PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE - NCRS Discussion Boards

PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

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  • Rob A.
    Expired
    • December 1, 1991
    • 2126

    PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

    Some time ago, there were postings regarding getting "verified" with PayPal and having funds directly taken from your savings or checking. I recently had to become verified because I had reached the limit of $1000 using my credit card through paypal. Some of the discussion centered around not being able to use your card any more once you're verified. Although you go through the verification process, there is still the option of using the credit card you have on file for your method of purchase. You just have to select it prior to sending payment. I prefer using my card in the event I don't receive the item, or it is not as advertised, so I have the recourse to dispute the purchase through my credit card company, rather than relying on PayPal for help. Just thought I'd throw this out there for those that might be interested.
  • Chuck S.
    Expired
    • June 30, 1991
    • 184

    #2
    Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

    I recently received notice from PayPal that I will be exceeding my limit of $2,000.00 using my credit card AND could not continue to use the service without becoming "verified". That was the first I heard of the rule.
    I have other friends who use PayPal and have gone well above the $2,000.00 limit and are not required to be "verified". I don`t like the idea of PayPal having access to my bank accoune as I have heard from sellers that they no longer accept PayPal because of "past problems and the inability of PayPal to resolve them".

    Comment

    • Rob A.
      Expired
      • December 1, 1991
      • 2126

      #3
      Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

      I don't like the idea of paypal having access to my account either. They told me that because I reached my $1000 limit with my card, I had to become verified, but could as I said, still use my credit card as my primary method for payment. I'm going to call me bank today (Wells Fargo) and see if any money can be withdrawn by paypal directly, without my authorization.

      Comment

      • Rob A.
        Expired
        • December 1, 1991
        • 2126

        #4
        Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

        Chuck,

        It appears that the bottom line is that no funds can't be withdrawn from my bank without indicating it as my source of payment. Lately, I've seen sellers stipulate that they are now only accepting paypal for payment that uses the direct deposit method, as opposed to credit card. I'll continue to use paypal, but only with my credit card. I can't figure out why they make you get verified when you've already proven a good customer by getting to the $1000 or $2000 limit they seem to arbitrarily set. According to paypal, they want to verify who you are by getting your bank account# in order to let you continue using your credit card. I think sellers are complaining to paypal about problems with credit card payments, and to try to please them, paypal is trying to encourage buyers to use the direct payment method.

        Comment

        • John M.
          Expired
          • January 1, 1999
          • 1553

          #5
          Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

          Rob,
          I think that it is triggered by some federal banking rules that require you to prove your identity for financial transactions. The verifing process is just to prove that you are who you say you are. An unverified account just says that you have a credit card in your possesion wh has that person's name on it. I only use the credit card option when paying for an auction, since that is the only way that I can be assured of getting my money back if the the seller stiffs me! Your bank will make no effort to get your funds back, while your credit card company will refund the funds to you and then pursue the seller. The only reason that I can think of for a seller to refuse credit card paypal's, as opposed to bank transfers, is if he is planning on screwing some bidders, and doesn't want the credit card company coming after him. I prefer PayPal for both selling and buying, and find the small percentage that they charge for the transaction is well worth it. There is no doubt that PayPal would rather you use the bank transfer option, since they can avoid any credit card fees that way. I am sure that this is why you can't set your default payment type to your credit card once you are verified. You have to select this funding option at each purchase.
          When people pay with PayPal, you know within a few minutes, whether a buyer is going to no-pay. Nothing worse than waiting for several days for payment to come, only to find out that the buyer changed his mind!

          Regards, John McGraw

          Comment

          • Stephen L.
            Extremely Frequent Poster
            • May 31, 1984
            • 3148

            #6
            Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

            I have used PayPal with a checking account from my bank. The key to protection that I have against excessive draws on the account, is to open a checking account JUST FOR this purpose. I then keep a minimum amount in that account and add more funds, as required, when I make a purchase. I can transfer funds via telephone from one account to the other so it isn't a real hassle and the account is free...non-interest bearing....

            Comment

            • Larry S.
              Very Frequent User
              • August 31, 2000
              • 356

              #7
              Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

              I stopped using paypal because of this.

              After paying for 2000.00 worth of ebay purchases and having it all shipped to the same address I dont know why they need more verification then that.

              I just said NO to giving my bank information and now use postal money orders for all of my purchases.

              If more people said NO I think they would remove this rediculous request of having axcess to my checking account

              Comment

              • Tracy C.
                Expired
                • July 31, 2003
                • 2739

                #8
                Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

                I've been verified for a couple of years with no horror stories. It has it's advantages for eBay sellers because balance transfers from your Paypal account into your checking account are possible.

                The only other way to utilize the money is to spend it on eBay or get a Paypal credit/debit card and spend it using that.

                My wife typically makes sure our checking account is bone dry anyway. It's hard to draw water from an empty well

                tc

                Comment

                • Steve Antonucci

                  #9
                  Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

                  Steve brought up an interesting point. This is exactly what I did. I was very
                  uneasy about Paypal having access to my account, even though I have been
                  verified for three years now. So, I opened up a separate account ( for Paypal )
                  and I use online banking to X-fer funds to/from when I need it. It's a little
                  tedious, but my hard earned money is best protected that way.

                  Steve

                  Comment

                  • Chuck S.
                    Expired
                    • June 30, 1991
                    • 184

                    #10
                    Re: PAYPAL "VERIFIED" AND PAYMENT METHOD CHOICE

                    Will PayPal verify us if we all send them a stool sample???

                    Comment

                    • Mike B.
                      Expired
                      • November 1, 2004
                      • 389

                      #11
                      Re: PAYPAL "Horror Story"

                      Just yesterday I received a call from Paypal customer service. It seems that my password was lifted (probably through spyware) and used to charge 23 consecutive transfers ranging from $225 to $900 each. Paypal recognized the aberrant spending pattern and they slammed on the brakes. Fortunately, the charges were all against Mastercard which will also cover any losses. I had to refute each charge but I think that I will learn a cheap lesson.

                      And the lesson is this: Just as suggested by another, set up a separate checking account with minimal funds to keep "verified" status and limit any losses should the account be compromised. Also change your password frequently. Even though transactions between Paypal and yourself are encrypted, it won't stop embedded spyware from tracing your keystrokes. Keep that in mind while visiting the porn sites too!

                      Regards,
                      Mike

                      P.S. I ran a spyware checker today and found 71 instances of a "data miner" residing in the registry. These are not always caught by virus software as they can look like allowable "cookies".

                      Comment

                      • Rob A.
                        Expired
                        • December 1, 1991
                        • 2126

                        #12
                        Re: PAYPAL "Horror Story"

                        Mike,

                        Interesting, if I understand you correctly, although you listed a bank account# with paypal to become verified, it was your credit card# that was used to make unauthorized purchases. The reason I ask, is I was wondering if they could have just as easily made withdrawals directly from your bank account. Thanks for the heads up...

                        Comment

                        • Jack H.
                          Extremely Frequent Poster
                          • April 1, 1990
                          • 9906

                          #13
                          VERIFY, the message source!!!!

                          Look at the internet eMail header associated with any message(s) you receive from PayPal to confirm the communique isn't a spoof. I've had a couple of messages recently telling me my account needed to be re-verified that were NOT sent by PayPal and were a third party (thief) attempt to direct PayPal receipients to a 'registration/verification' server to extract information PayPal already had on file for the purposes of STEALING money from you!

                          These cases of identity theft at eBay/PayPal prey on the unwary (especially those using Outlook/Outlook Express where the email composer/reader intentionally hides internet header routing info requiring you to take special action 'Tools Menu' to see the specific ISP origin of messages) to steal from them. In these cases, the messages will look VERY official with lots of eBay/PayPal graphics, but the internet message routing header will tell the truth with the source typically being a large consumer dial-up ISP, like AOL, who 'drums' business by making XXX-hours free trial account sign-up CD's plentiful at grocery stores, post office, Etc.).

                          They get a scam going, pickoff a low precentage of responding fools who don't check the message source, shut the account and move it quickly to a new location. While eBay and PayPal DO execute due diligence in tracking and trapping these pirates, it's not an easy police task. Whenever I see any unusual communique from eBay or PayPal ESPECIALLY any messages that direct me to a third site, I IMMEDIATELY forward the message in its entirity to:

                          "spoof@ebay.com"

                          Comment

                          • Mike B.
                            Expired
                            • November 1, 2004
                            • 389

                            #14
                            Re: PAYPAL "Horror Story"

                            Good question. Yes, I belive that they could have gotten to my bank account and I fear if that happened I would have a lot less recourse than against the credit card company. Perhaps that information is less accessable or perhaps it is because I only use the credit card for payments. Or, it may be that credit cards remit more quickly than a bank transfer allowing the hit-and-run attacker to cash out before funds can be stopped.

                            Needless to say my wife was at the bank this morning moving things around to protect the nest egg.

                            Comment

                            • Patrick H.
                              Beyond Control Poster
                              • December 1, 1989
                              • 11608

                              #15
                              Re: PAYPAL "Horror Story"

                              My Paypal-tagged acct is even in a different bank than my usual savings and checking.

                              Patrick
                              Vice-Chairman (West), Michigan Chapter NCRS
                              71 "deer modified" coupe
                              72 5-Star Bowtie / Duntov coupe. https://www.flickr.com/photos/124695...57649252735124
                              2008 coupe
                              Available stickers: Engine suffix code, exhaust tips & mufflers, shocks, AIR diverter valve broadcast code.

                              Comment

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