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  #1  
Old 04-25-2008
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Default Bulletproof Method to protect your paypal money

The recently introduced paypal plugin provides a bullet proof method to protect YOUR money. It actually allows you to make a quick "loan" from paypal and paypal actually encourages it in writing on their website.

You must have a verified account to use the PP plugin. Once you have the plugin installed you can start using it to create VCC numbers. This morning I had 23.12 in my paypal account. I created a VCC using the plugin and went to Simon and purchased a 490.00 gift card which will be mailed to me. How did I do this, with a little tip from the PP plugin Q & A.

Q - Can I use Secure Cards if I don't keep any money in my PayPal account?

A - Yes. Secure Cards will use your secondary payment source usually your bank account. Think of it as no-cost overdraft protection.


PayPal approved the VCC charge, took the balance of my PP account (23.12) and initiated a transfer from my bank account for the balance of approx 475.00. We know that it takes 2-4 days to complete an ACH transfer. In the interim, my PP account is "overdrawn" by approx 475.00.

When the PP transfer hits my bank account, it will bounce, there is not enough money in that account. When the bounced transfer hits my PP account, the transfer will be reversed. In the interim, money has been coming into my PP account, probably enough to cover the 475.00 bounced transfer. You can use this scheme whenever incoming PP payments bring your account balance to zero when taking into consideration the bounced transfer. At any time PP decides to limit my account freezing my money, I will actually be in debt to PP because of the bounced transfer. If your account gets limited and you are overdrawn, how you handle the overdraft is up to you. You can pay it with another transfer or just ignore it. The important thing is that PP will never be able to freeze YOUR funds.

An important note

The bank account you enter is verified only to the extent of PP being able to make a deposit INTO your account. Some bank accounts (such as ING) allow you to make ACH transfers INTO the account, but do not allow you to do an ACH transfer FROM the account. When you attempt to overdraw your PP account using the VCC, PP will attempt a pre-authorization, much like happens with a credit card purchase. The pre-authorization for these type of accounts will fail and the VCC charge will be denied. The pre-authorization does not check your balance, only whether the ACH transfer is allowed. I would assume that the routing number is not on the banking system list which allows transfers in both directions.
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Old 04-26-2008
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Sneaky zymo, I'm surprised Paypal hasn't caught on to this yet.
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Old 04-26-2008
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Shame the plugin is available to US only.
Like with the debit card.

=(
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Old 04-26-2008
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Quote:
Originally Posted by aspkin View Post
Sneaky zymo, I'm surprised Paypal hasn't caught on to this yet.
Even if they do catch on, there is not a whole lot they can do about it. To combat this, they have few options, and they probably don't want to do them.

1. Shut down the plugin system.
2. Make you wait 60-90 days.


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Old 04-30-2008
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Nice. Im going to try doing this meth this week. Quick question, After you order the Simongiftcard will you be able to use the card instantly or do you have to wait for it to come in the mail 1st?
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Old 05-01-2008
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Supposedly, you should be able to use the card number before the plastic reaches you, but I've never bought a physical card from Simon (only numbers), so don't take my word for it. Correct me if I'm wrong, but if the purchase clears you're already half way home having burned the bridge behind you. I had a similar experience. I paid with a PP account once without realizing there were not enough funds available. PP cleared the payment and initiated a bank withdrawal. I had a Wamu checking account linked to the PP account. The withdrawal yielded a what's called an ACH reject, because I didn't have enough funds in that checking account. :-) However, after they didn't reverse the original funds for the purchase, and the email said that PP will try another ACH withdrawal 3 days later. If an ING account indeed prohibits ACH withdrawals (and according to Zymo, the whole thing works exactly in your favor), then the above-described method is a kickass method to pull funds out of your PP account (in at least some kind of form). I believe that it was also Zymo that broke the news on the return of ING. I'm almost there with ING. Stealthman came through with the latest phone number link that now works with paypal. I'm going in.
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Old 05-04-2008
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My method has a flaw in that you can get dinged with ACH NSF fee from your bank. Does anyone know a bank account you can use to get around that.
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Old 05-06-2008
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Sounds about right Advent. Going in as i type
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Old 09-12-2010
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thats right too bad

Quote:
Originally Posted by mantisinc View Post
Shame the plugin is available to US only.
Like with the debit card.

=(
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Old 09-12-2010
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This isn't available any more at all right?
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Old 09-12-2010
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pfftt, thread is 2 years old.

plug-in not in existence any more
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