Does anyone do the "Minimum Balance Manager" for $10 free bucks from Paypal?

[dam60]

I am thinking about doing it, but I am scared to give Paypal any access to my bank account and also worry that I won't be able to pay for purchases using my CC if I always have that damn balance.

 

Any other viewpoints?

 

Thanks,

 

DAM

[BronzeBruce13]

I don't even know what it is... but the best strategy is to have several accounts at the same bank and immediately withdraw PP balance when you have it... then using your banks online services transfer it to a non-connected account. Also remove overdraft protection from the connected account if you have it and go to your bank and let it be known that you do not authorize anyone to debit your bank account, specifically Paypal. Also know if it happens, you can go in and demand it be reversed.

 

Better PP not have access to your $ when/if there is a dispute as they will likely go where the $ is first. If you need to make a bank transfer... its easy as pie to transfer cash back to the PP connected account as needed and send it out. I might leave $100-$200 in, but anything higher out it comes.

 

If they are paying you to set your account a certain way that would be a warning sign for me... why?

 

 

[dam60]

Thanks Bru, I agree completely but the offer for $10 free dollars had me thinking . . .

 

in the end, it's not worth it. I should go and open a new bank account specifically for paypal - they actually have gone in there before and withdrawn funds and its scary to realize that they have that much power.

 

Good tips,

 

DAM

[fazman]

Just another opportunity for Paypal to have a little more control of your life !!!

[BronzeBruce13]

No problem... Paypal is a great service BUT you have to set yourself up to minimize your vulnerability.

 

[JLA_ALL_THE_WAY]

Question Bruce:

 

After reading your informative posts regarding protecting one's self from PP, I've considered opening another account at my bank and use that for my PP account (since my main account is used for mortgage, bills, etc). What I need to know is if I transfer over...will PP be able to go back and syphon my main account if there's no $$ to be had in the 2nd (buffer) account? Since they already have the necessary info, do they still need my permission?

 

Thanx again for your words of wisdom. Lighthouse, I know you're educated on this as well, so feel free to chime in.

 

Rick

[BronzeBruce13]

Question Bruce:

 

After reading your informative posts regarding protecting one's self from PP, I've considered opening another account at my bank and use that for my PP account (since my main account is used for mortgage, bills, etc). What I need to know is if I transfer over...will PP be able to go back and syphon my main account if there's no $$ to be had in the 2nd (buffer) account? Since they already have the necessary info, do they still need my permission?

 

Thanx again for your words of wisdom. Lighthouse, I know you're educated on this as well, so feel free to chime in.

 

Rick

 

I had the same problem since I had a bunch of custom checks made up for my initial Paypal connected checking account (before I created my 2nd checking acct at the same bank). Thus, I needed to open a new checking account that I intended to be connected to Paypal. After looking into it, talking to my bank, I was comfortable in making my original PP checking account now my "non-connected" account. So, I added the new checking acct. to my Paypal account and removed the old one.

 

I had a lengthy discussion with my bank on the matter. I had the same concern... that Paypal could retain the old banking info and go after the old account. I was told after I removed it from their system, they no longer had authoirization/access to the account and it would be illegal for them to try. To further protect myself, I asked my bank to make note that I didn't want overdraft protection on that account (which my bank does not officially offer anyway), would not authorize anyone direct access to this account, and most importantly if Paypal ever made a claim of any kind.. deny it. I wanted that info entered into the computer as a reference to my account just so it was official that the matter was discussed and that the info would be there if needed.

 

I also learned that Paypal did not have as much power as we think. IF they ever did debit an account without authorization, you can go in and say NO take it back and your bank would reverse it. I recommend that everyone meet with their own bank rep. to discuss these matters in detail just in case there are differences bank to bank or state to state, etc. Better to be safe than sorry.

 

 

 

 

 

[JLA_ALL_THE_WAY]

Thanx Bruce.

 

Will proceed accordingly.

 

Rick