Pay Pal users I need advice

[atr]

I have used PayPal for buying but never for selling. Now I want to use PP for selling. My questions are:
1. is there a service charge by PP for selling? I have read the PP information on selling and could not find any charge, but perhaps I missed something in the fine print.
2. Is it easy to transfer the money from a PP account into a personal banking account?

any other useful advice would be helpful
thanks
atr

[JonB_in_Glencoe]

when you receive funds from a buyer for a purchase, Paypal will deduct a 30¢ tranaction fee plus deduct 2.9%

SO if someone purchases a item from you for $100 via paypal,
your account will show a deposit of $96.80

tranfering funds to personal account is as easy as pie...no fees for that.
Jon

[perotter]

1. Yes there is a charge.
2. It is easy to transfer the money into a personal banking account.

FWIW, you might want to set up a separate bank account for your PP that is different than the one you use for paying your bill. PP can 'freeze' you bank account if there are any problems I've been told.

[dragon813gt]

All that is covered on their site. The baisc free account does not take a percentage but you are severely limited in how much you can receive and you cant accept credit cards. To be able to accept CC you have to upgrade your account and then you incur a 3% fee on ALL transactions.

Depositing money into your bank account take a few clicks and is easy. Just expect it to take awhile. For some reason PayPal like to take your money immediately. But when you want to remove money from your paypal account it takes a few days until it hits your bank.

PayPal can not do anything to your bank account. They don't have the power to do this. They can and will freeze your paypal account at their discretion. All it takes is one complaint from a buyer and your account is done for a week or two. This is one of my biggest complaints about paypal.

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[JonB_in_Glencoe]

PP can 'freeze' you bank account if there are any problems I've been told.

I don't believe this is true.
But I can't say for sure ?

years ago I had an identity threat situation done through Paypal.
before I could shake a stick, I had a balance in my paypal account of -$1000.
my paypal account (only) was locked.
It took lots of phone calls between me and paypal and my banker.
after a 6 week investigation, the balance was corrected and my paypal account was unlocked.
My bank account was never locked.
Jon

[Mal Paso]

If it's more than small amounts there's a $30/mo. fee for accepting cards. I wasn't impressed. Your bank might have a better deal and the money goes direct to your account.

I was impressed by the LACK of information on the Pay Pal Site. Turns out, that's what their Sales Department is for.

[captain-03]

I was impressed by the LACK of information on the Pay Pal Site. Turns out, that's what their Sales Department is for.

... that is IF you can ever talk to them!! I, too, do not believe they can freeze your personal bank account; however, they sure the hell can freeze your money in your paypal account. Tied up several thousand in my paypal account and took me over a month to get it unfroze ... and to top it off, they said it should not have been frozen in the first place. I would suggest you only keep a small balance in your paypal account. I rarely use it anymore - now only for buying. Additionally, their gun and gun related policy sucks.

[SciFiJim]

If you have a smart phone, there is an app that you can get that will compute the fees for you for any given amount.

I keep my balance with PayPal at $0. If I receive money from someone, I immediately move it to the checking account I have set up for that.

The checking account is set up with a different bank than I normally bank with and only used for PayPal. That may be paranoid, but is it paranoid enough? It has worked so far. I chose a bank that was offering a special deal of free checking.

[dragon813gt]

There is no need to be that paranoid. Paypal is a merchant service not a bank. And as such they can only withdraw/deposit funds with your approval. They can't freeze that account or reach in take money out of it just because.

I'd be more concerned about automatic payments to a company taking money out when they shouldn't. You give them the right to take any amount of money out of your account when they want. That's just dumb IMO.


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