PayPal

[tay666]

I'm not using it as a savings account.
As I said, I was just using it for purchases (paid for via CC )
Now that I am selling some stuff though, I am receiving payments to my PayPal account which I will then have sent to me in check form.
Waiting for a couple deals to finish up before I withdraw the current fund that have been sent there.

[NASCAR20FAN]

I'm not using it as a savings account.
As I said, I was just using it for purchases (paid for via CC )
Now that I am selling some stuff though, I am receiving payments to my PayPal account which I will then have sent to me in check form.
Waiting for a couple deals to finish up before I withdraw the current fund that have been sent there.

Don't do it for that either. They have huge ATM fees.Do youo not have a bank account at all?

[tay666]

Yes I have a normal checking acccount and a savings account.
I don't know what you are talking about with ATM fees.

It costs $1.50 to have them send me a check.
I think that is a small price to pay to not have to explain to a trustee where that $300-400 deposite to my checking account came from.

[demismom]

Don't do it for that either. They have huge ATM fees.Do youo not have a bank account at all?

I don't think their fees are any more extravagant than any other company's. $2 is a very reasonable ATM fee, now if you're going to be taking out $20 at a time, yeah, but when you take out $400, $2 is nothing. We regularly sell items in excess of $100 at a time, and don't have time to wait for a transfer to our checking account or wait for snail mail. In the antiques business time is money.

[NASCAR20FAN]

I don't think their fees are any more extravagant than any other company's. $2 is a very reasonable ATM fee, now if you're going to be taking out $20 at a time, yeah, but when you take out $400, $2 is nothing. We regularly sell items in excess of $100 at a time, and don't have time to wait for a transfer to our checking account or wait for snail mail. In the antiques business time is money.

Here's the thing... $2 is very high. Esp concidering that you are already paying fees to PAYAPL to process the transaction. If you have a bank account established you can set it up as "back-up funding for your PAYPAL debit card. If this is truely business money you eill need to have a bank account established anyways. Mt suggestion is wire the monies from the PAYPAL account to you bank account and if you wan to use you PAYPAL debit card for purchases, you can still use you bank account. I have been using PAYPAL for almost 8 years and leaving money in their is not wise. They are not FDIC insured.

[demismom]

Here's the thing... $2 is very high. Esp concidering that you are already paying fees to PAYAPL to process the transaction. If you have a bank account established you can set it up as "back-up funding for your PAYPAL debit card. If this is truely business money you eill need to have a bank account established anyways. Mt suggestion is wire the monies from the PAYPAL account to you bank account and if you wan to use you PAYPAL debit card for purchases, you can still use you bank account. I have been using PAYPAL for almost 8 years and leaving money in their is not wise. They are not FDIC insured.

WE do that about 70% of the time, the rest, it just can't wait. People at garage sales don't take credit cards, nor do they usually accept checks either. So, in our business, the ATM is a necessary evil. I've also been using Paypal for 8 years, been selling on ebay for 10 and haven't had one lick of trouble (serious anyway) with either one. Follow theirs rules and you generally don't get burned. I agree that leaving money in the Paypal account is not wise either, not long term anyway. But we do use that debit card quite a bit and if we have to lose it in the BK, I'll be very sad.

[NASCAR20FAN]

WE do that about 70% of the time, the rest, it just can't wait. People at garage sales don't take credit cards, nor do they usually accept checks either. So, in our business, the ATM is a necessary evil. I've also been using Paypal for 8 years, been selling on ebay for 10 and haven't had one lick of trouble (serious anyway) with either one. Follow theirs rules and you generally don't get burned. I agree that leaving money in the Paypal account is not wise either, not long term anyway. But we do use that debit card quite a bit and if we have to lose it in the BK, I'll be very sad.

Belive me I understand your situation, but I would NEVER leave any money in my PAYPAL account. If something should happen to PAYAPL, you will lose it! My advise honestly is link you bank account to you PAYPAL debit card, and you can still use it while you transfer all the money in your PAYPAL account to your bank account. PAYPAL for me is a means to an end! But I will never trust them full-time with my money.

[CATCHMEIFYOUCAN]

Nascar

NO NO NO! Do not use PAYPAL as a savings account it is not FDIC insured! I have 3 banks that I have savings accounts with that are

Emigrantdirect
HSBC
Capital One

I have Emigrant as well, I also just recently sent in $300 to Millenium Bank so I can get a secured CC now, anyone ever hear of them ? I figured I have to start somewhere until I can get a no fee annual CC.

Catchmeifyoucan