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Super Contributor
Posts: 375
Registered: ‎07-27-2010

Re: Do you trust PayPal with your bank acct. information


@Irshgrl31201 wrote:

I do think Paypal is actually safer than giving your CC to various websites but I would not link it with my bank account info and here is why.

 

Credit: PayPal

To many users, PayPal, the world's most well-known online payment system, seems like an entirely secure method of sending and receiving funds. The company offers limited guarantees to both buyers and sellers, and also gives out security keys upon request.

But according to Robert Siciliano, McAfee consultant and identity theft expert, there are still ways you can lose your shirt using PayPal.

To ensure you don’t fall victim to a scam involving PayPal, Siciliano offers these words of advice:

Don't link your PayPal account to your bank account or debit card account.

"If your PayPal account is compromised, it’s money taken directly out of your bank account. But if you link your PayPal account to your credit card and it’s compromised, then you have 60 days to refute those charges with your credit card company," Siciliano said.

However, by federal law (Regulation E) you only have two days to refute a fraudulent charge with your bank.

 

http://www.nbcnews.com/id/42797988/ns/technology_and_science-security/t/ways-stay-safe-using-paypal/...


@Irshgrl31201  That is why I was hesistant. Thanks

Honored Contributor
Posts: 35,445
Registered: ‎03-09-2010

Re: Do you trust PayPal with your bank acct. information

yes, i trust them.

i have had a paypal account now for 12 years i think and it is connected to one of my checking accounts.

i do receive money into my paypal account from mr rebates but i just leave it in there and use it for purchases. i also have a paypal debit mastercard that allows me to use my money in the paypal account.

 

have not had any problems in since i opened them.

**********************************************
"I would prefer even to to fail with honor than win by cheating." - Sophocles
Valued Contributor
Posts: 503
Registered: ‎03-19-2011

Re: Do you trust PayPal with your bank acct. information

NOPE.

Honored Contributor
Posts: 28,994
Registered: ‎08-23-2010

Re: Do you trust PayPal with your bank acct. information


@MsCatLuver wrote:

Hi All,

 

I have a PayPal (PP) acct, connected to my credit card.  I only use PP to pay for items -- I never sell anything so I never have monies coming into PP.  However, Mr. Rebates owed me $ and I opted for the money to go directly to PP rather than to receive a check (weird mail happenings lately in my neighborhood). PP did receive the money and I have these options: (1) keep the money in the PP acct. for future use: (2) apply the money to my credit card; or (3) have the money transferred into my bank acct.  I would prefer to have the last option #3 but I am wary of giving out my bank acct. info.  YOUR thoughts & replies are appreciated...did you or would give your bank acct. info to PP?   TIA


@MsCatLuver

 

I sell on Ebay regularly and have the funds in PP sent to my checking acct on a regular basis. 

 

IMO, Very safe ....    and very convenient.    

Honored Contributor
Posts: 12,808
Registered: ‎10-25-2010

Re: Do you trust PayPal with your bank acct. information

Yes I trust PayPal.  I have used it for years and never had an issue.  I have bought and sold things on e-bay using PayPal too.

 

When you write a check, someone has your banking information.  The same information that PayPal uses...your routing number and your account number.

 

Anytime you have a automatic deposit like from SS or your employer, they have the same info.  There is only so much that can be done with this information.

Trusted Contributor
Posts: 1,629
Registered: ‎03-15-2010

Re: Do you trust PayPal with your bank acct. information

Do NOT give them your banking information!  

Respected Contributor
Posts: 3,219
Registered: ‎06-15-2014

Re: Do you trust PayPal with your bank acct. information

Never

Honored Contributor
Posts: 28,994
Registered: ‎08-23-2010

Re: Do you trust PayPal with your bank acct. information


@luvs2garden wrote:

Do NOT give them your banking information!  


 

@luvs2garden

 

Have you ever had a problem with Paypal?   

 

If so, could you please tell us about it?    Several of us would be very interested to hear what went wrong.  TIA!

Super Contributor
Posts: 338
Registered: ‎01-25-2018

Re: Do you trust PayPal with your bank acct. information


@luvs2garden wrote:

Do NOT give them your banking information!  


Or your CC info. When I was buying on ebay, someone tried to get a CC, using my name. Had to pay for credit monitoring. I don't trust them and would NEVER again use paypal.

Honored Contributor
Posts: 12,808
Registered: ‎10-25-2010

Re: Do you trust PayPal with your bank acct. information


@sol_luna wrote:

@luvs2garden wrote:

Do NOT give them your banking information!  


Or your CC info. When I was buying on ebay, someone tried to get a CC, using my name. Had to pay for credit monitoring. I don't trust them and would NEVER again use paypal.


I am confused.  How would buying something on e-bay cause someone to try to get a CC in your name?

 

When you purchase something from someone and pay through PayPal, PayPal transfers the money from your account to the sellers account.

 

The seller never sees your account or CC information. They just have your name and address to send you your goods.  That information is supplied by e-bay.   All they see is a payment in their account and the buyers name.

 

What am I missing here?  I have been a buyer and a seller on e-bay and have never had a problem.  They even handled a dispute I had with a seller who sent me counterfeit goods.  E-bay contacted the seller for me after she ignored me, and got PayPal to refund my money.