Originally Posted by oldandtired
I do use paypal, and here is my proceedure.
As soon as the money hits the account, I move it to my checking account.
My funding source is a credit card and IF they reverse the money, I can file a dispute with the credit card company.
JMO
Dave:
When you transfer from Paypal to your checking account its an ACH transfer. Did you know that even though you have cleaned out your paypal account and moved it to your checking, they can do an ACH reversal and pull the money back out of your checking. Yep- they can reverse the transaction.
The only way you can keep them from reversing the ACH is by placing a stop payment on the account targeted to Paypal-that stops the ACH reversal. In other words you would need to place a stop-payment on your checking directly targeted to Paypal for an amount or range.
I spent hours with my Bank going through this because of a scam situation I saw brewing on a car I sold-Paypal was the tool that the scammer used.
So paypal, reserves the right to make unilateral decisions regarding claims, they reserve the right to freeze your account, they hold all of your banking and personal information, and can dip into your personal checking or savings and pull money back.
Yep no worries with them
Scorp