PayPal experience

My simple solution is I never keep $10,000 in PayPal, or any bank. Move the money fast. Use it or lose it. If you have any form of debt then that is where the money should go. I don't trust the bank, government, etc to be there next month. Remember the Depression.

Ah, people complain about such problems as actually having $10K!

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SugarMtnFarm.com -- Pastured Pigs, Poultry, Sheep, Dogs and Kids

There was $10,000 in the account because that was the amount of the payment. Couldn't withdraw it as paypal froze the account immediately. As I mentioned, I had numerous other such payments over the 10 years or so I used paypal without an incident. What angered me, besides the fact that it was impossible to actually talk with anyone at paypal that could explain and straighten things out was that I was told it was done "to protect me"...

I've had a paypal account since the day they opened for business. never had a problem.

after having an account for 60 days you can apply for the debit card and use it as a normal debit card. you used to be able to pay online bills through paypal just like with a bank but they discontinued that but you can still use your paypal debit card to pay bills like any other.

you say you are going to sell items and collect money. paypal does charge fees to receive money, you need to review those fees. 30 cents plus 2.9% is current I believe. also, will you be selling on ebay? ebay is instituting some new rules. new sellers are REQUIRED to accept paypal and paypal *may* hold monies up to 21 days for new sellers under 100 fb so really look into that as well.

doesn't apply to direct sales or website sales only ebay sales.

really, there is no reason to NOT take paypal especially to sell online. just read the rules, read the ebay rules (if they apply) and don't leave any more more in your account that you are afraid to have frozen for awhile. if they do freeze your account it might take a few weeks to straighten out.

honestly, you need it to sell online but it no way shape or form are they better than your local bank who is screwing you. they just can do it much more easily.

and don't forget, paypal is not a bank and they are not fdic insured. they fail (which ain't gonna happen) and your money is gone. it won't happen! but freezing accounts is something that does happen and I've never heard of that happening with a checking account.

oh, just a thought, but if you are thinking of using PP as your only bank, the only way to deposit money in there is either to collect from a buyer or transfer money from a bank account or a credit card. you can't just mail them a check to deposit into your pp account.

pp international rates are .30 plus 3.9% per transaction but they tend to screw you on the foreign exchange of money. they set their own rates to convert it into dollars before depositing it in your account and before applying fees