Paypal account, and a frozen account due to unresolved Ebay problems is not an issue, is there ANY downside to transferring my whole Ebay savings account back into Paypal to earn the 1.5% back on my trip?

There are limits of what you can spend per day with your paypal account. I'm not sure if you planned on paying on your trip or taking the card with you to WDW, but just log into your account and click on limits to see what your limit is.