help a paypal newbie

[FrankS]

So, in order to pay for this new Contax, I have to get verified by paypal. I've registered my bank account number with them. (a secondary account, not the one with my vast wealth 🙂) They are going to deposit 2 very small amounts into my account, and I have to verify those amounts to prove that it's my account. I'm okay so far. Then it seems that they want a credit card number as well. Is this a necessary step or can I stop with giving them just my bank account number?

 

[bmattock]

As I recall, I had to give them a CC number.

Some people believe Paypal is straight from Satan's Bottom, but I find them a necessary evil. More often incompetent due to lack of competition forcing them to do better.

Best Regards,

Bill Mattocks

 

[haagen_dazs]

So, in order to pay for this new Contax, I have to get verified by paypal. I've registered my bank account number with them. (a secondary account, not the one with my vast wealth 🙂) They are going to deposit 2 very small amounts into my account, and I have to verify those amounts to prove that it's my account. I'm okay so far. Then it seems that they want a credit card number as well. Is this a necessary step or can I stop with giving them just my bank account number?

i think they need the CC to make sure it is you who owns that account (among other security features they have). thats why paypal is a really secure way of paying online. i like it alot =)
also with the CC, you can pay your items via CC (but the other person must be setup to accept CC payments)

 

[wtl]

Frank, I believe it is an "either...or..." thing. You can register for CC or wait until the bank is verified, but not neccessarily both. Good luck.

 

[SalmanA]

I believe you _have_ to give them a CC number (along with the card verification # info) to complete the verification process. Giving them my bank account # made me more nervous than the CC info.

 

[ch1]

Frank,

The credit card requirement is very useful

1) It does verify you and provides immediate payment access (if you want/need it). It also means that PayPal has a backup payment source if you make a mistake and buy something with ISF in your bank account.

2) It enablesyou to use it as an optional means of payment when you buy something. PayPal doesn't like that but cannot prevent it. You need to go through a couple of extra mouse clicks to do so but I always do. That way, when I buy something, I have a recourse to my CC company for disputes etc.

 

[rover]

I used my debit card to verify the account, so, in essence I have only one account to access on paypal.

 

[ClaremontPhoto]

No you don't need to be verfied by PayPal. You don't need a PayPal account for buying.

You can pay straight off your credit card just like when you shop at Amazon.

Your seller can send you an invoice and you can pay online. I do it myself.

 

[aterlecki]

The Credit card registration is probably more important than the bank account in the long run because it will allow you to fund purchases from it. Indeed you should always try and fund purchases from a CC as it affords you more protection against fraud.

Paypal have recently tried to be quite underhanded with the bank account verification system because they also, at the same time, set up all funding for payments to default from your bank account via a Direct Debit mandate (at least they do in the UK - not sure if you have a Direct Debit system in the US). They do this because they pay less themselves for such transactions vs a credit card and so make even higher margins on their very high fees. Direct Debit payment however is very dangerous as it means anyone who gets hold of your Paypal login details can empty what is in your bank account. I immediately noticed this when I verified and removed the DD mandate. I would advise all Paypal users to do this.

 

[ClaremontPhoto]

Frank wants to pay for an item.

He does not need a PayPal account. Just a credit card.

 

[JeffGreene]

I agree with Rover and Jon

I agree with Rover and Jon

Frank:

You only need the bank account if you are going to be using PayPal for your sales. You can pay for any purchase using only a CC.

 

[FrankS]

Thank you all for your advice! My situation is that I have a sum of money in my paypal account, and I've reached the free trial amount limit before needing to be verified. Another aspect of my situation is that the seller does not have paypal and needs a check or MO for payment. Photography money is tight with me so I need to be able to access the sum in my paypal account. Once verified, can one move money from paypal account into bank account? Sorry for being so dense!

 

[ClaremontPhoto]

The verification can take some time if you need to wait for a printed statement to find the code numbers corresponding to the two small deposits. Online statements are not always informative enough in my experience. It's tricky to set up but dead easy to use afterwards.

 

[Flyfisher Tom]

Thank you all for your advice! My situation is that I have a sum of money in my paypal account, and I've reached the free trial amount limit before needing to be verified. Another aspect of my situation is that the seller does not have paypal and needs a check or MO for payment. Photography money is tight with me so I need to be able to access the sum in my paypal account. Once verified, can one move money from paypal account into bank account? Sorry for being so dense!

Frank,

If I remember correctly, I had to give my CC to verify. It has the added benefit that you have a "confirmed" address.

This is useful in the future for sellers selling to you, as it lets them know that you have registered a CC with Paypal, and that the address that you ask them to ship goods to is a real valid 'confirmed' address (as opposed to some bogus address that someone provides with a stolen CC card).

Like Bill says, Paypal is a necessary evil, but quite useful in certain applications. It is no more nefarious an organization than your local bank. good luck.

 

[Flyfisher Tom]

Yes, Frank, once verified, you can easily move money from your Paypal account to your bank account. Usually takes just about 3 business days for it to show up in a bank account.

 

[dadsm3]

I was notified by epay someone was using my CC# to try to set up a Paypal account...it took 4 days for Paypal to even indicate WHICH CC was being used. By that time I had cancelled all my cards, what a PIA.
I was pretty nervous with both my chequing account and AMEX exposed. I cancelled my Paypal account, and now use MO's or direct CC only....and avoid auctions that ask for Paypal only.

 

[FrankS]

I'm doing this simply to get my money out. I'm pretty much done with my equipment buying.