PayPal question

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Joyful Uke

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I understand that PayPal has changed how they do things, and now if you're receiving money, (like from selling something), you are supposed to link your PayPal account to your bank account.

I don't do online banking due to concerns about hacking, and so the idea of linking a PayPal account to my bank account doesn't have me feeling secure either.

I've been trying to Google this, but have been unsuccessful. Is there another option? It used to be that you could simply hold the money in your PayPal account and spend it for other purchases. Is that option gone?
 
I can't answer your question about holding a balance in PayPal, but about five years ago, I set up a separate bank account that I use for all on line purchases. I keep only a nominal amount in it. It was linked to my PayPal account from the start. It works fine. Haven't had any problems at all.

John Colter
 
I have seen no such recent change. I have sold a number of things in the last few weeks & months, and that money is in my Paypal account. If I choose to transfer any or all of that money to a bank account I can, or I can leave it in my PayPal account.
 
I noticed recently that the pay from your PayPal balance option seems to be gone as well. That said, I've had my bank account linked to PayPal for just about as long as PayPal has existed and have never had a problem. Doesn't mean I won't someday, but that's just my experience. Hope you can find a solution that you're comfortable with.
 
Joyful Uke said:
I understand that PayPal has changed how they do things, and now if you're receiving money, (like from selling something), you are supposed to link your PayPal account to your bank account.

I don't do online banking due to concerns about hacking, and so the idea of linking a PayPal account to my bank account doesn't have me feeling secure either.

I've been trying to Google this, but have been unsuccessful. Is there another option? It used to be that you could simply hold the money in your PayPal account and spend it for other purchases. Is that option gone?
Click to expand...

I don't know how you would get your money if they can't put it into your bank account. I can't see them printing and mailing a check - too costly. I've been using PayPal for longer than I can remember, with no problems.
 
Jerryc41 said:
I don't know how you would get your money if they can't put it into your bank account. I can't see them printing and mailing a check - too costly. I've been using PayPal for longer than I can remember, with no problems.
Click to expand...

In the past, you were able to use that money for other purchases. You would pay from the balance in your PayPal account. They sent out an email a while back, (earlier this year?), that they were changing that and wanted you to link to your bank account, but I ignored it at the time. Shame on me, right? :)

Glad to hear that so far, those responding to the thread haven't had any problems.
 
I’m wondering if this is related to some retailers using PayPal as well as credit cards to pay for online purchases? If your PayPal isn’t linked to a bank account and you don’t have enough PayPal balance to cover the purchase it might be problematic for the retailer????? I haven’t seen as many “Checkout with PayPal” options as I once did.

If you can’t leave a balance in your PP account to be used to pay a UU member for that sweet used ukulele you have your eye on, then what’s the point of PP? :)

PS - just read Joyful Uke’s post. I think it’s the issue I describe above. PP is great for person to person transactions like we do here on UU Marketplace. It gets tricky as a payment method for online retailers.
 
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RafterGirl said:
PS - just read Joyful Uke’s post. I think it’s the issue I describe above. PP is great for person to person transactions like we do here on UU Marketplace. It gets tricky as a payment method for online retailers.
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When retailers - like eBay - favor PayPal, I use it, but it's linked to a credit card. So, basically, I'm paying with the CC I use every day.
 
They do still have a way to keep balance in your account, but you need to set it up: See info here.

I don't use it that way, I have a bank account linked, but it is an account that I only use for this, so I don't keep much of a balance in it. I've never had a problem, but I see no reason to link it to my main account.
 
Cluze said:
They do still have a way to keep balance in your account, but you need to set it up: See info here.

I don't use it that way, I have a bank account linked, but it is an account that I only use for this, so I don't keep much of a balance in it. I've never had a problem, but I see no reason to link it to my main account.
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Thanks. That's what was in the email that I ignored earlier this year, apparently.

I have a tendency to make things more complicated than they are. I guess I should just have a bank account that I link to PP, but only for this purpose, if banking fees aren't too high. I obviously haven't sold anything this year so far, so wouldn't need this option much at all.
 
RafterGirl said:
I haven’t seen as many “Checkout with PayPal” options as I once did.
Click to expand...

I'm thinking that's because of all the PP fees? If you use a credit card tied to your PP account, the retailer has to pay the credit card fees as well as the PP fees, and it gets expensive for them. Could be wrong, since I'm not a retailer.

Cluze provided a link to the PP changes, which would be applicable to a person to person transaction like we do on UU. No change if you already have your PP account tied to a bank account, AFAIK. I didn't have my PP account tied to anything except a credit card, so I have to make a change if I sell anything.
 
Joyful Uke said:
In the past, you were able to use that money for other purchases. You would pay from the balance in your PayPal account. They sent out an email a while back, (earlier this year?), that they were changing that and wanted you to link to your bank account, but I ignored it at the time. Shame on me, right? :)

Glad to hear that so far, those responding to the thread haven't had any problems.
Click to expand...

You should keep in mind that paying with a PayPal balance only gave you half the purchase protection as your credit card could also dispute, and PayPal asks for you to wait longer. I always transferred to my bank account, but you should have a lower balance account because debit cards are less secure than Paypal.
 
Joyful Uke said:
I'm thinking that's because of all the PP fees? If you use a credit card tied to your PP account, the retailer has to pay the credit card fees as well as the PP fees, and it gets expensive for them. Could be wrong, since I'm not a retailer.

Cluze provided a link to the PP changes, which would be applicable to a person to person transaction like we do on UU. No change if you already have your PP account tied to a bank account, AFAIK. I didn't have my PP account tied to anything except a credit card, so I have to make a change if I sell anything.
Click to expand...

PayPal charges the fee and it doesn't get charged from the retailers servicer as they aren't dealing with the transaction, so only PayPal fee.
 
ukantor said:
I can't answer your question about holding a balance in PayPal, but about five years ago, I set up a separate bank account that I use for all on line purchases. I keep only a nominal amount in it. It was linked to my PayPal account from the start. It works fine. Haven't had any problems at all.

John Colter
Click to expand...

This is what I did a long time ago. Just a little checking account dedicated to pay pal. I didn't know that there was any other way to do it. But the important thing is that account is not connected to any other of my accounts. It stands alone. I don't keep a lot of money in it. If there is any balance in my PayPal account they take that first. I have had zero problems with it.
 
Can you still request paypal to send you a check of sales proceeds for a nominal fee?
 
I recently sold a uke and the money was paid via Pay Pal.
PayPal immediately took their 3% cut for a Goods and Services transaction.
I was then given several options for the remaining money:
1. It could be held in my PayPal account and used for future purchases.
2. It could be transferred into my bank account. (I would have to provide the account number and authorize that deposits could be made by PayPal electronically.)
3. They could send me a printed check for the amount. It would take about a week to receive the check. (There was no fee listed.)

I chose for them to send me a check.
 
I use PayPal, Venmo, Google pay, and I do all my banking on line. The only reason I go into the bank is to get cash to use for change and I need various denominations. If someone writes me a check, I take a picture of it on my phone and do a mobile deposit. I go to the coffee shop or the grocery store and I just wave my phone over the sensor, have the receipt texted to me and I'm out of there. I've never had a problem with any of it. I did fall victim to a scam where someone was manufacturing counter checks, like they used to have back in the fifties, and they were using random account numbers on them and trying to deposit them in an account in Austin, Texas. One of the random numbers matched my account and they took two grand out of my checking account. The bank recovered the money that same day that I reported it. But in the process one of the people I talked to at the bank told me that physical paper checks floating around out there in the mail and such were the most vulnerable to theft these days. Just what she said.
 
Rllink said:
I use PayPal, Venmo, Google pay, and I do all my banking on line. The only reason I go into the bank is to get cash to use for change and I need various denominations. If someone writes me a check, I take a picture of it on my phone and do a mobile deposit. I go to the coffee shop or the grocery store and I just wave my phone over the sensor, have the receipt texted to me and I'm out of there. I've never had a problem with any of it. I did fall victim to a scam where someone was manufacturing counter checks, like they used to have back in the fifties, and they were using random account numbers on them and trying to deposit them in an account in Austin, Texas. One of the random numbers matched my account and they took two grand out of my checking account. The bank recovered the money that same day that I reported it. But in the process one of the people I talked to at the bank told me that physical paper checks floating around out there in the mail and such were the most vulnerable to theft these days. Just what she said.
Click to expand...

Yes, I know what you mean. I use my 5% cash back CC for everything. Sam's CC sends me a check every February. So far, It's up to $325. I used to accumulate a huge amount of coins. Now I have almost nothing in the jar after a year. Most of my cash comes from my son. He uses the CC and then gives me the cash. I bought a half gallon of ice cream today with cash, and that's unusual. I needed something to go with the pie and whipped cream. : )
 
I do feel like I'm falling behind the times, I guess. But, I've had problems w/ my SS # getting used by others, my credit card # used by others, and know others who have had their bank accounts hacked into as well, so I err on the side of caution. Try getting a credit bureau to correct something after someone else tried using your identity. It's impossible to get some things resolved.

I have all the credit bureaus locked now, but still want to minimize risk to whatever extent I can. So, I guess that means being somewhat of a luddite. Even so, things can happen, (a check in the mail, as noted, can be stolen, for example), but there is no way to avoid some risk.

I didn't have any problems with the way that PayPal used to work, but since I haven't yet been able to find a fee-free checking account that would allow you to have only a small amount of $ in the account, I don't feel confident in linking my bank account to PayPal. I wonder if bank fees vary by area? I checked on several in my area, and they all charge fees if you don't have a decent chunk of $ in the checking account.

Maybe this is a cure for UAS, LOL. I'm at a point now where I should have one going out if there is going to be one coming in, so maybe PayPal will cure me of UAS.
 
Joyful Uke said:
I do feel like I'm falling behind the times, I guess. But, I've had problems w/ my SS # getting used by others, my credit card # used by others, and know others who have had their bank accounts hacked into as well, so I err on the side of caution. Try getting a credit bureau to correct something after someone else tried using your identity. It's impossible to get some things resolved.

I have all the credit bureaus locked now, but still want to minimize risk to whatever extent I can. So, I guess that means being somewhat of a luddite. Even so, things can happen, (a check in the mail, as noted, can be stolen, for example), but there is no way to avoid some risk.

I didn't have any problems with the way that PayPal used to work, but since I haven't yet been able to find a fee-free checking account that would allow you to have only a small amount of $ in the account, I don't feel confident in linking my bank account to PayPal. I wonder if bank fees vary by area? I checked on several in my area, and they all charge fees if you don't have a decent chunk of $ in the checking account.

Maybe this is a cure for UAS, LOL. I'm at a point now where I should have one going out if there is going to be one coming in, so maybe PayPal will cure me of UAS.
Click to expand...

Aspiration bank lets you decide what fees you will pay. They have no physical branches, so you would have to be comfortable with online.
 
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