Money in PayPal

Discussion in Bank Accounts started by Gelsemium • Oct 31, 2014.

  1. sidney

    sidneyWell-Known Member

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    Since I get charged $6 whenever I withdraw to my bank account, I wait to accumulate as much money as I can for as long as possible before I withdraw it. I only withdraw money to my bank account when I need it, and so far, no problems for me. They do limit your account and hold your funds for shady transactions. I have nothing to hide, so I let my money stay there for as long as possible.
     
  2. xTinx

    xTinxWell-Known Member

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    Is that true? The thing with PayPal is that if you keep withdrawing small amounts, transferring them to your bank account every so often, it's going to take a toll on you. It's cheaper if you withdraw money in bulk. Don't go below $200. That's the only way for you to not be charged during your transfers. Also, the charging only happens once so the amount you receive will be intact. They won't deduct $1 or so for transactions above $200.
     
  3. Diane Lane

    Diane LaneWell-Known Member

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    I haven't withdrawn money from PayPal into my bank account in quite a while. I think back then, there was a fee of around $3.00, and it took 3 or more days, which seemed like a long time, but that could be on my bank's end, because sometimes they take a long time to process other online transactions.

    I try to keep at least a little money in PayPal, because I tend to pay fees out of there, such as Etsy and Ebay user/seller fees, and ones for advertising services I use. I also buy supplies via PayPal, so there's actually more activity on my PayPal account every month than my bank account. Also, I do have a PayPal debit card, which is very convenient for offline purchases. I don't know the exact parameters, but sometimes I will get a little reward for using the PayPal debit card. I know last month and this month I used it to pay my AT&T bills, and I think the reward was around 1% cash back. I also receive that reward for using the debit card at Kroger, but I can't remember if I also get it at other shops, because I haven't looked into the details, but have noticed the email messages thanking me for using it at Kroger and for the AT&T bills, and referencing cash back.
     
  4. MyDigitalpoint

    MyDigitalpointActive Member

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    Unless I really need all the money from my PayPal account to be available at the bank end, I also try to keep some money in Paypal to pay for online expenses and to keep it away from me when this can be a temptation to make unnecessary expenses.

    Withdrawing does not longer involves transaction fees here, but still have to wait 2-3 days to get it on the bank, which is good because they used to took it literally in the past. At the withdraw page it still reads that may take 5-6 working days to complete the transaction, which a this stage of the service, simply sound inadmissible.
     
  5. Onionman

    OnionmanActive Member

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    I haven't really thought about issues with withdrawal before. Maybe that's something I need to look into. I've only got about $200 on it though so I'm not fretting too much. That said, I would rather have large amounts safely stored in my main bank account. I'll probably be looking to transfer some of that money fairly soon...
     
  6. Sue

    SueActive Member

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    I usually transfer money fry PayPal into my bank account when I reach about $40. I would have no issue keeping it there but I don't do a whole lot of online shopping. I would love to have the PayPal debit card but it is not available here in Canada. If I had one of those cards I would keep more money in my PayPal account.
     
  7. Sunshine703

    Sunshine703Active Member

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    Well I usually sell on ebay and not buy. And when I do buy I just use the card through eBay to make a purchase so I really only use Paypal to store the funds that I earn from selling things on the website. Then when I get about $50-$100 I withdraw it and put it away in my savings :D.
     
  8. Cash In Hand

    Cash In HandMember

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    The only negative reviews I hear about PayPal is when they have to do with refunds. I had an account with them for quite a few years now because I do online work. My balance has never exceeded $200 simply because I use the money in there for gas for my car.
     
  9. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    :oops:I have a paypal account and I've never heard of having too much money is dangerous for your paypal account. I spend it so it doesn't last too long. I got a paypal debit card and It's so easy to use and get. When I get money transferred to my paypaly debit card account it's fun to see the total go up so I can spend. I've had no trouble with my paypal account at all. If things are worrying you try BBB.org and see if they have any news or information about paypal.
     
  10. karamara

    karamaraMember

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    You get in trouble when you have a lot of money on Paypal? I haven't heard of that story before. I do keep a fairly great amount of money on my Paypal account though, since I'm doing freelance work and pretty much all of my shopping is done online it makes sense for me to do that.

    So far I haven't gotten to any trouble for having great amount of money on Paypal but I do understand the risks of keeping it there since your email is pretty much your account so if someone happened to get a hold of that you're pretty much done for.
     
  11. Lushlala

    LushlalaWell-Known Member

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    In all the years i've had my Paypal account, i too have never had any problems. It's news to me that you get in trouble for having too much money in the account. Ok, I guess I've never had any more than £200 at any one time. But what exactly is too much money, what's the limit, and what penalties do you face for that?
     
  12. DreekLass

    DreekLassWell-Known Member

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    They tend to get suspicious, and freeze people's account, which in and of itself I find suspicious. I don't care what anyone says, when Paypal freeze people's account, they are holding the money in their accounts and earning interest from it, whilst the poor victims have to go without their livelihood and Paypal account. I NEVER keep money in my Paypal account. As soon as the money is in my PP account, I transfer it to my bank account.
     
  13. Zyni

    ZyniWell-Known Member

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    Yeah, mine's never really in there long enough to add up to a huge amount. I cash it out pretty quickly or spend it shopping online.

    How do you get a Paypal debit card? I should probably look into that. Then, I wouldn't have to wait for the money to get transferred to my bank. I do have to say that they've gotten better with that. I do get it faster these days.
     
  14. Lushlala

    LushlalaWell-Known Member

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    Wow, thanks for the heads up @DreekLass! I never knew about them freezing people's accounts, but it's truly worrying! Do they ever give any reason for doing this, is one of the reasons having too much money in your account? I mean, I say too much money, but is there even a limit? I'm sure I heard someone saying that there's some sort of limit, but I doubt I'll ever reach it. Do you know what people then do to have their accounts unfrozen? I should probably do what you do from hereon in and just move my money as soon as it hits my Paypal account!
     
  15. DreekLass

    DreekLassWell-Known Member

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    They will usually tell the account holders that they are investigating the suspicious activity, but this investigation has been reported to last up to six months, and sometimes even longer, by the people who have gone through it. A lot of these people work online, and have no way to receive or access money for six months or more, because of Paypal doing this. There are a lot of complaints online about Paypal freezing accounts. I think you can try to contest the account freeze, but again that takes time.
     
  16. Zyni

    ZyniWell-Known Member

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    Ugh. That would be so totally frustrating. I would be highly upset if I couldn't retrieve my online earnings in a reasonable amount of time. I guess it's a good thing... well sort of... that I never have tons of money in there.

    I have to wonder why it takes six long months to investigate? It almost seems like something else must be at play here. I haven't heard of this, nor have I had to deal with it thankfully.

    I don't even know what other payment processor I would use, if I started having issues with Paypal.
     
  17. beccagreen

    beccagreenActive Member

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    I've never had problems with mine, not yet anyway. I've always kept some considerable huge amounts of money on my account for keeps just in case but it's never way too big to go crazy about. The only problem I have with Paypal is that it charges you $5 every time you make a withdrawal to your card.
     
  18. Goat of Departure

    Goat of DepartureActive Member

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    I once had $1000 on my Paypal back when I was doing tons of freelance work online. I've never really had any problem except for that one where I was stuck with a $1 on my account I can't get it out of there or send it somewhere but it was just a funny ordeal. I thin it's safe to keep your money there unless you're getting your Paypal hacked or something.
     
  19. Harlek

    HarlekMember

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    I always cash out whenever I can. Although I haven't had any trouble with Paypal so far, I still feel that it's safer to not keep large amounts of money just sitting there. You'll never know maybe one day some freak hacking incident hits Paypal and all of a sudden your thousands and thousands of dollars are gone.
     
  20. DreekLass

    DreekLassWell-Known Member

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    I'm thinking that it takes 'six months' to investigate, because they have the money - the customer's money - in another bank account earning interest off of it. Do this with enough customers and just think of how much money you'd make as a company! I have never had to deal with this issue either, but it was a legitimate concern of mine when I first began to work online, since Paypal is the be all and end all, and no other payment processor is as popular. If you are screwed wit them, you're screwed.