Paypal question

Don't know where to put this question, so I'll just post here for now. Trying to buy something on ebay using paypal right now. With my Paypal account, it says I have reached my "sending limit"... I guess you're given a max $2000 sending limit without verifying your account info. In order to lift this limit, I have to give my bank account info. (This message comes straight from my account, not a link from a scam email.) So my question is... has anyone else "verified their account" by entering their bank account info? If so, how safe is this? That's some info that I am very sketchy about giving out online or to anyone for that matter (not that there is anything worthwhile in my account anyways).

I've read on other forums that a smart thing to do is set up a separate bank account for PayPal stuff. Even if you use that account for verification on the account, you want to keep a low balance in it. When new funds come into that account because somebody bought something from you, withdraw that money from that account.

There are a number of postings where folks have had some sort of dispute with a sale or Paypal and Paypal's response is to withdraw the money and sit on it. At that point, you are relatively powerless to try to get your money back from them.

setting up the seperate bank account and keeping the balance at the minimum sounds like a VERY good idea.

paypal's fine, until you have a dispute...then they're just about impossible to deal with.

many, many people have been burned by paypal...

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Originally Posted by yetipolice

So my question is... has anyone else "verified their account" by entering their bank account info? If so, how safe is this? That's some info that I am very sketchy about giving out online or to anyone for that matter (not that there is anything worthwhile in my account anyways).

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I've dealt with Paypal for quite a while...never any problems although i've heard others have. They are owned by eBay now, which i guess is a good thing in terms of security. I would go forward with the bank stuff and not worry...

in case you like to trust and assume everything comes out OK, try looking at sites like

http://www.paypalsucks.com/

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Originally Posted by focus

setting up the seperate bank account and keeping the balance at the minimum sounds like a VERY good idea.

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Yes it is. Luckily I was around Memorial Day weekend when some little shit tried to transfer $2k out of my checking account :eek: A pain in the ass to fix - several hours on the phone, bank stop payment order, signed affadavits, didn't have the money for a week, a major pain in the ass Paypal is.