Theyve had my bank account info for as long as theyve been a company. Only issue Ive ever had was I downloaded an app onto my cell that ended up being a bogus app that robbed info from my paypal account and hit me with a $500 charge which paypal quickly reversed. I watch my accounts like a hawk. I'm on terribly concerned with linking my bank account as I only keep a few thousand in checking at a time and its covered for loss. Ive been hit in 10 different directions over the years and its been corrected and refunded each time. I certainly wouldnt use a prepay debit card . You have squat for protection on those things.
paypal??
- Thread starter Axis II
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Another option would be to get a CC from Bank of America or CitiBank. With their cards they offer what are called virtual account numbers to use for purchases online.
Basically, you get a virtual number that's linked to your real card. These numbers are generated randomly and you have the option of setting a maximum charge amount and an expiration date so it can only be used for a set amount of time.
https://www.bankofamerica.com/privacy/accounts-cards/shopsafe.go
https://www.cardbenefits.citi.com/products/virtual-account-numbers.aspx
Basically, you get a virtual number that's linked to your real card. These numbers are generated randomly and you have the option of setting a maximum charge amount and an expiration date so it can only be used for a set amount of time.
https://www.bankofamerica.com/privacy/accounts-cards/shopsafe.go
https://www.cardbenefits.citi.com/products/virtual-account-numbers.aspx
jcwit
member
I'll add my experience, no problems whatsoever in the 10 years I've been using PayPal.
Millions upon millions of transactions are done on PayPal, yup there is a slipup here and there, so me a business, bank, or finacial instution that hasn't had a slipup.
Millions upon millions of transactions are done on PayPal, yup there is a slipup here and there, so me a business, bank, or finacial instution that hasn't had a slipup.
Wanderling
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No one is going to just "charge" Paypal. The transaction must be approved using your Paypal account sign-in. Unless they know your Paypal password, they can't just charge it like they do with credit card.
The best setup, imho, is Paypal backed by the credit card. Paypal will ask for a bank account to link to but you can also link a c/c account and use it as your preferred payment method. This way, should a seller try to scam you, you can complain both to Paypal and to your credit card, chances are if not one then another will take your side & you'd get your money back. I had to file several c/c complaints over the past two decades, and as long as you're being reasonable and your story checks out, they will always back you. I was even able to get a partial refund from a local school district... talk about taking on the city hall
There's plenty of credit cards with no yearly fee and pretty good perks, and as long as you're being responsible and pay back your full balance each month, you get all the benefits for free. I have two cash back credit cards that I put every purchase and utility bill on, and I make about $500-600 a year in hard cash rebates on each card without spending an extra dime. Get with the program ! But only if you're disciplined enough to pay your entire balance religiously every month.
The best setup, imho, is Paypal backed by the credit card. Paypal will ask for a bank account to link to but you can also link a c/c account and use it as your preferred payment method. This way, should a seller try to scam you, you can complain both to Paypal and to your credit card, chances are if not one then another will take your side & you'd get your money back. I had to file several c/c complaints over the past two decades, and as long as you're being reasonable and your story checks out, they will always back you. I was even able to get a partial refund from a local school district... talk about taking on the city hall
There's plenty of credit cards with no yearly fee and pretty good perks, and as long as you're being responsible and pay back your full balance each month, you get all the benefits for free. I have two cash back credit cards that I put every purchase and utility bill on, and I make about $500-600 a year in hard cash rebates on each card without spending an extra dime. Get with the program ! But only if you're disciplined enough to pay your entire balance religiously every month.
It actually can happen. Happened to me. Pretty ingenious method too. I had the paypal app on my phone. Downloaded another app months later that was malware . They used my paypal account to send $499.99 into their account. I caught it within minutes and paypal reversed the charges but it took a week.
Salmoneye
Member
You just made the case that it can't happen unless you 'help' it to happen...
Yet it can still happen. Nothing is foolproof.
jcwit
member
Well this is true, and I have driven over a million miles in my lifetime so far, and haven't ran into a semi. YET.
Everything is possible, especially like the one gentleman said, "if you help it", now if I steered towards a semi!!!!!!!!!!!!!!!!!!!!!!!!!
DeepSouth
Random Guy
According to VISA this isn't true, anytime a visa debit card is used without a pin it's ran as a visa credit card. Which means it goes through visas system and therefore has the exact same protection as as a credit card. When/if you put your pin in then its ran as a debit card and goes through the issuing banks service, and protection varies by the bank. I know many don't/want believe me, so call visa.
*none of the above information applies to MasterCard, ( actually it might) I don't know how their system works.
As for what I do, which was the OP's question, I use my debit card and I've never had a problem.
You may need to use a bank to open the paypal account. Have used mine for years with only one problem.
For a short time, it was linked to my bank debit card. ( lots of moving, job changes, closing unneeded accounts etc all about the same time).
Once it is set up, change the primary pay feature to a credit card.
Then add a new card to use for pay.
Cancel the first card, BUT leave it as the primary pay.
Then on each transaction/purchase that you make, be sure to choose the second card to pay it, but don't make it the primary card. It will try to prompt you to do this.
Then if something tries to get paid in a sneaky way, it hits a dead card.
Takes a little shuffling, but it works out.
You may also want to use a separate email for only your paypal. Less likely for someone to guess it with facebook ( which is how I think mine happened since face book randomly made all my info public) or where ever your email might be viewed.
For a short time, it was linked to my bank debit card. ( lots of moving, job changes, closing unneeded accounts etc all about the same time).
Once it is set up, change the primary pay feature to a credit card.
Then add a new card to use for pay.
Cancel the first card, BUT leave it as the primary pay.
Then on each transaction/purchase that you make, be sure to choose the second card to pay it, but don't make it the primary card. It will try to prompt you to do this.
Then if something tries to get paid in a sneaky way, it hits a dead card.
Takes a little shuffling, but it works out.
You may also want to use a separate email for only your paypal. Less likely for someone to guess it with facebook ( which is how I think mine happened since face book randomly made all my info public) or where ever your email might be viewed.
AnselHazen
Member
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Almost as important these days is to have a good bank backing you up. Mine refunds every out of system atm fee, and anytime someone gets ahold of the number they are on it reversing the charges the same day. All the branches can print a new card now so all I'm out is the time to visit with them and get a new card. The last time this happened I was out of state on work. They overnighted me a new card.
Frankly, Dave Ramsey is an idiot. While his main message of not buying unnecessary items, new cars when you don't need them, etc. is a great point, he should be teaching people how to use credit cards and other forms of debt to their advantage. Not steering them away from it. There is no reason to walk into Best Buy and lay out cash for a $1,500 computer, yet that's exactly what he recommends doing. You not only pay exactly the same price, but you don't get any protection if the store tries to screw you over, you get nothing back money wise, etc. I think the problem is that a lot of people buy more when it's on a credit card and they don't immediately see the cost. This is what you have to avoid. You need to keep track of what you buy, not buy extra just because you don't see the immediate cost of it, not have cards with fees, never pay interest on a purchase, etc. The lesson should be to spend responsibly and not do this. Not to forfeit any rewards, protection, delayed cash flow advantages, on the same exact items you buy everyday. In addition to this, it's very hard to buy stuff online with "cash". I literally save thousands of dollars a year buying online versus at a B&M store and this is on items that I'd have to buy regardless.
Now that my opinion on Dave Ramsey rant is over, I have used PayPal quite a bit and I've never had a problem. If you buy gun or ammo purchases and they catch you, they will lock your account. Because of this some people don't like them. They also tend to side with the buyer in a dispute case which some people also don't like. However, if safety is your concern they are fairly safe and do a fairly good job at protecting the buyer. Most issues with information getting stolen, bank accounts having money withdrawn from them without authorization, etc. are user induced such as downloading an unofficial app like an above poster did. You need to make sure that you avoid this, avoid click on fake emails that look like they are from PayPal, but really are just trying to steal your password, etc.
For everyday online purchases though, I'd get a credit card (one without a fee and the best rewards you can find). You can generally save a ton of money by buying items online instead of at B&M stores and if you ever have a problem most credit cards will take care of it with just a phone call.
drec
Member
I've had a PayPal account since 1998 and have never had a problem. I set up a separate checking account with my credit union; which I use to fund the PayPal account. I just make sure there is money there before I buy anything. So I'll transfer money to my PayPal checking account then it automatically transfers to the PayPal account.
Mainsail
Member
I reluctantly use paypal for things from time to time. Especially if I do not want some website storing my CC number.
You DO NOT have to link your paypal to your bank account, or I've been getting away with not doing so for years. Paypal does have my CC and can charge to it when I purchase something, but that's not the same thing as linking to an account in your bank.
Sellers often ask you to use the friends & family as an option to make sure they don't have to pay the fees, which I think is 4%, and thus get shortchanged. So if you buy something for $100 the seller would only see $96 get posted to their account. One way to bypass this is with F&F which reverses the fees back to the buyer. The seller would see $100 added to their account and the buyer would observe a charge of $104. You can avoid the fee altogether by simply having an account balance. When I sell something I leave the proceeds in the paypal account and when I later use them to buy something I do not get charged the fees.
Some websites will have a "Checkout with paypal" button in the checkout process, usually where you'd put your CC info. Using that button keeps the website from having your CC number and often will fill out all the name/address/etc info automatically.
Paypal is anti-gun. So I try to use them as little as possible. It is satisfying to beat them at their own game and buy something gun related with them, but they are less likely to help you if there's a problem and you bought a pistol.
You DO NOT have to link your paypal to your bank account, or I've been getting away with not doing so for years. Paypal does have my CC and can charge to it when I purchase something, but that's not the same thing as linking to an account in your bank.
Sellers often ask you to use the friends & family as an option to make sure they don't have to pay the fees, which I think is 4%, and thus get shortchanged. So if you buy something for $100 the seller would only see $96 get posted to their account. One way to bypass this is with F&F which reverses the fees back to the buyer. The seller would see $100 added to their account and the buyer would observe a charge of $104. You can avoid the fee altogether by simply having an account balance. When I sell something I leave the proceeds in the paypal account and when I later use them to buy something I do not get charged the fees.
Some websites will have a "Checkout with paypal" button in the checkout process, usually where you'd put your CC info. Using that button keeps the website from having your CC number and often will fill out all the name/address/etc info automatically.
Paypal is anti-gun. So I try to use them as little as possible. It is satisfying to beat them at their own game and buy something gun related with them, but they are less likely to help you if there's a problem and you bought a pistol.
Delford
Member
It was a way to do private party money exchanges when selling but that was once in 10 years so they became redundant. I had a paypal account for years for my convenience. When the bathroom bill caused them to not move offices here plus their anti 2A stand it was enough for me to quit. They'll do business in countries that kill gays and mistreat women but balk at offices in a city where the "progressive" city council passed an unnecessary and poorly conceived ordinance.
chicharrones
needs more ammo
I've had my Amex card linked to PayPal since day one of setting up my account with PayPal.
So far, I haven't had a single problem.
chicharrones
needs more ammo
Very good point.
Wanderling
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It's the matter of personal discipline.
Some people just know they will be better off without a card.
For others, there's a good $1000 a year in free money when using one (well, need two for this kind of cash rebate).
Some people just know they will be better off without a card.
For others, there's a good $1000 a year in free money when using one (well, need two for this kind of cash rebate).
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