Joe, just wondering if you use paypal or have ever used the bank account features
which withdraw or deposit to your account?
One concern is if they can withdraw from your account without authorization. The help
page states:
"Will PayPal have access to withdraw funds from my Bank Account without my permission?
No. We will only withdraw or add funds with your expressed permission."
However, I have worked for a company in the past which did exactly that. When I
started with the company, they stated that I needed to open a special account to have
my payroll check directly deposited because that's the only way they will pay you.
Ok, I opened a normal checking account and gave them a blank check with VOID wrote on
it. After about 6 months all was fine, until one week I made 4 hours overtime. They
stated they did not pay overtime, but my manager said that if I had to stay over I
would get paid. Friday, I always call the bank to verify the payroll deposit and
confirmed that the amount deposited was for 44 hours. My wife proceed to write checks
and pay bills, etc. from the account.
The following week we received a call stating that one of our checks bounced. After
checking to see that she did not make any mistakes, we called the bank and received a
transaction report via fax. The company (my employer) had deposited the correct
account then turned around and withdrew that amount from our account then deposited a
smaller amount which was for a 40 hour work week ($125 difference).
I immediately confronted my employer and he said that I should not have worked over
because they don't pay overtime. Then I called my bank and they said since they had
my check and account number (and I had authorized them access to my account) in
essence I was giving them full access to my account.
I was outraged but had no legal recourse. Ironically, a few days later I was released
from the company for supposedly unrelated issues.
I have been searching for a reliable secure way to pay on-line without using a credit
card and was wondering about PayPay. Their site doesn't seem to have much information
and seems to be geared toward getting you to sign up ASAP!
However, from a retailers point of view this does look like a good alternative to a
merchants account.
Your opinion?
Jay
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