NEW TOPIC: Post your PayPal FAQ/tips/experiences here!

[yllus]

Post your PayPal questions, experiences and tips here for us PP n00bs.

WAS:

Any other useful tips for setting up PayPal for the first time would also be appreciated. So far my list of tips are:

1) Set up a separate account for PayPal to draw/deduct money from. Keep that account near zero if you are not making a payment in the immediate future.

 

[m2kewl]

you got it - don't tie it into you main bank accounts

 

[Swag1138]

Wow, you asked the question then answered it perfectly all by yourself

 

[iamme]

Originally posted by: m2kewl
you got it - don't tie it into you main bank accounts

why not?

 

[yllus]

Nobody actually answered yet! Chequing or savings account? How do you add/remove money to PayPal, by bank transfers? In that case I would guess you would go for a chequing account?

 

[RalphKramden]

Tie it to your savings if you don't leave money in it.
Then transfer the cash to your checking via your bank.

 

[RossMAN]

Checking

Due to the rampant Paypal fraud Susan and I opened a new separate checking account with our credit union's.

We use these new checking accounts ONLY for Paypal transactions.

If we sell something for $300, receive Paypal for $300 it gets transferred into our Paypal only checking account then we do an online transfer to our regular checking account.

 

[RalphKramden]

Maybe I should elaborate.
What I did is open a seperate savings account just for paypal transactions.
I never leave money in it. Once I receive a payment I do a two click transaction transferring it to my checking.
Savings accounts are really useless otherwise. .8% isn't going to make anyone rich.

 

[yllus]

Originally posted by: RossMAN
Checking

Due to the rampant Paypal fraud Susan and I opened a new separate checking account with our credit union's.

We use these new checking accounts ONLY for Paypal transactions.

If we sell something for $300, receive Paypal for $300 it gets transferred into our Paypal only checking account then we do an online transfer to our regular checking account.

Just set a chequing account up, but since I did it online I have no clue what the full account number is to tie in with my PayPal. Blargh, guess this warrant a phone call.

Thanks for the info. Any votes on turning this into a general PayPal FAQ/tips thread?

 

[RossMAN]

sully - Good idea on creating a new separate checking account used solely for Paypal transactions.