Paypal gives you free money!
By ThePaintGuru
@ThePaintGuru (541)
United States
November 27, 2008 12:01pm CST
Today I set up PayPal to be linked to my bank account so that I could transfer earnings paid to PayPal into savings and make some money in interest on them. PayPal requires the account to be verified, which means that they make 2 separate deposits of less than a dollar into your account at no charge to you. The total amount I received was about 20 cents, which isn't a lot of money but is more than I have made some days here on mylot. I just thought this was interesting, I wonder how muy PayPal spends each year on these verifications.
2 people like this
18 responses
@transporter07 (311)
• Ukraine
27 Nov 08
During my verification they take 1.95$ + 1$ from my bank account. After some days they send back only 1.95$. 1$ was ``lost`` somewhere. It is neither in my PayPal nor in my bank account. I wrote them they couldnt give me understandable explanation. They said it is on the ``fly``. I did not understand what they meant. Anyway I am not allowed to receive payments via PayPal in my country although my account is verified. So I dont use PayPal. Maybe they cut my 1 $ in to 5 pieces and sent you 1 piece?:)))) Happy MyLotting
@ronaldinu (12422)
• Malta
28 Nov 08
your comment is a really valid one. I guess that paypal has other means of revenue. They are not going to give free money for nothing.
@insulin (2479)
• Philippines
28 Nov 08
Well the paypal really don't give free money but they will if you refer some merchants to their site.I used paypal for 6 months and just discovered that you will earn 1000 dollars for every referral you made if this referrals transact atleast 200 dollars to their account then you will have some percentage in every thing they do but its not that easy but read the referral area to learn more on how to earn free using paypal.God bless and have a nice day.. ;-9
@333tangtang (404)
• China
28 Nov 08
hi hi
I setup my paypal as well,they emailed me said they will send me 2 separate deposites as well,but now i have had wait for 7days now,i check my online bank everyday,but still no any news......
I wonder they might forgot about me now.....but i am still waiting hope my paypal will verified soon.
would you please tell me how long it takes to received the little deposites from paypal?thanks
tang
@callarse1 (4783)
• United States
28 Nov 08
Yea they did that for me with my savings & checking accounts I added. Well, they sure do add it with the fees! My friend sent me 25USD & they charged me about 1.50 USD in paypal fees. The verifications are nice though cos you get money added on your accounts. Have a wonderful day.
Pablo
@violeta_va (4831)
• Australia
28 Nov 08
Well that is nothing compared to $1 every time you transfer money that is under $100 or so ( I cant remember how much it was). So with that $1 they will get at least 5 more clients.
@sachinkr9 (140)
• India
28 Nov 08
In my view its very neccessory for Pay Pal to find valid account to transfer future money for there member for fair dealings. This is an investment of pay pal and they earn evern more by getting transfer fund fees.
@theembittered (1025)
• United States
28 Nov 08
Hi congratulations because you have verified your account, i have try it so many several times and i cant :( i dont really know it whats the problem but hope maybe soon i will can, if you comment more and be more active member you can earn more than 20 cents per day :D and you will enjoy here in my lot!! And yes i think they spend a lot of money for that verifications because paypal have a lot of members or accounts, but i think they do that because so many people use to request a little money and they take a little bit of money to do the transfer. Well have a nice day and hope you will have a very good week ;) see you soon and bye bye. Happy thanksgiving day :D
@eyashwant (35)
• India
28 Nov 08
Cool then.I could try. Then dont they lose money and fail.How could they run like this.
@owlwings (43910)
• Cambridge, England
27 Nov 08
You can be sure that they spend less on these verification 'donations' than they make from people in charges, conversion rates and so on. Don't forget that PayPal are a business and, as such, exist to make a profit by providing a service. They don't 'give money away' ... and nor does any other business. Whatever looks like a free gift (especially of money) is never so. Some way or another, someone is looking to make money from you!
Don't, however, confuse this with 'stealing' or 'scamming'. Some people make vain and inflated claims about how much they will pay you and then fail to do what they say. That is defrauding you of something (and may sometimes be criminal). The honest dealers will always tell you, somewhere, exactly what they charge to provide you with a service. Many people feel they have been scammed simply because they haven't read the Terms of Service or rules. Don't get caught that way ... always read TOS and Member Conditions thoroughly.
@nicholejade (2430)
• Canada
27 Nov 08
When you go to verify your account they will deposit 2 denominations into your account. HOWEVER it will not show this in your bank statements. This is the only time that they do this. Say for instance you changed your bank account on there they will post 2 denominations into your account again but you are not making anything from it. Hope this kinda clears things up that you are not making money from the site.
@jedimind (200)
• Singapore
27 Nov 08
i think 20 cents is nothing to them, especially when they take a certain percentage of the money that people send to you or you send to people. for example, if someone were to send me $10 through donations (paypal has a donation function), i will receive less than $10. now imagine someone sends $1000 over paypal. even if they take 1% of it, that's already $10 that goes to paypal