Credit Card v. Charge Card v. Debit Card v. PayPal

[Optimistic Paranoid]

Paypal.. ah yeah paypal.  Right out of your checking account.  If they are hacked then your money is gone.  Yes they might have their own insurance but what a hassle right?   I doubt the bank insurance will step in because you gave PayPal the right to access your account in the first place.

???  I have PayPal.  It's linked to a credit card.  I've never given them any of my banking info, why would I?

 

[Vagabound]

(Trebor English)  There are federal banking regulations regarding anti money laundering (they say) requiring banks to "know your customer" so the creepy questions are used to identify you. These creepy questions are from your permanent record. Now all those prior facts in their data base are tied to your new card and purchases done with it. You have to be identified to use a bank. It is the same as the real id driver license

I already knew where the info was coming from.  That didn't stop it from being creepy.

(Optimistic Paranoid)  ???  I have PayPal.  It's linked to a credit card.  I've never given them any of my banking info, why would I?

Not sure if you don't know this, or if you're asking a different question.  But to answer that one -- because you want to transfer money between your PayPal account and your bank account.  Very common.

Vagabound

 

[DrJean]

Not sure if you don't know this, or if you're asking a different question.  But to answer that one -- because you want to transfer money between your PayPal account and your bank account.  Very common.

Vagabound

Right. I have a seller account there... but I have unlinked it and will just find something to pay with paypal once I try and sell again. Anyone know someone who collects plush teddy bears?

 

[USExplorer]

I have a debit card, but go months without using it. Regarding fraud, my bank has a 90 day policy regarding fraudulent transactions.

For me, cash is king. No debt cards of any kind. If people knew how much money I carry around I'm sure I would have encountered robbers several times but since I look like a broke-ass college student they leave me alone.

 

[Vacilador]

Vagabound- having your credit report information pulled and used to validate your identity is creepy, indeed.

Here's even creepier.  Never even HEARD of anything like this: used AMEX to pay for admission to the Memphis Music Hall of Fame earlier today, and shortly afterward got an email from them asking for feedback.  Where the heck did THAT link happen?  Had not filled out ANYTHING - all they had was a card swipe and signature.  Which, by the way, was in the email (that is was an AMEX, the last four numbers on the card, and an electronic version of my signature).  

Some POS systems ask if you want the receipt by email instead of being printed, this one did not.  A printed reciept was provided, email was never even brought up.

Will be talking to the credit card folks tomorrow and also make darn sure that any box for 'using your information for marketing to our partners' is OFF.

 

[Goshawk]

Paypal Story -- Have had lots of friends complain they have been ripped off from bad deal from PayPal and a creditor, sales gone wrong. It can happen. have now implemented DOUBLE SECURITY which requires me to login after I receive a code texted to me from PayPal, before any transaction can happen. Oh and check any automatic transaction subscriptions on PayPal and make sure they are disabled (unless you want them). My bank account is linked to PAYPAL account. I still have my APPLE account being paid via paypal (for music or app purchases) but that is also double protected. Also EBAY is linked to paypal for purchases and that has some protection.

Recent purchase via paypal for some software went bad (software did not work). Took three weeks to get the money back via paypal. If I had used a credit card it would have been reversed in 24 hours. Lesson learned to use credit cards for purchase protection, as long as they are good credit card companies.

 

[Vagabound]

UPDATE on the AMEX Bluebird prepaid card:

Been using it off and on since buying it almost two weeks ago.  Works fine ... when it works.  And that's the only real stumbling block so far.  What I've found is that retailers (Walmart of course, restaurants, etc.) tend to accept it just fine.  However, I've already noticed that there is a lot of prepaid card prejudice out there in the market, and some percentage of companies simply refuse to take them (not AMEX BB, but all prepaid cards). For example, I struggled and struggled with that card and Uber the other day.  The Uber app finally accepted the card, but when I tried to use it to book a ride, it rejected the reservation. Finally gave up.  Contacted their customer service (which apparently only exists via email).  They replied that they don't accept any prepaid cards, but they do have about ten other ways to pay ... including Goshawk's favorite -- PayPal ;-)

Vagabound