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Getting money out of PayPal - idea - please critique
 

I need your opinion on this, be critical.


First, the original idea:

Accept eBay payments on ⊗⊗⊗⊗ PayPal (verified with gift card), and then send that balance to my real PayPal, and from there into bank account or ATM.

This has a flaw, since I read PayPal will limit both accounts if you do this often.

The new idea:

Setup a dummy website, selling dummy goods, that accepts PayPal. Thus, I purchase dummy goods using my ⊗⊗⊗⊗ PayPal, and money is flowing into my real PayPal, and from there I put it into bank or ATM.

What kidn of dummy goods? If you are selling DVDs, those could be same DVDs in bulk, etc.

What do you guys think?




P.S. Yes I know merchant account is better. But PayPal is easier and allows you selling off the bat. Getting a merchant account is a hussle if you're only plan on selling for 30 days and less than $500 per account (leaving eBay stuck with their fees)

Paralax, I used both of these methods myself. On a new account, paypal will see you are just sending your funds to the same place, and will limit you.

I purchased an item via my online store with my ⊗⊗⊗⊗ paypal, the second time I did this, I was limited. So that won't work.

The only possible method I can think of is buying preloaded gift cards or vouchers, but I can't find anywhere in the UK that will allow you to do that with paypal.

why don't you just get another checking account, and use it to set up a paypal account. then you can wait the 60 days and get a paypal debit card. you can then buy walmart money orders to empty the paypal accounts.

Would they limit both accounts, if both accounts are in GOOD standing?

I just can't use my original account because it is linked to suspended eBay account.

Have same situation and doing what twdell suggested in post.

I can't use my original pp account because of suspension on EB. I opened a new pp account which is backed-up by an INGdirect Savings account. To get $$ out of this pp account, I simply transfer it to the INGdirect and then from the INGdirect, I transfer it to my "main" bank account. Haven't had any problems so far.

Ohhhhh, that's a good idea!!!! I luv you for sharing that. Tell me more.


If PayPal desides to do back pay on your ING savings, will ING take money from your checking if you get over drawn?


You have to wait 5 days on all new deposits before you can transfer them into checking?




Man, I'm signing up right now! If anything I can close it later. Need to know if PayPal back charges your ING account, will ING take money out of your checking.. That's like a weak link in business, not knowing if PayPal will screw you.

paralax:

1 - have not had any back pay (yet) from pp. I did NOT link my main bank account w/ING but simply transfer back & forth between the two. I believe if you link the bank accounts...the chain effect can occur...PP to ING to main account.

2 - I do not believe there is any wait time for new deposits. Not sure if I am answering your question directly but I needed $ in this ING account, so I transferred x-amount from my main bank to ING on Thursday. It is scheduled to be clear for use on Monday...so I guess it takes 3 business days.

Understand your concern about PP taking back charges but if ING and your main account are not linked, how could they get to your money?

Are you using INGdirect Orage Savings?


I just opened one, they required me to link a checking account.

Yes, using INGdirect Savings. Actually opened a 2nd savings with them & all is well w/that account also.

To add -- from ING Direct:

Do I have to change banks?
No. In fact to have an account you must have a personal checking account with another institution. We then link your personal checking account to your Orange account. You can easily transfer funds from or to your Orange account without charge. Do transactions online at ingdirect.com, by using the Interactive Phone System or by calling an ING DIRECT associate. Funds generally move between your Orange account and your linked account within 2-3 business days.

What is a "LINKED" account?
At ING DIRECT we create an electronic link between your existing checking account you use for your initial deposit and your ING DIRECT account(s). This electronic link makes it easy for you to transfer money whenever you want. You can link up to 3 non-ING DIRECT personal checking accounts. To make a deposit or withdrawal, simply initiate a transfer using our website, Interactive Phone Service, or by calling an ING DIRECT Associate. Learn more about 'linked' accounts.

In your ING Direct account view, when you click on My Links, does it show anything?

Yes, it does show my main account.

Ahh, so your main account (or your checking account) is linked to ING savings account. And thus the original concern. If PayPal does a charge back on money you transfer into your ING savings, and ING savings buttoms out, will they take money out of your main account..


That I'm guessing is unknown at this point. But I bet it is safe to assume that's what will happen.

It's the weak link in using PayPal. SUX, totally..

Understand what you are saying but to reverse that, I posted a question regarding purchasing:

Q - If I purchase item on EB using PP account that has zero funds & ING account has little or no funds, will the purchase chain -- eb to pp to ING to main account.

The answer was no. I must have some funds in my ING account to cover purchase. So...if the above scenario does not chain, not sure if PP charge back would chain. Know what I mean?