Which is why, if you do any sizeable transactions with Paypal, you set up a separate checking/savings account and route your withdrawals through that.
With most US banks it's super-easy to have multiple subaccounts and transfer money between them via online banking.
Sure, they'll send nasty letters asking you to rectify the negative balance in your account, but if you are in the right it's a lot lot lot easier to work from this position than when they've taken or frozen your money.
Really? I know that one of the next step they list that I should do with my account is give them some paper to allow them to take money out of my bank account but I've never done that (I don't trust them and it seems a tad too risky).
So without that authorization, how can they pull out the money without my conscent?
The only other possibility I can think of is by using my credit card information but then I should be able to contest it with visa?
Get a bank account for just paypal transactions and then anytime there is sufficient money, whatever threshold makes you nervous if you lost it, in the account transfer it to a different account. If they try to pull from an account that has no money they will not get any money.
Depends on the bank. Most banks would be happy to give them the money and charge you the overdraft fee and interest. (But of course, you can just not pay.)
Comments
That's a pretty sad story. I thought everyone knew not to keep money in their PayPal account? As soon as I get a payment I transfer it out to my bank.
They can pull it out without your conscent.
Which is why, if you do any sizeable transactions with Paypal, you set up a separate checking/savings account and route your withdrawals through that.
With most US banks it's super-easy to have multiple subaccounts and transfer money between them via online banking.
Sure, they'll send nasty letters asking you to rectify the negative balance in your account, but if you are in the right it's a lot lot lot easier to work from this position than when they've taken or frozen your money.
Really? I know that one of the next step they list that I should do with my account is give them some paper to allow them to take money out of my bank account but I've never done that (I don't trust them and it seems a tad too risky). So without that authorization, how can they pull out the money without my conscent? The only other possibility I can think of is by using my credit card information but then I should be able to contest it with visa?
Get a bank account for just paypal transactions and then anytime there is sufficient money, whatever threshold makes you nervous if you lost it, in the account transfer it to a different account. If they try to pull from an account that has no money they will not get any money.
Depends on the bank. Most banks would be happy to give them the money and charge you the overdraft fee and interest. (But of course, you can just not pay.)