[macintologist]

I just recently joined PayPal to handle some online transactions.

There is a PayPal money market. It looks kinda good:

When you sign up for the Fund, your PayPal balance will translate into shares of the Money Market Fund, though the function of your PayPal account will not change. You will be assigned shares of the PayPal Money Market Fund automatically, and you will begin to earn monthly dividends. In addition to dividends, you are entitled to participate in events such as shareholder proxy votes.

The current yield is 4.30%* Learn more.

Have any of you done this? Is it worth it? Any horror stories? I'm thinking of putting 100 bucks in there and seeing if it grows like they claim.

[ledzeppelin]

.....

[turtle777]

"PayPal" and "good" are mutually exclusive.

[euchomai]

You have absolutely no protection in paypal, they can and will do whatever they want. They have successfully stolen over $200 from me. You have no recourse and your money isn't backed by anything.

[turtle777]

Yeah, stay away from paypal if possible. I'm not saying it's completely bad, things have gotten better since eBay bought them. Still, it's NOT a bank, so don't give em your money.

-t

[macintologist]

What possibly could happen. How do they "steal" your money? Did you scam someone and they filed a complaint?

[turtle777]

Originally Posted by macintologist

What possibly could happen. How do they "steal" your money? Did you scam someone and they filed a complaint?

Dude, just google a little bit, you'll find tons of horror stories. Even if only 10% were true, it's still frightening.

-t

[macintologist]

Originally Posted by turtle777

Dude, just google a little bit, you'll find tons of horror stories. Even if only 10% were true, it's still frightening.

-t

Yea but they are from propaganda sites. They aren't objective.

[turtle777]

Originally Posted by macintologist

Yea but they are from propaganda sites. They aren't objective.

Yeah, but not all of them. There is some truth to the stories.
But hey, yeah, go ahead. Invest in PayPal. I'd rather sh!t my pants than doing that.

[Spliffdaddy]

PayPal has a bad reputation for 'freezing' accounts - and there's literally nothing that can be done about it.

It's almost as bad as a real bank!

[macintologist]

PaypalSucks, PAYPAL SELLERS BEWARE! Did you know that Paypal is OWNED by EBAY? Both Ebay & Paypal collect fees from the SELLER, yet engage in UNFAIR BUSINESS PRACTICES against the seller! Keep reading & I will tell you how to fight back! This was my experience: I sold 3 statues on Ebay. My ad stated very clearly "AS IS. ALL SALES FINAL. NO REFUNDS." I used such care packaging the items (separate boxes INSIDE the box) that I even incurred out of pocket expenses on the underestimated S& H. The buyer waited 9 days after UPS delivered the package to allege that 1 of the statues arrived broken! 9 days! I kindly offered her a full refund of her purchase price, even though I didn't have to. She didn't want to retun the items (hmm...suspicious) She filed a complaint with Paypal. I faxed Paypal a 2 pg. response (buyer forewarned of my no refund policy, chose not to insure items, waited 9 days to allege damage, refused my full purchase price refund offer, refused to return items.) I was shocked when Paypal gave buyer a $50 refund (she only paid $56.99) & allowed her to keep my 3 statues valued at $355! This means I received only $6.99 for the sale, so minus my Ebay & Paypal fees, out of pocket S & H, I ended up in the negative! I appealed their decision. Then Paypal informed me the buyer dismissed the complaint (I guess so- She ended up with nearly all her money AND the items!) so they violated my right to appeal! In my opinion, this is fraud & theft, & a violation of Paypals own rules which state that a buyer must return item "IN ORIGINAL CONDITION\" to get a refund. To anyone victimized by Paypal, I suggest you file a complaint against both PAYPAL & EBAY (they are a team)with their governing agencies: Attorney General's Office & the Better Business Bureau both in California (Paypal's headquarters)& Nebraska(their resolution center.)I urge you to go to the website: LAWYERSANDSETTLEMENTS.COM and click on the link to review a case. Fill out the form explaining how you were wronged by Ebay. If enough victims report this abuse, they could file a CLASS ACTION LAWSUIT against this huge corporation with deep pockets. I am a prominent public figure & media celebrity, so I have no hesitations to speak publicly with any reporters. -Cheri Woods E-Mail: [email protected] Website: cheriwoods.com

Lol, no proof for any of his claims.

[turtle777]

It's worse. Because anyone that has done a transaction with you could file an unfounded complaint. This could be enough to freeze it.
With a real bank, you can at least go and cuz' out the branch manager.

[macintologist]

Ok now THIS looks seriously ****ed up

Here's a tip, if you REALLY want to get your money back after getting screwed by paypal, you need to file a small claims lawsuit against them (if you are in California), and/or have a lawyer send a threatening letter to their agent for service of process:

Corporation
PAYPAL, INC.
Number: C2171783 Date Filed: 7/30/1999 Status: active
Jurisdiction: DELAWARE
Address
2145 HAMILTON AVE
SAN JOSE, CA 95125
Agent for Service of Process
NATIONAL REGIST ERED AGENTS, IN C.
2030 MAIN STREET STE 1030
IRVINE, CA 92614

Also, FILE a police report and fax it to paypal at 402-537-5760. And email their escalations dept. at [email protected]

I paid a lawyer $99 to send a letter to them (there are services like this online). I had to do the fax and emails at least 6 times to keep reopening my appeals when a scammer stole $15k from me. Their escalations dept. told me that their "reugular" employees were "accidentally" closing my appeal without really looking at it. 6 times!!!!

This is how I got scammed, and a scammer can do this EVERY time. Scammer sells me something. I pay by paypal. Scammer doesn't send anything, basically forcing me to file a "non-receipt" claim. Seller sees that I filed a non receipt claim and ships and then ships an empty box, which I sign for hoping its what I paid for. Seller then provides tracking number of empty box to paypal. paypal closes the case. I appeal their decision to close the case, but paypal says they have proof of receipt. So I say I need to now file a "not as described" complaint. Paypal then informs me that SINCE I ORIGINALLY FILED A NON-RECEIPT REPORT, UNDER NO CIRCUMSTANCE CAN IT BE CHANGED TO "NOT AS DESCRIBED"!!! This is the genius of paypal. Their system makes you stick with the original complaint. Scam sellers know this loophole and are exploiting it folks, so watch out.

But the question is, how much of what this person is saying is false?

[Cody Dawg]

ledzeppelin:

What do YOU recommend?

[- - e r i k - -]

I've had no problems with PayPal whatsoever. Two accounts in 6 years, no problems. Small transactions only though.

[euchomai]

Originally Posted by macintologist

What possibly could happen. How do they "steal" your money? Did you scam someone and they filed a complaint?

I sold a computer and followed EVERY stipulation, I even sold the computer to a verified person. A safe sale was perfectly set up.

The guy filed a false complaint against me and paypal judged in his direction even though he was lying. They wouldn't take the email correspondence that we had as proof because according to them, "it could be forged". I honestly have no idea how they favored him!

He closed down his account after the sale and I got mine locked up for about one month after the fact. They threatened to turn me into a collection agency if I didn't turn in the money I gained from this sale.

I got robbed!

[Jan Van Boghout]

PayPal *always* sides with the buyer when there's a complaint, no matter how absurd their claims. I wouldn't leave my money there for a long time.

[Big Mac]

I use PayPal when it's appropriate, but I wouldn't trust PayPal with any substantial funds. It's not a bank, and thus it's not regulated as banks are; it's not FDIC insured.

[RAILhead]

I've been using PayPal since they started and I've never had any problems. But, if you're wanting a Money Market account for short-term "investing," or just a place to park some cash in case you need it, check out a Vanguard Money Market fund or look into ING (I have referrals to get you $25 when you open an account).

[turtle777]

The secret to PayPal is to NOT buying anything of significant value.
The higher the value of the item, the more trouble you"ll get if there is a case of fraud. Plus, the likelyhood of a scam goes up exponentially as well.

-t

[only120xs]

Hmm.. I see lots of horror stories, but I'm not convinced. I've had a paypal account for many years and never had any sort of problem. No, not FDIC insured, but I've never seen another money market that earns as much (vanguard is currently 4.03%)

[Person Man]

Originally Posted by Jan Van Boghout

PayPal *always* sides with the buyer when there's a complaint, no matter how absurd their claims. I wouldn't leave my money there for a long time.

This is EXACTLY why I don't advertise that I accept PayPal when I sell something on eBay.

I only give out my PayPal info if someone whines about how "inconvenient" it is to get a money order/cashier's check.

[tooki]

Isn't PayPal under investigation for acting materially like a bank, without following banking regulation?

PayPal is one of the reasons I don't use eBay -- they both have serious buyer/seller protection flaws.

tooki

[meelk]

payal has taken so many peoples money that it can no longer be ignored. it is not a myth.