Stupid question...Paypal or bank account?

[Jobu]

One other thing to consider: if someone gains access to your Paypal account and you have it linked to your bank, they can probably pay people/transfer money directly from your bank account. I do not know where something like that would fall in terms of FDIC, but I wouldn't link Paypal to a bank account with your entire nest egg in it.

[brass_rat]

Originally Posted by Jobu

One other thing to consider: if someone gains access to your Paypal account and you have it linked to your bank, they can probably pay people/transfer money directly from your bank account. I do not know where something like that would fall in terms of FDIC, but I wouldn't link Paypal to a bank account with your entire nest egg in it.

"Eggcellent" point.

[Dewey]

I don't have the huevos to link paypal to my bank account.

[bnorth]

Originally Posted by Jobu

One other thing to consider: if someone gains access to your Paypal account and you have it linked to your bank, they can probably pay people/transfer money directly from your bank account. I do not know where something like that would fall in terms of FDIC, but I wouldn't link Paypal to a bank account with your entire nest egg in it.

A few years ago we had our bank account that was linked to our PayPal account hacked and they got around $3000.

We got really lucky and noticed it within a couple hours of them doing it and got our $ back.

We sill use the same set up but keep the account with little to nothing in it and transfer $ into it only when we need to.

[hcv123]

I know people who have had their accounts "locked" due to a buyer dispute. Yep. Couldn't touch their paypal account until it was resolved. Haven't heard about a situation like that in a while, but....... I usually keep up to a couple k in there. Bank account linked - careful with my passwords.

[toledo_mudhen]

Originally Posted by hcv123

I know people who have had their accounts "locked" due to a buyer dispute. Yep. Couldn't touch their paypal account until it was resolved. Haven't heard about a situation like that in a while, but....... I usually keep up to a couple k in there. Bank account linked - careful with my passwords.

At one point I had my eBay account set to automatically pull from my PP account (no password required) which automatically pulled from my Bank Account.... so you can guess what happened next...


My eBay account got hacked and someone tried to buy a 1 ounce gold bar and have it auto paid from my PP Account.



For all of it's faults eBay - eBay was vigilant enough to stop the transaction and lock my eBay Account because the buyer tried to change the Ship To Address - Kudos to eBay


SO rude awakening for me - spent several days asking myself "WTF are doin?" - I'm an IT guy for many years - and know better - yet still happened.



Strong Passwords on both PP and Bank Account - not so much on eBay Account and there you have the weakest link.



So the bigger question is not whether you leave money in PP account - but how you have all of the stuff linked. If you have the box checked to allow eBay to automatically debit your PP account on purchases - you probably want to rethink that.


PP and Bank Account are pretty much the same thing to me (although there is a case for transferring $ back to interest bearing account)



This was a great "no cost" life lesson for me - (and you don't get many mulligans on those)

[T206Collector]

Originally Posted by hcv123

I know people who have had their accounts "locked" due to a buyer dispute. Yep. Couldn't touch their paypal account until it was resolved. Haven't heard about a situation like that in a while, but....... I usually keep up to a couple k in there. Bank account linked - careful with my passwords.

This happened to me - reason I won’t keep money there.

[bxb]

Originally Posted by T206Collector

This happened to me - reason I won’t keep money there.

+1

Paypal can lock up your money without any recourse or due process. This has happened to me as well. And during the lockout, you have no idea if the money will be removed in response to some perceived dispute.

I doubt a bank would do that.

[rats60]

Originally Posted by Jobu

One other thing to consider: if someone gains access to your Paypal account and you have it linked to your bank, they can probably pay people/transfer money directly from your bank account. I do not know where something like that would fall in terms of FDIC, but I wouldn't link Paypal to a bank account with your entire nest egg in it.

Exactly what I do. I transfer PayPal to a bank account when I get over 100 in it. I have a second account where I keep most of my money and transfer back and forth as needed.