Paypal Funds? Leave money in acct. or take every cent out?

  1. Hello all. I read here something about take all the money out of paypal , leave nothing. Why is that?? I was wondering Bc i just sold something and i still havent gotten paid for just been 24 hours so no biggie. BUt why is it better to take everything out? Please advise me thanks again all. Have a great sunday.
     
  2. so that if someone files a claim against you paypal can't freeze the funds in your acct
     
  3. When I sell something and receive payment through PayPal I always try to transfer the funds to my bank account as soon as possible. Let's say for some reason your buyer receives your item and files a dispute, PayPal can then either freeze your account or return the funds back to the buyer if they rule in their favor, even if you are in the "right" and file an appeal (and eventually win).

    I got burned this way with a fake Rolex. The auction showed a real one, then the seller sent me a blatant fake - a man's instead of a ladies! However, I didn't know what was in the box when I signed for it so he (the seller) had "proof of receipt" signed by me and they quickly initially ruled in his favor. It took almost six months and an extraordinary effort to finally make PayPal see I had been duped. He had taken the money I'd sent him via PayPal out of his PP account immediately (it was over $1500) so when they finally ruled in my favor there was no money for them to refund to me. Luckily I used me credit card to pay so they were involved as well. It did all turn out well in the end, but he had use of my $1500 for quite a while!

    The use of your PayPal account may be suspended for a while things are sorted out, but I'd rather have that temporarily than lose my money when I know I'm right!

    Although I am a big fan of eBay, there ARE a lot of very difficult buyers and sellers out there, so why not protect yourself as much as you can?
     
  4. Wow that makes total sense. Thanks for sharing that story. Now I know what to do. Thanks again.
     
  5. i always take my money out, unless there is something I want to buy on eBay with buy it now.
     
  6. I take money out immediately as well... I simply just can't trust PayPal after hearing horror stories about them :tdown:
     
  7. Pay Pal is very convenient way to accept money from buyers, but they are a private company and not subject to any laws that banks are subject too. Because of this I'd move the money to the bank as soon as I can--sometimes I move money 3 and 4 times a day. It only takes two mouse clicks to do it! So why not?
     
  8. Hi:

    I move it as soon as possible for all of the reasons stated above. The few times I've left a balance even briefly is because I had my eye on another bag and did an immediate BIN.
     
  9. I don't trust Paypal at all but if I sell small items I wait until balance builds a bit before I withdraw.
     
  10. I take it out also, but mostly so I'm not tempted to use it. If you use the paypal debit card you get 1.5% cash back, so there're more reason to leave the money in the account (if you're not afraid of chargebacks). If I leave pp money in my account, soon there'd be nothing in it due to my shopping. :push:
     
  11. If I sell a bunch of things, I may wait a few days for the payments from buyers to accumulate until I withdraw the funds to my bank account. But this is only because my bank has a limit on deposits (Wells Chargo). But I always take every cent out. I also never pay for an auction with a paypal balance -- always a credit card.
     
  12. Why should PayPal make $$$ on your money. Take it out & put it in your own account (I pay all my seller fees as I go along out of PP before I transfer the $$$).
     
  13. Take Out All Your Funds...i Do Not Trust Paypal At All
     
  14. If you are a seller and paypal rules in favor of the buyer in a dispute then can't they just take the money from your bank account? or credit card? I just assumed they could but maybe I'm mistaken from what you're saying.
     
  15. ^^ There seems to be conflicting experience on this question. I personally have won two claims now where the seller had 'insufficient funds' in his/her Paypal account. Although PP promises to 'make every effort to recover the outstanding balance' well over a year has passed and those efforts appear to be pretty futile. . . ! So, I have won two claims with PP and yet still been out of pocket. Other people have said that PP will charge against the card or account on file, but that did not happen to me, so I am a bit befuddled and unsure!