Sorry Ron, I do this on a regular basis. I sell a lot on eBay, and I let
incoming money lay in my paypal account for a few days, and transfer it to
my Bank account in say $50 or $100 chunks. That might leave, say $17.68 in
my account. If after winning an auction, I click on the pay button, that
$17.68 goes first and the balance of what I owe comes from my bank account.
It could come from my credit card, which I have on file with them, but I
prefer to pay up front and not put it on my card. I keep very little in that
bank account, I just make sure there is enough to cover my winning bids.
I have heard stories of them "reclaiming" funds, but never met anyone it
happened to.
But, by all means, protect yourself as you see fit. Better safe than sorry.
Ray
> From: Ron Waters <ronbo97@xxxxxxxxxxx>
> Reply-To: Ron Waters <ronbo97@xxxxxxxxxxx>
> Date: Sat, 27 Sep 2003 17:26:58 -0400
> To: L-FORWARDLOOK@xxxxxxxxxxxxx
> Subject: Re: [FWDLK] Possible scam
>
>> Of course it gives them the right to withdraw. That's the idea.
>> You get funds in your paypal account and transfer them to your bank
> account.
>> If you pay with paypal, they take the money fromn your paypal account
> first,
>> and when that's used up, they withdraw from your bank account OR credit
> card
>> whichever you choose.
>
> Although I don't have the paypal 'rules' in front of me, I doubt that this
> is the case . If you buy something and pay using paypal, the first thing
> the application would do is check your account for sufficient funds. If
> there's enough $$$, then it will allow the transaction to go thru. If not,
> then it denies the transaction and prompts you to add more funds to the
> account. IMHO, the only time paypal would transfer funds from your bank
> account is when you authorize them to add money to your paypal account.
>
> Can somebody prove me wrong about this ???
>
> Ron
>
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