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I would like to hear from other members what their experiences with Paypal has been.

 

I have been using them for years as a payment source and to buy goods, and have never had a problem. Not once.

 

You?

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One of my friends once warned me against Paypal saying that they have a habit of arbitrarily freezing people's accounts and that I should never keep more than $100 in my account. I've done that but I've never had my account frozen or any other problem for that matter.

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I am also aware of a frozen account.  A friend's only account.  Of course, he had one story and it trashed paypal.  PayPal likely had another view of the facts that were materially different than my friend's view.  I have zero idea who was right.  It's likely a case of both right/both wrong on different things.

 

i have not had any issues with the few times I have used paypal.  But, I don't think that they are a bank.  Since they are not, Keeping significant money there is not wise in my opinion as you don't have the same consumer protections (or insurance) as a bank.

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Paypal is one of the most reputable companies out there, as far as banking online goes and if someone has a problem with the company, I'm inclined to believe that the problem lies with them. Maybe not understanding the rules? Personally I've never had any issues in the decade that I've been using paypal. 

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7 hours ago, Cookiie said:

Paypal is one of the most reputable companies out there, as far as banking online goes and if someone has a problem with the company, I'm inclined to believe that the problem lies with them. Maybe not understanding the rules? Personally I've never had any issues in the decade that I've been using paypal. 

PayPal is not a bank.   Since paypal is not a bank, the consumer protections customers have are different.  

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On 10/30/2016 at 7:03 AM, Tyson said:

One of my friends once warned me against Paypal saying that they have a habit of arbitrarily freezing people's accounts and that I should never keep more than $100 in my account. I've done that but I've never had my account frozen or any other problem for that matter.

 

I agree with your friend, though in my experience the issue has been if you are a seller.  If you get into a dispute with someone you've sold to, paypal tends to favor the buyer so you have to make sure you've got all your paperwork in order.

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The first rule of using PayPal is NEVER have your primary bank account linked to your PayPal account. In the event of a disputed transaction, they can and will yank money out of your account without asking first (and whether you realize it or not, you agreed to this as part of their terms and conditions). It's obviously harder for them to engage in such clawbacks if there are no funds in the account. I've been using PayPal for a long time and have never had any real problems with them, but when they started requiring users to link their account to a bank account, I used a near-dormant credit union account that I keep just enough of a balance in to prevent the account from being closed. 

 

I'd also recommend transferring any funds you receive via PayPal to your linked bank account and sweeping that account as soon as the transfer clears, unless you plan on using the funds in the short term for another PayPal transaction.

 

As was mentioned previously, they are not a bank, so they are not subject to many regulations that banks are required to operate under. Better safe than sorry. 

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I think that is too much trouble to go through for anyone especially if you're in business or if you're using Paypal to get paid online. I think it would be much easier just to keep your affairs in order and then you won't have to worry about paypal or the bank taking out money from your account. 

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On 11/3/2016 at 6:19 PM, Esther said:

I think that is too much trouble to go through for anyone especially if you're in business or if you're using Paypal to get paid online. I think it would be much easier just to keep your affairs in order and then you won't have to worry about paypal or the bank taking out money from your account. 

 

If you do business online, it doesn't matter how much you try to keep your affairs in order.  Sooner or later you'll run into someone who tries to scam you.  A common one is to sell something and send it out.  The buyer claims it was never received.  Paypal freezes your account.  Now you have to jump through hoops to prove that you sent the item and they received it.  If you can, to paypal's satisfaction, they'll unfreeze your account.  If you can't, they'll claw the money back.

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I guess you're right there. I wasn't really thinking of it that way. In a case like that I can see how it would be frustrating to have your account frozen when you're not in the wrong. 

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