David Hawkins Posted February 13, 2010 Report Share Posted February 13, 2010 I use Pay Pal when Buying on Ebay and when I sell something. When I have Money deposited into Pay Pal from a Customer, I have Pay Pal send me a Check. Can I have Pay Pal deposit it directly into my Checking Account and if so, how soon can I use the Money? Link to comment Share on other sites More sharing options...
tekheavy Posted February 13, 2010 Report Share Posted February 13, 2010 I use Pay Pal when Buying on Ebay and when I sell something. When I have Money deposited into Pay Pal from a Customer, I have Pay Pal send me a Check. Can I have Pay Pal deposit it directly into my Checking Account and if so, how soon can I use the Money? My account is setup where when I buy something it comes right out of my checking account immediately, but when I sell something, it usually takes about 3 business days to get transfered from my paypal account to my checking account. Just go into profile and click on "add or edit bank account" to add your checking account info.. Link to comment Share on other sites More sharing options...
woodworking65 Posted February 13, 2010 Report Share Posted February 13, 2010 I use Pay Pal when Buying on Ebay and when I sell something. When I have Money deposited into Pay Pal from a Customer, I have Pay Pal send me a Check. Can I have Pay Pal deposit it directly into my Checking Account and if so, how soon can I use the Money? Yes you can have it deposited to your checking acct.It takes 2-3 days for it to appear. Saves money and time used it for 10 years Sarge Link to comment Share on other sites More sharing options...
David Hawkins Posted February 13, 2010 Author Report Share Posted February 13, 2010 GREAT, thanks. Link to comment Share on other sites More sharing options...
gth0007 Posted February 13, 2010 Report Share Posted February 13, 2010 I use Pay Pal when Buying on Ebay and when I sell something. When I have Money deposited into Pay Pal from a Customer, I have Pay Pal send me a Check. Can I have Pay Pal deposit it directly into my Checking Account and if so, how soon can I use the Money? I have used the direct deposit PayPal feature for years with only one problem back before Ebay bought Paypal. Remember that if you allow Paypal to do direct deposits they can also take money away electronically as well. There are a lot of buyers playing games with Ebay and Paypal is very quick to take money from sellers until they resolve the issue which is sometimes a lengthy process. What I did to protect my primary checking account is to open a much smaller checking account (at a different bank) to cover the Paypal account. Paypal will not tell you they are debiting your account in advance and could cause some balance issues with you non-Paypal payments resulting in unwanted bank fees. I believe Paypal is safe and a good payment tool but I just believe it's best to keep this separate from you daily bank account. Link to comment Share on other sites More sharing options...
David Hawkins Posted February 13, 2010 Author Report Share Posted February 13, 2010 I have used the direct deposit PayPal feature for years with only one problem back before Ebay bought Paypal. Remember that if you allow Paypal to do direct deposits they can also take money away electronically as well. There are a lot of buyers playing games with Ebay and Paypal is very quick to take money from sellers until they resolve the issue which is sometimes a lengthy process. What I did to protect my primary checking account is to open a much smaller checking account (at a different bank) to cover the Paypal account. Paypal will not tell you they are debiting your account in advance and could cause some balance issues with you non-Paypal payments resulting in unwanted bank fees. I believe Paypal is safe and a good payment tool but I just believe it's best to keep this separate from you daily bank account. If I add my Checking Account to Pay Pal, can I remove it after this one Deal that I have going on? Link to comment Share on other sites More sharing options...
Sherri Leicht Posted February 13, 2010 Report Share Posted February 13, 2010 You should be able to. You may want to set up a cheapie savings or checking account strictly for PayPal use. Link to comment Share on other sites More sharing options...
David Hawkins Posted February 13, 2010 Author Report Share Posted February 13, 2010 You should be able to. You may want to set up a cheapie savings or checking account strictly for PayPal use. I use a Credit Card for Pay Pal stuff but I just sold a Car and he is using Pay Pal to pay for it and I will need to send that money directly into my Checking account so I can send some of it to the place that I Financed it with to pay it off. Thanks. Link to comment Share on other sites More sharing options...
shelbymotorsports Posted February 13, 2010 Report Share Posted February 13, 2010 You should be able to. You may want to set up a cheapie savings or checking account strictly for PayPal use. David msmap has good advice. To be even safer once the deposit has been made to your secondary freebie checking account go and withdraw the money leaving only a small balance to keep this secondary account open. Steve Link to comment Share on other sites More sharing options...
tekheavy Posted February 13, 2010 Report Share Posted February 13, 2010 I use a Credit Card for Pay Pal stuff but I just sold a Car and he is using Pay Pal to pay for it and I will need to send that money directly into my Checking account so I can send some of it to the place that I Financed it with to pay it off. Thanks. Isn't paypal going to charge you a pretty substancial fee to accept the funds for the sale of your car? If it were me I'd probably only accept a cerified check or money order. Link to comment Share on other sites More sharing options...
RACERX009 Posted February 13, 2010 Report Share Posted February 13, 2010 GREAT, thanks. Hey, I love Paypal thats the only way to pay for something. When, I tried to sell my smart phone on ebay and this clown bought in 2 minutes. I new something wasn't right and asked the guys on here. They told me to cancel it and I looked the guy up he joined ebay Jan 1st 2010 and by the 9th he bought over 5,000 dollars of cell phones. My payment was being held for 27 days before, I could recieve it. I sent the guys money back and sent paypal an email and said they will follw up on this matter. I never even got an angry email from the buyer he just vanished. Link to comment Share on other sites More sharing options...
shelbymotorsports Posted February 13, 2010 Report Share Posted February 13, 2010 I use a Credit Card for Pay Pal stuff but I just sold a Car and he is using Pay Pal to pay for it and I will need to send that money directly into my Checking account so I can send some of it to the place that I Financed it with to pay it off. Thanks. David I missed this part. I myself would never ever take Paypal for a car purchase. Too easy for them to do a chargeback. Search Google for anti-Paypal sites and you'll get a better idea of the extreme risk you are taking. Even if you remove the funds from your Paypal or checking account that doesn't prevent a chargeback and there is one thing for sure, Paypal never loses any money. Paypal will come after you for the return of the payment even though you no longer have the car. Like Western Union, Paypal denies responsibility on detecting fraudulent payments. Good luck. Steve Link to comment Share on other sites More sharing options...
David Hawkins Posted February 14, 2010 Author Report Share Posted February 14, 2010 Pay Pal will only do transactions up to $10,000.00. I had the Guy do two Transactions, and I will be receiving two EChecks between the 18th & 20th. Hopefully it will all go well. Link to comment Share on other sites More sharing options...
gth0007 Posted February 14, 2010 Report Share Posted February 14, 2010 If I add my Checking Account to Pay Pal, can I remove it after this one Deal that I have going on? Yes. You can change payment methods but at some point, as a seller, you will be required to list a bank account. I forget what the selling $$ threshold is for this. The second bank account is the simplest way and I usually only keep a very small balance and deposit additional money THEN pay for the item with Paypal. If receive money (over $200) through Paypal then I remove the money and deposit it into my primary checking account. The reason for using a second bank is that some banks, Bank of America, for instance, will link your checking accounts together so that if Paypal takes money from you and your Paypal account is low, they will automatically get it from your primary account. I'm a little "old school" when it comes to finances and maybe a little over cautious. I have a perfect Ebay seller rating and perfect 5's in Feedback, but I just don't like the idea of PayPal being able to take money from me with just a no advance e-mail. Paypal is a great tool, I use it for other than Ebay (Shelby membership for example) and highly recommend it, but I think you just have to be careful with on-line money issues. Link to comment Share on other sites More sharing options...
gth0007 Posted February 14, 2010 Report Share Posted February 14, 2010 Pay Pal will only do transactions up to $10,000.00. I had the Guy do two Transactions, and I will be receiving two EChecks between the 18th & 20th. Hopefully it will all go well. I've sold 4 cars on Ebay in the last two years and have had no problems except the normal cancelled bids, buyers making ridiculous offers, and annoying "tire kickers". In each case I only accept cash, or a wire transfer (into by second checking account). Cash is easy, wire transfer ONLY as verified as received by my bank. Buyers can use a PayPal account for the down payment, which I usually only ask $500. If a buyer has concerns about a wire transfer then I refer them to their bank to explain how that works. Your transaction will probably work out ok, I would cash / withdraw the e-checks ASAP however. Link to comment Share on other sites More sharing options...
David Hawkins Posted February 15, 2010 Author Report Share Posted February 15, 2010 I've sold 4 cars on Ebay in the last two years and have had no problems except the normal cancelled bids, buyers making ridiculous offers, and annoying "tire kickers". In each case I only accept cash, or a wire transfer (into by second checking account). Cash is easy, wire transfer ONLY as verified as received by my bank. Buyers can use a PayPal account for the down payment, which I usually only ask $500. If a buyer has concerns about a wire transfer then I refer them to their bank to explain how that works. Your transaction will probably work out ok, I would cash / withdraw the e-checks ASAP however. He did the $500.00 Non-refundable deposit to secure the sale and I sent him the two "Request Payments" for the purchase of the Car and PayPal automatically sent out the two Echecks to my Address instead of my Account. I requested a Check from PayPal for the amount of the Depsit. Whats funny is When the $500.00 Deposit was Made, PayPal charged me $14.90 then when I requested the Check, they Charged me another $1.29 Service Fee and said it will take 5 to 10 Days to recieve it. When PayPal did the two Echecks, they charged me $5.00 for each of then and said I will get them between the 18th and the 20th. Link to comment Share on other sites More sharing options...
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