Rickresource Rickenbacker Forum

Not sure where to post this, but....

You hear some horror stories about the above institutions, but how good is this?

I purchased a lap steel guitar on eBay this morning and had to pay using Paypal - no problems except I found out about 'limits' and 'extended use' (a nice money-making feature if ever there was one!!).

Within 20 minutes (7.30am Melbourne time) I get a call from my bank asking me if the payment was instigated by me and whether I wanted to go ahead with it!! Obviously Paypal is on their 'suspect' list. Fancy somebody monitoring transactions at that time of the day?

10/10 Citibank - confirms in my mind that they are a very good organisation and are on constant 'scam' alert!!

Howard,

MY general practice is to transfer "Paypal" money into my bank account once it reaches $100.00

OR....as soon as I receive a large payment, I transfer it directly into my bank account. I have had NO problems doing it this way....I have not had my account "frozen" or had any disputes about anything Ebay (knock on wood).....

I wouldn't let a large amount of money sit in my Paypal account.....

'Fraid I'm an Ebay (and Paypal) newbie, Chris. I thought as a payer you just put the money into Paypal (basically a credit card payment) when you finalized the deal and they transferred it to the seller. I have no idea what happens when you're a seller. I don't think I want to know about it!!

It suprises me that there aren't more sellers who prefer direct bank transfer.

Aitch, Paypal can payalyze your financial status. They have full access without notice to whatever bank or credit card you've linked their account to. Hence Chris' advice.

I used them for 6 years (2 accounts) and heard too many horror stories to keep my accounts, so I cancelled them and now use a commercial credit card service to process my sales and use money orders for my purchases. I avoid auctions that say "PayPal ONLY".

I still get two or three spoof (fraud) e-mails a week telling me that my paypal account has been suspended and that I need to click onto their link and re-enter my financial information to get re-instated. Although the underlined link text says something like "Update.paypal.com", the actual link, which my browser gives me, is always a funky address overseas. Besides, I haven't had a paypal account for seven months!

That all tells me that their security is suspect and dodgy. Not to mention all the lawsuits that've been filed against them in the USA.

Personally, I have bought and sold and never had a problem. Having said that I would not ever give them access to any of my bank accounts. I have a credit card that is specifically for PayPal use. The card has a reasonable limit and all transactions are insured.

E-bay can be used in a safe manner if you are careful. You just have to be cautious. If it is too good to be true--- then it is too good to be true in most cases.

Make sure that you are fully aware of the record of the person that you are thinking of conducting a transaction with.

I think I'm pretty safe on this one, Brian. The seller is a guitar manufacturer and has excellent feedback (not all that many transactions, though). I've been in touch with him outside eBay and everything seems bona fide (touch wood!).

Howard, the first time I spent big money on ebay via paypal, my banks security division phoned me (Lloyds), just to check that it was OK. I don't think it's particularly paypal that they were concerned with, I think it's just that a good bank will let you know if there is anything unusual happening with your account. I was really pleased that my bank phoned me...it was quite comforting.

I found it that way too, Tony. There's been a fair bit of activity in my various accounts over the last few weeks and there's a substantial amount in my normal trading account at present, so it's good to know they care.

I have had loads of trouble with Paypal. In the past they have withdrawn a large payment from my bank account when I expressly told them not to (and was assured in a phone call that they only needed my bank details to verify my identity). When I cancelled the bank direct debit that they force you to set up, they contacted my bank directly and told them that I had cancelled it in error and told them to reinstate it! They have "charged back" to my credit card without saying (a fraudulant buyer who claimed, to Paypal, not to have received the guitar - but never said anything to me). They have frozen my account for no reason, then re-opened it after I "verified" my identity (see first problem). Now they are accusing me of money laundering as (in their opinion) I have received more than £4500 recently. In reality I haven't used my account to receive any payments since November last year and won't ever do so again. Check out www.paypalsucks.com for hundreds of similar stories. Paypal are a nightmare once they get their claws into you!!!

The first PayPal transaction I ever did failed somehow and they were sending me lawsuit threats when I had already e-mailed them SIX times so that they can tell me the address they wanted me to send a money order to.

I wasn't too impressed on the service.

Now I have a CC so it's alot easier. I haven't had any problems since then.

Peter--yikes!

When I first set up my Paypal account, I was buying and selling classic European cars on eBay Motors. This was 1999, before eBay acquired PP. My first auction closed and they kept $7800.00 of my money for 10 days, out of my reach, which kept me from acquiring some other stock to sell. Their excuse was that this was standard procedure "while they verified my application details".

I stuck it out and had no problems from that time forward. But stories like the ones above, coupled with all the phishing e-mails I received (I just got ANOTHER one this morning!) made me concerned with their ability to treat me in the same manner as my bank did. So last November I closed my accounts with them.

BTW, you folks in the UK and Oz: American banks do not often contact an average Joe who has an account with them--only business accounts with a credit line linked to the account. In my experience, the banks in the UK and OZ are more personal in their relationships, which could be a good or bad thing!

It is (generally) a good thing here in the UK, Paul. I bank in a small town where everyone knows everyone else (not always a good thing) my bank would notice if someone tried to make an unusual transaction and would probably phone me to see that all was well, they would certainly stand by me in the event of fraud.

IMO it would have to be a good thing, Paul. I get calls from Citibank quite regularly. Often it's about extra insurance for my mortgage or credit card (neither of which I need) but sometimes they just want to know whether I'm happy with them and have any questions. I don't mind that at all.

Howard, don't you ever go to bed???

Yes, but it's 6:45am now!!