Important heads up about Paypal

I'm buying a body from another POTN member. The plan was to pay him 1K tonight and 950 later. I haven't paid anything via Paypal in years, but the few times I've done it in the past, it's gone without a hitch. Paypal is attached to my savings account. Earlier I was at the bank to let them know I was going to make a big purchase. That way I prevent any fraud protection devices from preventing payment.

So I use the feature to put 1K from savings into Paypal, planning to then pay it to the guy. I do so, but it says the 1K is pending. And it says the likely clear date is 3/24/11 or it could take as long as 5 business days. And I'm pulling my hair out because I want to get money down so that I get the camera. I called Paypal and they said they had no way of speeding up the transfer and that I should contact my bank. I did and they said they had no evidence of any transfer. Then I called Paypal back to see if anything could be done. Nope. All I could do was wait for the transfer to clear.

They said it's not necessary to first load a Paypal account with money, that instead you can just choose to pay someone and then choose to have the money come from your savings, checking, credit card or whatever, and that's what I should have done. Fortunately, there was still some money in my savings, so the seller agreed to let me pay $300 and I'll send the rest over whenever this transfer clears.

If I hadn't had any money left in savings, I would have had to tell him I couldn't pay anything down tonight. I wouldn't have blamed him if he sold to someone else.

I was surprised by this. In previous years, I've just uploaded the money and then paid the person and it happened right away. The long and short of it is this: Don't add money to PayPal and then pay someone. Choose the method where you just pay direct and then pick which account Paypal will get the money from.

I think if its from the checkings account its different. Money is sent from paypal, then paypal bills you for the transfer from the bank account, and the money is taken away from the bank account. its instant for me, and charges me later for it regardless of weekdays/weekends.

That might be it. In previous years when it happened instantly, I was using Paypal from checking. If I had known, I would have transferred the money into checking first.

Yup, Ive had my Paypal account for ten years now and its always been this way as far as I can recall.

But good advice for those that dont already know!

I keep the PayPal account thinly capitalized, and when I need it to buy something here or on eBay, I simply make a "donation" to my PayPal account from my regular debit card, which is not connected to any other bank account because, first, transactions accounts are more secure when firewalled against each other and, second, I don't want PayPal having a vector into my normal bank account. It costs me some money to do it this way, but it's the price of security and efficiency, and it keeps PayPal from playing the float.

I was in the EXACT same boat... I used to transfer funds to my account, thinking that was the way to do it, and hadn't used PayPal in years, but after getting back into photography and finding this site, I bought a lot of gear from here.

And the best part about it was that the people here are SO helpful, and was taught how to do it right from my checking account. I've purchased a 50D, a grip, 2 lenses and a bag, and all transactions went through without a hitch, from both sides.

I am glad you are on the right track now, and hope you find a lot of gear you need here, I know I did!!!


Ken

I generally keep my paypal balance at 0. Had a family member's account frozen for weeks because they've decided there was a suspicious activity at another family member's account. Both got fully restored eventually, but Paypal didn't even offer an apology.

ben_r_ wrote in post #12065691
Yup, Ive had my Paypal account for ten years now and its always been this way as far as I can recall.

But good advice for those that dont already know!

Yep- me too. It's been this way for years. I think it is a security measure.

I DO NOT use paypal unless I absolutely have to... I've had a lot (95%) go smooth with no problems... but when there is a problem... Look Out! they are the absolute worst!!!

If you must use paypal... do it with a credit card... it adds a layer of protection when PayPal shafts you!

just my $0.02

i use paypal ALL the time... i prefer it.. it is my play account.... i have a good amount in it now... nice thing is that it is tied to a bank account that doesnt have more than 110 in it.... so if anyone tries to empty it... oh well not much...

now i dont have issues with paypal or making payments.. and this is the reason why i keep a balance.. if i want to buy something i just do.... bust out the paypal credit card at stores or just pay online with it.... nice and handy....

It's been like that forever as far as i know. I hate paypal. I use it cause in most cases I don't have any other choice.

quijibo69 wrote in post #12066009
I DO NOT use paypal unless I absolutely have to... I've had a lot (95%) go smooth with no problems... but when there is a problem... Look Out! they are the absolute worst!!!

If you must use paypal... do it with a credit card... it adds a layer of protection when PayPal shafts you!

just my $0.02

Have done over 2500 transactions on paypal without a single solitary issue. Now sure how you believe the credit card adds a layer of security unless you're referring to the ability to do a chargeback?

ThomasOwenM wrote in post #12065679
That might be it. In previous years when it happened instantly, I was using Paypal from checking. If I had known, I would have transferred the money into checking first.

There is still such thing as instant transfer. I use it all the time and no waiting for funds to clear. My account is tied to a checking accounts.

My horror story with paypal is so frightening ill have to wake up and post it... but it was almost impossible to send my money to the seller... so annoying paypal is D:

.thach wrote in post #12067430
My horror story with paypal is so frightening ill have to wake up and post it... but it was almost impossible to send my money to the seller... so annoying paypal is D:

Mine isn't a horror story. It's an annoyance. It will be fine. Next time I'm linking PayPal to my checking account.

eleven11 wrote in post #12067354
Have done over 2500 transactions on paypal without a single solitary issue. Now sure how you believe the credit card adds a layer of security unless you're referring to the ability to do a chargeback? ...

Yup thats exactly what I mean... when paypall says no to your claim.... do a chargeback on your credit card.... Unfortunatly, I have had to do this in the past and without it I would have been screwed out of ~$300