About Paypal
By wadabski
@wadabski (761)
Philippines
8 responses
@moneyspinner (613)
• Mumbai, India
4 Apr 11
As far as I know Paypal can only be used to deposit or withdraw money to your bank account. Paypal cannot withdraw money directly from your bank, for that you need to attach a credit card. And no one can take out your money except you. There are some steps involved in spending and taking the money out which you alone can do, unless your credit card is hacked. Paypal can never do that and you can trust paypal with closed eyes.
Regards,
moneyspinner.
@moneyspinner (613)
• Mumbai, India
4 Apr 11
Yeah don't worry, Paypal is quite reliable and also the best and widely accepted processor out there.
@moneyspinner (613)
• Mumbai, India
4 Apr 11
Yeah I completely agree with it buddy, The best part is you get to withdraw money directly into your bank account which on other processor allows.
@owlwings (43910)
• Cambridge, England
4 Apr 11
Once you have 'verified' your PayPal account by entering your bank or card details and then entering the information that shows that the account is yours, you automatically authorise PayPal to request money from that account when you buy anything using PayPal and your PayPal balance isn't sufficient to cover the transaction.
Let us say that you had a balance of $20 in your PayPal account and you bought something for $37 using PayPal. PayPal would automatically use the $20 balance AND request $17 (or the equivalent) from your bank or card.
@owlwings (43910)
• Cambridge, England
4 Apr 11
It's what you agree to in PayPal's Terms of Service. I try to keep all such accounts very secure by protecting my computer and the accounts with strong passwords (which I NEVER share with anyone), adequate antivirus and firewall and by making a point of ALWAYS logging out of secure sites, especially when I am using someone else's computer or connection.
There is always a risk that one's bank account or PayPal account may be compromised. PayPal are usually quite quick to spot when something is not normal and will immediately limit the account until the problem is sorted out. The intelligent thing to do is to be aware of the ways in which one is vulnerable and to take sensible precautions to lessen the possibility of them happening.
@ShepherdSpy (8544)
• Omagh, Northern Ireland
4 Apr 11
This will happen Only if you authorise them to do so when you link our paypal account with your bank account.They can't do it without your permission.
@o0jopak0o (6394)
• Philippines
5 Apr 11
Just like the post above, they can get your bank account money if you let them do it But automatically no.
@Sanitary (3968)
• Singapore
8 Apr 11
No. Paypal doesn't have any right to get money from our bank account as long as we didn't authorized them to do so. If banks were to give paypal the money which we, customers didn't agree, bank would have to take responsibility for it. Banks will not allow any transaction to go through via a 3rd party. Whatever goes in and out of our account, are all accounted for from the bank.
@yallit (3677)
• Philippines
4 Apr 11
Yes and no.
No - Paypal can't automatically get funds from your Credit Card, Debit Card or Bank account without your consent.
Yes - If you have an automatic payment set for a certain merchant where you set up your credit card, debit card or bank account as your backup source fund. For example you have a subscription for a pay per view site and you agreed to pay monthly, your monthly subscription fee then, would first come from your current Paypal balance. In the event that your current Paypal balance is zero, then, Paypal would source out the funds from the backup source fund (credit card, debit card or bank account) you indicated.
