Tip: How to get free withdrawls from Paypal via ATM (YMMV)

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Thump553

Lifer
Jun 2, 2000
12,651
2,394
126
Good tip! Given my past experiences with Washington Mutual (in home mortgages) I'm absolutely astonished they don't gouge you for every cent they can get ($60-150 charge for ordering mortgage payoff statements, for example)-someone there must have overlooked this loophole.


Excellent point about not linking Paypal to a checking account, although a simpler practice for frequent paypal sellers may be to link it to an account that you regularly sweep to a minimal balance and have your primary checking account elsewhere.
 

sync

Member
Dec 20, 2000
197
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Originally posted by: morkinva
Originally posted by: DealMonkey
I dunno, it's free to transfer PayPal $ to your checking account (i.e. electronic deposit). Why is this method any better?

- dm

You don't want to link a checking account number with them. The reason being so they cannot grab money from it when there is a 'problem'. Screw them. They once held up a payment to me for over $2000 for about a month and it made me sick to my stomach. From other stuff I've read I was lucky to get the money at all.

I never leave anything substantial in there. When I link a credit card to the account, its a one-time use number. Haha!!

I know someone who is very diligent about using strong passwords. His PayPal account was hacked. Several thousand dolars were withdrawn from his bank account and several thousand more charged to his credit card. The credit card company won't make him pay but he doesn't know if he'll get the money back from his bank account. I've heard several stories of people having problems with PayPal and they go for months without hearing from them about their problem.
 

Packy

Platinum Member
Mar 8, 2001
2,724
0
71
I might try this. If it works, I'll remove my checking account from my paypal account, for extra security.

Thanks for the tip!
 

morkinva

Diamond Member
Nov 16, 1999
3,656
0
71
Yes it may be true you need a linked checking to get a debit card; but I guess I unlinked my account after I got the card.

Also, I've taken money out by using Wawa's atm, and I was still charged $1 for the transaction by paypal - sooooo, I don't understand why you can use WM's atm and not get charged.
 

DurocShark

Lifer
Apr 18, 2001
15,708
5
56
Originally posted by: iambiotech
So Paypal isn't charging you the $1 even though you're using an ATM? Sure beats going to the drug store to buy a chocolate bar and asking for $100 cash back!

 

MJGunn

Golden Member
Aug 28, 2001
1,983
0
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Originally posted by: morkinva
Yes it may be true you need a linked checking to get a debit card; but I guess I unlinked my account after I got the card.

I did the same. The only problem is, I long ago reached my sending limit (what is it.....$1000...or $2000?), so now my account is only useful for getting money. I'm planning on opening a second checking account at one of those banks that offer totally free checking, no fees for anything, no minimum balance, leaving it pretty much empty, and linking it to my paypal account.

 
Oct 29, 1999
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I have a quick question that is somewhat related:

Can you use Paypal to move money from your credit card into your checking account (avoiding the crazy fees for cash withdrawal from your credit card company)?

If so, how is this done? Do you have to create 2 seperate account and send the money from one account to the other?

Thanks in advance for the helps guys.
 

OrlandoTiger

Golden Member
Jul 16, 2001
1,427
0
0
Originally posted by: sync
Originally posted by: morkinva
Originally posted by: DealMonkey
I dunno, it's free to transfer PayPal $ to your checking account (i.e. electronic deposit). Why is this method any better?

- dm

You don't want to link a checking account number with them. The reason being so they cannot grab money from it when there is a 'problem'. Screw them. They once held up a payment to me for over $2000 for about a month and it made me sick to my stomach. From other stuff I've read I was lucky to get the money at all.

I never leave anything substantial in there. When I link a credit card to the account, its a one-time use number. Haha!!

I know someone who is very diligent about using strong passwords. His PayPal account was hacked. Several thousand dolars were withdrawn from his bank account and several thousand more charged to his credit card. The credit card company won't make him pay but he doesn't know if he'll get the money back from his bank account.
Thats one paypal horror story I havent heard. Thanks for the info :(

 

LuNoTiCK

Diamond Member
Jan 7, 2001
4,698
0
71
Thats some good info. So it's a good idea to get an atm card from paypal and use it at washington mutual.