Does anyone here use this product and if so, how would you rate them?
Would you recommend using it?

I wouldn't trust PayPal to hold my money under any circumstances. I do use PayPal, but I always transfer the money out as soon as it comes in. If anyone ever disputes an item they will put a hold on your account, so any money in it would become unavailable.

I would recommend using ingdirect.com instead. I have used them for years and have never had a problem.

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Rebecka Melson ~ Virtual Business Services

thanks for the info. Glad you stopped me before i opened an account!

I have the PayPal money market, though I don't leave a lot of money in there, no more than $50, because of the reasons Rebecka stated. I've never had a problem with PayPal, but I've heard enough horror stories about them freezing accounts with large sums of money in them. However, I am subscribed to some services that use PayPal for payment, so I keep a bit of money in there to cover those. I signed up for the money market account because I figured if I'm going to leave some money in there, I may as well earn interest on it!

I also use PayPal and their money market account. When I first used their Money Market, they were paying something in the neighborhood of 5.08%. But now, if I get 1.5%, I'm lucky.

I also have their debit card. If you have a money market account and use your debit card as a "credit card" -- meaning not using a PIN when making a purchase -- PayPal gives you a 1% bonus back. That, in conjunction with the interest on the money market, made it a huge bonus.

I also have a merchant account through PayPal. Their fee is pretty steep (I pay $30 per month plus a transaction fee) versus about $15 a month for other services I've researched.

In the 8 or so years that I've been using PayPal, I have had no problems with them at all (crossing my fingers here).

Jenny

I use PayPal on a regular basis and have no problems at all. They did freeze my money one but I contacted them and didn't let them go until they put the money back. They do this to protect customers but it doesn't mean that they won't negotiate on this, especially if your feedback is good.

Originally Posted by Rebecka

I wouldn't trust PayPal to hold my money under any circumstances. I do use PayPal, but I always transfer the money out as soon as it comes in. If anyone ever disputes an item they will put a hold on your account, so any money in it would become unavailable. I would recommend using ingdirect.com instead. I have used them for years and have never had a problem.

I agree with you. I had a dispute before and I was surprised because I have withdrawn the money the other day and it was reversed the next day because of the dispute.

I've used PayPal for a long time, but I didn't know they could hold your money in a dispute situation! I'll make sure to always transfer funds ASAP.

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VirtuallyDee

Yes! I've been victimized by this about two months ago. It was a pain in the hiney. The client signed an addendum to our original agreement acknowledging that he went over his alloted hours for the month and it was going to cost extra. I sent him an invoice and he paid it. Low and behold, my account was frozen because he disputed the charge. PayPal really tried to rake ME over the coals thinking that I was responsible for this guy's chargeback.

After going through the drill and faxing all the notarized documents and transaction details, they put my account back into play and I immediately withdrew the funds. So now I make it my top priority to withdraw the money as soon as I get the payment notification. Needless to say, the guy that tried to con me is no longer in business and is doing 12 years fed time for fraud and money laundering.

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Melvin D. Gooden
The Essence of Time Business Services

I have Paypal as a money clearing (in and then right out) but I also have ING Direct and love it! Now I encourage direct deposits to my ING account.

I started using it for personal accounts on he advice of my financial guru friend because of the great interest rate. ING is connected to your regular brick and morter bank (similar to paypal) but they do not hold money in the event of a dispute because they operate as a bank.

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Lee Drozak
My Office Assistant