Lightweight PayPal questions...

[Batpig]

Dear Folks,

I'm toying with the idea of starting a PayPal account, but I couldn't really find the answers to the following questions at either Paypal or eBay. Maybe some of you can shed some light on them, without spending too much time on the matter...

1) Given that there are no fees for buying items with either a "Personal" or a "Premier" type PayPal account, why would someone want just the former-type, when they can't sell anything unless they've got the latter-type instead?

2) Given that day-to-day transferring of funds from an attached Bank Account into a PayPal account seems to get done from the PayPal account, what type of authority is given at the setting-up of the PayPal account (and by whom) to allow these transfers to happen? (It doesn't sound like you have to sign anything, nor contact your Bank at the start...:?)

3) If you don't have a Credit Card, and you're making payments with a linked Bank Account, is it definitely the case that you can't make a purchase until the Bank Account has been "verified" with PayPal? (I ask because the Help-pages seem to say that you should verify your account, rather than must...)

Many Thanks,
Batpig.

[Vernonv]

I'm not exactly sure of the answers to your questions Batpig, as I only have a credit card attached to my paypal account, however I would be very reluctant to attach a paypal account to your "main" bank account. Instead I would setup a new account specifically for use with paypal and basically keep the account empty, except for money you know needs to go out, and sweep incoming funds to your main account when they become available.

[watson]

I've had a paypal un-verified account for a cupla years, and just this week I'm approaching the account level that has been set (Dunno by whom Me or them).
So I had to verify the account finally.
BTW I buy only with it.

[Batpig]

Dear Vern & Noel,

Thanks for the replies. Looks like they've still got a fair way to go with regard to explaining the Ins-and-Outs of it all in plain English...



...I would be very reluctant to attach a paypal account to your "main" bank account. Instead I would setup a new account specifically for use with paypal and basically keep the account empty, except for money you know needs to go out, and sweep incoming funds to your main account when they become available.
Yes... Very Sound Advice (by the sounds of it...:2tsup:)

Best Wishes,
Batpig.

[kiwigeo]

I operate my Paypal account via my bank account and have never had any problems.

That said if you are worried about money going AWOL then by all means set up a Paypal use only bank account.

[HazzaB]

Hey There,

I'm looking at going down this Path, so I will be watching this post and If i get any answers I will post them here.

HazzaB

[damian]

Private accounts don't attract fees if you recieve money from another paypal account FROM THEIR BALANCE, ie not a credit card. It's a small distinction but it matter for a few people. If you recieve money into a premier account you pay the fee no matter where it comes from.

When I set up my paypal account it was 2000 and there were no fees. The founder thought he'd make enough by putting the stored funds on the short term money market to cover the operation of the system. Didn't really work and when ebay bought it they screwed it for all they could. A lot of the fee they pass on is the mechant fee from the CC provider.

Note your only covered by ebay and paypal for 45 days after a transaction. If you haven't opened a dispute by then your on your own, see the htread I'm about to start.

[Batpig]

Dear Guys,

Thanks for your comments. Kiwi - I've linked it to my cheque account. Damian - I've seen your new Thread.

Best Wishes,
Batpig.