So my mom and dad who made an basic ebay account a couple years ago to purchase a small thing, and at the moment they have 3 purchases on ebay. (none of which were in the last 6 months) Have been getting small ebay "fees" automatically withdrawn from there account about every 2 months. Ebay is literally dipping into there bank account and taking roughly 10 dollars every two months. So I called paypal for them today to see what was going on (as recommended by ebay). They kept insisting we sold something, and I had to explain over an over that they only bought 3 things nothing in the last 6 months and NEVER sold anything.
I'm not to angry, this is just a bit of a wake up call about using the internet and your debit/credit/bank accounts. So the women on the phone started reading me parts of the user agreement and basically told me they are "allowed" to do this, but they can't tell me why.... besides it's in the agreement.
So I decided to just shut down both accounts and totally remove their bank info from both services. They wouldn't even let me do that, till I talked to ebay first. This makes absolutely no sense but I'll have to call ebay tomorrow and shut that account down first then shut down their paypal account. If they still want to use ebay they would have to use my account. It's pretty crappy, they have the right to do this. It makes you wonder how much money is slipping out of peoples bank accounts that doesn't get noticed.
So I'm sure this sounds really sketchy, but here are some startling facts about paypal.
- When you set-up a paypal account you need to give them your bank information in order to put money in or take it out.
- Many people don't know, whatever bank account you set-up with paypal will become vulnerable. Paypal can reach into your bank account and drain it dry.
This could happen if someone stole your account login information and purchased things using your account, it doesn't matter if you have 0 dollars in your paypal account. Thats when they will reach into your bank account until it's drained.... yes people have lost over $10,000 like this.
If someone filed a false item not received or similar allegation paypal will automatically take whatever the claim is if you don't pay attention or procrastinate to long to counter file a complaint. I'm sure their are more ways but this should give you the idea. Whatever account you have connected is very vulnerable.
How can you avoid these nightmares?
Set up a no fee checking account soley for the purpose of using with paypal. You will want to transfer any money out of this account, and into your normal account. Do this when your "dummy paypal" bank account is worth more then what you feel safe with losing. Also most checking accounts have 0 minimum balance so you shouldn't have to lose a dime.
MAKE SURE your "paypal" bank account is not connected what so ever to your other accounts. i.e. Overdraw protection, this in when your checking account is zeroed out it will automatically reach into your other account"s".
Well thanks for listening, I hope this helps someone.
-SD
