what will happen if earnings won't be withdrawn to our banks ?
By Angelpink
@Angelpink (4034)
Philippines
February 21, 2013 8:42am CST
Hi friends !I am just confused as to what will happen to our money from Mylot if we won't withdraw it to our bank ? Will the money be sent back to Mylot or it can stay in Paypal no expiry or deadline for withdrawal ? Which is which friends ? Please share me your wisdom .
3 people like this
10 responses
@zenkey0023 (21)
• Philippines
21 Feb 13
All earnings from myLot to paypal will remain as long as you don't withraw it. But i strongly recommend to frequently withdraw your earnings to your bank especially when the amount within your paypal is already huge so that you can ensure that you will get the money you worked hard for.
2 people like this
@Angelpink (4034)
• Philippines
22 Feb 13
Paypal indeed is very trustworthy ! Yes you got the point there but i guessed i get it in one time basis when it is that big already because every time you make a withdrawal , you are paying to the bank and if you would withdraw small amount only , money is like being wasted because very small or enough amount still same amount you are paying to the bank.
@Angelpink (4034)
• Philippines
22 Feb 13
Loud and clear Zen ! Happy to hear from you ! Indeed Myotters are willing to share time and effort to fellow Mylotters. Keep posting now.
@zenkey0023 (21)
• Philippines
22 Feb 13
That is why I used the word "especially". I never say that you should immediately withdraw your earnings the time it goes to your paypal. It is common knowledge to not withdraw earnings when you know that you are wasting money paying fees. So in short, get your money to your bank ESPECIALLY when the amount within your paypal account is already huge.
@Angelpink (4034)
• Philippines
22 Feb 13
Indeed we can consider it like a bank also but our earnings will be affected with the rise and fall of dollar exchange rate? I decided it to be there hence experts said it is safe there. Glad to hear from you.
@Angelpink (4034)
• Philippines
22 Feb 13
Hi ! Yes paypal is incharge of our earnings from Mylot and so good to know as long as we are active then they will keep it. I am not so in favor in buying online because first and foremost , i don't know how , so sure i will be confused to its mechanics again. Glad for your sharing friend !
@Angelpink (4034)
• Philippines
23 Feb 13
oh what do you mean by premier account ? I don't know all about it! Please share.
@Angelpink (4034)
• Philippines
22 Feb 13
Hi Hatley , good for you because you are so active therefore always having a payout .
So nice and inspiring to hear a Myotter withdrawing earnings from banks. It motivates me and other Myotter too ! Keep discussing friend !
@hereandthere (45645)
• Philippines
23 Feb 13
when my paypal account was new, i was worried that it's still "empty" after several months so i asked paypal about that back in march 2010 and here's what they said.
[i]"If you are not using your account in a span of one year it will become
inactive and you can re-activate it just by logging in to the account.
Your account will not be closed. If it has been inactive for 3 years,
PayPal will send you an email registered to the account and will warn
you that your account might be automatically closed due to inactivity
for 3 years."[/i]
it seems to be similar to the dormancy policies of our local banks, although for local banks it's usually two years of no deposits and no withdrawals, but they would send you a notification letter first to remind you about it before the dormancy fees are applied.
i usually wait until my earnings are over P7000 before i transfer the amount to my eon account so there is no P50 deduction.
so what is the status of your unionbank eon account?
@Angelpink (4034)
• Philippines
23 Feb 13
Hello there ! Oh there's also dormancy in Paypal ? So now i am informed , i have to keep it active . You mean there is no deductions that will be made by Eon Bank when we transfer our amount there ? So sad for Eon bank , the transfered fund was rejected because of wrong bank information , Paypal told me to check with Union bank and for that mistake i am deducted by paypal certain amount . So i used BPI to transfer that fund , no response yet done by the Paypal have to wait.
@hereandthere (45645)
• Philippines
24 Feb 13
as stated in their email, one, if there is no activity for 3 yrs and, two, they will email you first through the email address you used when you created your account to remind you about it.
paypal's dollar-to-peso conversion rate is lower than the banko sentral, of course, but if the money you have in paypal is at least Php7,000 (when converted using their rate for that day), there is no deduction when you transfer it to eon. but if you badly need the money and it's still less than Php7,000, they will deduct Php50. you'll be able to withdraw the money from the atm 2 days later.
i'm confused by your eon situation. i thought you already went to unionbank and asked them to help you?
@intelinsideyou (664)
• India
21 Feb 13
Don't worry it will not come back to myLot. As Lamb already cleared that you can keep your money in paypal as long as you wish. But I will say if you want to keep the money for longer period then keep it in your bank account rather than paypal.
1 person likes this
@Angelpink (4034)
• Philippines
22 Feb 13
Hi ! It is a good idea keeping in bank if it is already that big in amount because withdrawing frequently from Paypal cost much in the bank. I need to be thrifty , its a hard earn money.
@marguicha (223720)
• Chile
23 Feb 13
I wait until I have a lot of money there because every time I withdraw the money to my credit card I am charged with fees. So I can vouch that you will not have any problem if you keep the money there a year or even a bit more.
@Angelpink (4034)
• Philippines
23 Feb 13
Yes that is what i will be doing also. I withdraw so i will be able to check if bank is okay and just found out that my primary bank have some problem so i choose another bank but paypal already deducted from me because they already transferred just that there is some problem of my bank information.
@rosekiss (30414)
• Eugene, Oregon
21 Feb 13
You don't have to worry as once it is in paypal, it will remain therre until you choose to withdraw it to your bank account. I like to leave my money in paypal and build up the earnings. It does take time to get enough into it, but that is okay, as it all does add up over time anyway. So, when money is sent to your paypal, then you can just leave it there as long as you choose too, as nothing will happen to it. Take care, and have fun in my;ot. 
@Angelpink (4034)
• Philippines
22 Feb 13
Hello ! Yes Paypal lives for its credibility ! Now i know for life our money can stay there as long as we wanted to . It feels so good and satisfying to think that the money you work is in its safest place. Have a great weekend Friend !
@jenny1015 (13366)
• Philippines
3 Mar 13
Paypal can send your money to any bank that you link your Paypal account to. No need to worry about it. I don't think there is any expiration on how long your Paypal money should stay on your account.
I hope that you are no longer worried about this. Just make sure that you have provided the correct bank information so that you would not be fined on providing a wrong information.
