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Paypal 'steals'?

F

fl4yar

New Member
Hello,

If I add a credit card in my paypal account,all my money on it will be 'added' to paypal?What I am trying to ask is,will they have the power of 'playing' with my money?

Or they will just 'connect' to the visa/mastercard bank?

And once I get 'verified',I'll be able to view my money in the paypal account,so that means the money were 'transfered' to paypal?

My current account type is standard.

I already sent an e-mail to paypal asking this,but I'd like to hear some unofficial thoughts.
 
The credit card is used so if you don't have money in your paypal account, you can still send money to people, and in turn paypal charges your credit card the amount you sent.
 
They won't be taking anything out of your bank account unless you ask them to. That's the law. Watch out for recurring subscriptions when you purchase things though.

Because PayPal aren't a proper bank, anything in your paypal account isn't protected with the normal laws that come with normal bank accounts - at any time PayPal can close your account and keep all the money that's in it.

Never keep a lot of money in PayPal, withdraw it asap.
 
Thanks for the answers,as a matter a fact I did not know I can transfer money from my card to my paypal account,I'll do that just for a 'test' now,but the ammount will be small.
 
My mother had problems getting validated for PayPal. Verisign "lost" the certified mail that her check/money was in. Guess what, still hasn't been found.
 
Cheques & (snail) mail have nothing to do with PayPal... you can't add funds to PayPal via cheque through mail.
 
Quick correction as it's being stated a lot about 'proper banks' and the like PayPal in Europe is regulated under the same laws and rules banks are.

A lot of recent probs with PP have been due to the user not fully verifying. Again not PP's fault.

Unless you'd like a bank account that just took your word for you being who you say you are :)
 
Interesting point Decker, unfortunately it isnt the same in the US, they arent regulated by the FDIC from what i understand its still in debate on this side of the world..someone correct me if im wrong, but thats what i can gather from the research that i have been doing on the issue..
 
US (different states) has different rules for different types of financial establishments if I remember correctly - so PP in itself could be in a grey area as to which type it actually is!
 
Grey area definitely describes it best, from what i have read it is based on a state by state basis, one would be forced to think there would be some type of federal law that they would have to abide by. Leaving it up to individual states seems to be careless action by our government if you ask me..
 
when you say a lot of problems with people not finishing verifying, what do you mean.

Im trying to verify, but i asked paypal to do the deposit thing in my bank around a month or so ago, and it still hasn't come through according to my bank. I also rechecked my details, and they were correct.
 
Sometime paypal will contact you and ask you for additional information ie proof of address, social security number etc. If you did just the normal verification it should have cleared well before now. Have you tried to contact paypal to see whats going on?
 
There's usually a list of steps to go through to increase your verifiaction level dependant on account type, your best to do 'all' steps.
The bank verification one can take ages, again not all PP fault as it's part of the banking system that's not directly related to the BACS or CHAPS systems (and associated costs), but you might be able to skip to the next one to get it moving.:)
 
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