Comment Clearing Numbers!!!! (Score 2, Informative) 242
As long as PayPal continues to REQUIRE your bank clearing numbers they will be EVIL.
Check the TOS. PayPal limits the amount you can buy on a regular account. Regardless of how you fund your account, i.e. bank card, credit card, checking account, etc., once the limit is hit your account is finished. That is unless you upgrade your account and give them your bank clearing numbers, a.k.a. unfettered access to your checking account any time the want.
This is the true horror story. PayPal is a SELLERS service. The say so themself. They try to insure that a buyer cannot bail on a sale. If they have your clearing numbers thay can enforce the transaction without recourse. It's like a wire transfer, one way and unreversable. So you cannot cry to the bank because they cannot get the money back. You have to get PayPal to send it back.
There is no reason why PayPal should need my clearing numbers for any reason other than they want access to my money in the event of a dispute with a seller. As long as I use my credit card for purchases I am covered for fradulent sales. The seller is never covered except by PayPal, if the have your clearing numbers.
These are the facts. It's all on PayPal's website it's just buried in the TOS. If you have not ran afoul of PayPal then you are one of the lucky ones but remember this. If they have your clearing numbers and for any reason they are stolen then you are royally screwed because with the clearing numbers someone can drain your checking account and you bank WILL NOT be able to reverse the transaction. Additionally, since it is a wire transfer the bank is not obligated to reimburse you for the loss.
Think about. Would you give the keys to your house to someone you didn't know? If not, why would you give the keys to your checking account to someone at all?
As long as Google lets me use my credit card as a funding mechanism for my account then I am all over it. Ask for the keys to my checking account and I will shop elsewhere.
Check the TOS. PayPal limits the amount you can buy on a regular account. Regardless of how you fund your account, i.e. bank card, credit card, checking account, etc., once the limit is hit your account is finished. That is unless you upgrade your account and give them your bank clearing numbers, a.k.a. unfettered access to your checking account any time the want.
This is the true horror story. PayPal is a SELLERS service. The say so themself. They try to insure that a buyer cannot bail on a sale. If they have your clearing numbers thay can enforce the transaction without recourse. It's like a wire transfer, one way and unreversable. So you cannot cry to the bank because they cannot get the money back. You have to get PayPal to send it back.
There is no reason why PayPal should need my clearing numbers for any reason other than they want access to my money in the event of a dispute with a seller. As long as I use my credit card for purchases I am covered for fradulent sales. The seller is never covered except by PayPal, if the have your clearing numbers.
These are the facts. It's all on PayPal's website it's just buried in the TOS. If you have not ran afoul of PayPal then you are one of the lucky ones but remember this. If they have your clearing numbers and for any reason they are stolen then you are royally screwed because with the clearing numbers someone can drain your checking account and you bank WILL NOT be able to reverse the transaction. Additionally, since it is a wire transfer the bank is not obligated to reimburse you for the loss.
Think about. Would you give the keys to your house to someone you didn't know? If not, why would you give the keys to your checking account to someone at all?
As long as Google lets me use my credit card as a funding mechanism for my account then I am all over it. Ask for the keys to my checking account and I will shop elsewhere.
