PayPal advice needed: good or bad?

[Zeitgeist]

Hello everyone.
For the last several years I have avoided the use of PayPal due to the horror stories that I have seen floating about the web.
Lately quite a few choice items on Ebay have passed me by because the seller only accepts Paypal.
Also it's becoming quite a pain in the rear to keep buying money orders & using personal checks takes entirely too long to complete the transaction.
As a result of this, I've been considering opening up an account, against my better judgement perhaps.
My questions to you all are:

Have any of you had any horror stories regarding PayPal?

Has PayPal improved since it inception (all of the scams & hacks)?

Is it as safe as using SSL with a CC?

Should I open an account?

Your opinions & comments are greatly appreciated.
Thanks
Z

[Raleigh]

I have used Paypal for about the last year and a half with no problems.  It makes my life easier not having to go and get a money order, and I don't have to wait as long for the junk that I buy.  I won an auction this morning and instantly send payment via paypal, hopefully the seller shipped it out today or tomorow and maybe I will have it by the weekend.  Now I do get a little ticked when I sell something and paypal takes out their percentage, but its nice to get a instant payment rather than sitting around watching the mail box.  No horror stories here, so I say set yourself up an account.

[RacerX]

All I can tell you is my experience.  I have purchased 4 or 5 items over the years through PayPal without any problems.  

What I tend to do is I add my credit card number to my account, make my payment, then delete my credit card from my account.  It probably is still stored at PayPal somewhere, but it makes me feel better to pretend that it isn't.    

I don't really see why it is any worse than sending a money order, though.  Once you send that, the person who receives it can cash it and still screw you.

There is a certain amount of trust that is necessary in any transaction.  All you can do is do your homework on the seller and hope for the best.  Then if you get screwed, if it's worth it to you, you report him.

Best of luck to you.

[rampy]

Paypal is great for what it is.  An easy/convenient way to send money between people semi-instantly, sorta...

I use them to both send and sometimes receive money...

They are a little less safe than a CC use over the internet for the following reason:  With your CC you still have some consumer protections not offered to the fullest extent (but paypal has it's own protections, good and bad)

Here's  the one caveat i'd say... use paypal but NEVER EVER tie it to your main "pay the rent/mortgage" bank account.  Create a new small time paypal exclusive savings account.

If you use just your CC and not bank transfers to pay paypal, see if your CC has "disposable" cc numbers for online transactions.  I use disposable CC numbers for all my online shopping stuff including paypal.  Ask your CC/bank about it.  

*shrug* paypal does nickle and dime you if you are recieving money which kinda stinks but that's what you are paying to be part of the network/service I guess...

If you do recieve money don't keep it in the paypal account, pull it out right away...

Hope that helps.  I'm sure there are some horror stories out there, but jsut like anything be reasonably smart/responsible and you'll be fine.

1 other note... paypal's address is always a secure site ALWAYS! it's always https://www.paypal.com  don't get social engineered by emails to login to a fake panel to get your credentials taken...

*Shrug* that about covers it, no?

rampy

[SirPoonga]

I've used paypal for about 4 years.  I have had no problems.  As long as you think about what you are doing you should have no problem.  Most horror stories are because a person fell for a nasty trick like they got an email, apparently from paypal saying it needs your username and password to verify your account.  A service will NEVER have to ask YOU for YOUR password.  If they ever have a problem the password will be reset and sent to you.  Just be logical about it.  Don;t give information out that doesn't need to be given out.

[OSCAR]

I agree with what these guys say, just be smart.  1500+ transactions for me, not a single problem yet.

In addition to the above, I think a lot of the problems you read about are people paying for large items like an arcade cabinet won on eBay, and when it is received in not-promised condition or is damaged in transit, people try to take up the issue with PayPal instead of the seller.  That just usually mucks everything up.

[TheTick]

Good or bad.... avoid giving them your checking account number. They need you credit card number for purchases, but than they will continually ask you to verify (upgrade) your account by adding your checking account number.  Their disclaimer lets them take money from your account upon various disputes.

I've upgraded my account. Everytime I sell something for over $100 through paypal, I worry about the person on the other end reversing the charges, or some crap like that. Paypal doesn't take the time to resolve disputes... they can't outsource that.

I haven't had a serious problem yet... just their stupid automated response customer support and their credit card verification won't recognize recently changed street addresses.

Use common sense and protect your accounts.

[eightbit]

Good or bad.... avoid giving them your checking account number. They need you credit card number for purchases, but than they will continually ask you to verify (upgrade) your account by adding your checking account number.  Their disclaimer lets them take money from your account upon various disputes.

I've upgraded my account. Everytime I sell something for over $100 through paypal, I worry about the person on the other end reversing the charges, or some crap like that. Paypal doesn't take the time to resolve disputes... they can't outsource that.

I haven't had a serious problem yet... just their stupid automated response customer support and their credit card verification won't recognize recently changed street addresses.

Use common sense and protect your accounts.

I've been using paypal since its inception without problem. I would recomend linking it with a different checking account that you keep the minimum amount in. Some banks will give you free checking with no minimum balance. Find one of those and link it with your paypal account.

[Zeitgeist]

Thanks for the replies Gentlemen.
I suppose that I'll go & set up that account now.
 

[ErikRuud]

I have been using PayPal for over two years now.  I even have a PayPal debit card.

I have never had a problem with it.  I know at least one person that had problems, but it was mostly his failure to understand the rules.

The nickle and dimeing for receiviung funds is pretty much the same as you would be charged if you were setup to accept credit cards like any regular business.

[Valence]

I had a problem once when it didn't use the source that I had selected and used the default one instead. No damage, other than my wife yelling at me.

[emdkay]

I've had my Paypal account for over three years to buy and sell with no problems at all.  I use the Paypal debit card constantly - even earn a cashback bonus.  

What I like about the debit card is that if you buy something at the store, by the time you go home and login to your paypal account you can see the actual transaction in your account.   If I purchase something with my regular credit card, I don't see the actual transaction until the statement comes in the mail.  By that time I don't even remember purchasing it.  

[paigeoliver]

I used to use Paypal a lot. Until the day they changed the rules and kept millions of dollars of other people's money.

A few years ago they locked every account that didn't have an attached credit card or bank account. I have neither credit card nor bank account, so they were able to just keep my $110 that I had in my account. It could have been much worse though, as 4 days previous my account balance was almost $1000.

They can and they will change the rules and keep all your money, and there is nothing you can do about it.

[Hoagie_one]

About 40 transactions, only one was a problem, and it was my fault, and it was resolved

[rampy]

I used to use Paypal a lot. Until the day they changed the rules and kept millions of dollars of other people's money.

A few years ago they locked every account that didn't have an attached credit card or bank account. I have neither credit card nor bank account, so they were able to just keep my $110 that I had in my account. It could have been much worse though, as 4 days previous my account balance was almost $1000.

They can and they will change the rules and keep all your money, and there is nothing you can do about it.

I've heard you mention that a few times... What I don't understand PO, is why you never opened up a 5 dollar savings account and reclaimed your lousey 110 beans (if it's still there)

If it were me, signing up for an online bank or walking to a local branch to open the savings account would be worth it... hell that's a good amount of pizza and beer money.

I understand the main drift of your point though.  You are at paypals mercy.  they are not a bank and not subject (good and bad) to the rules of a bank/fdic stuff/etc...

*shrug*

Rampy

[CitznFish]

Well in my boredom I decided to try and hack PayPal's user database. I found this one account from someone named "Zeitgeist". Seems there is a decent amount of money in that blokes account, make that was a decent amount of cash.

Thanks for the cash bro!

[paigeoliver]

I used to use Paypal a lot. Until the day they changed the rules and kept millions of dollars of other people's money.

A few years ago they locked every account that didn't have an attached credit card or bank account. I have neither credit card nor bank account, so they were able to just keep my $110 that I had in my account. It could have been much worse though, as 4 days previous my account balance was almost $1000.

They can and they will change the rules and keep all your money, and there is nothing you can do about it.

I've heard you mention that a few times... What I don't understand PO, is why you never opened up a 5 dollar savings account and reclaimed your lousey 110 beans (if it's still there)

If it were me, signing up for an online bank or walking to a local branch to open the savings account would be worth it... hell that's a good amount of pizza and beer money.

I understand the main drift of your point though.  You are at paypals mercy.  they are not a bank and not subject (good and bad) to the rules of a bank/fdic stuff/etc...

*shrug*

Rampy

I can't get a bank account at all. Made a minor banking mistake 6 years ago. Got reported to Chexsystems, and now no one will give me an account. Not even the bank that financed my car would give me a savings account. (Yes, I can borrow $8000 for a car, but no, I can't have a savings account, because I might mess that up somehow).

Of course this really sucks. I mean, no one likes to have to have a couple grand sitting around at home all the time. But no bank will take my money.

[emdkay]

EDIT: n/m

[paigeoliver]

EDIT: n/m

I wonder what I missed? Probably something about my lack of bank.