I use Paypal a great deal, pretty much from their inception, and they consider me a business member, so I think I write with a little authority. For some of you I will say you are reading the instructions wrong, because I know you can get all your cash transfered out electronically(to a verifed bank account) with ease,and as far as new banks and such, you have to register and verify them. You have to go throught the verification process, and it is not the easiest site to navigate or understand, but the verification systems pretty much protects all of us. And I like getting money back when I pay for things with the card, a nice incentive and you are credit card protected. Also, its easier to prevent things from getting mixed in in your "non audio related" checking account. In other words, you wife or you girlfriend never has to know what you paid for those mono blocks.
Now that I have defended them, I must also write this.They must rank amoung the worst customer service in the world. You can pretty much give up trying to talk to them, I have tried on a regular basis for months now. No problem is so large that it deserves a return phone call or God forbid a letter. BILL E. above is right on that one. Here is a most current example. I had a scam sent to me on a last week about having "won" a DVD player from Apex. Since I already own 1 Apex, I thought possibly true, warranty registration and all, but I will write them and verify. Apex wrote back immediately stating it was a scam. Now I send this to Paypal, as there is a link to Paypal in the body of the scam in order to pay the shipping and handling for the DVD player. Heard nothing else. I check the link day before yesterday, still good, write them again, still they don't get it. So there are people out there paying 19 dollars to a Paypal account that will soon dissapear for a DVD player they will never receive. That is scary, as it would take nothing for Paypal to stop it, just close that link.
So, in essense, keep as little money as you need in your Paypal account. Keep it linked to your credit card and not you bank account, they have clout if anything does happen to your funds. Transfer funds out on a regular basis if you are not using them. Paypal though, with all its faults, is a good idea, and I wish I had done it, just needs a lot of work still. They are going public here shortly as I got contacted about the IPO this week as well. Once they are trading stock, you will most see a dramatic change
in they way they do things because there will be a lot more people watching and that will bring them up to speed. Stockholders(and I will be one) and the SEC have a funny way of doing that.
Now that I have defended them, I must also write this.They must rank amoung the worst customer service in the world. You can pretty much give up trying to talk to them, I have tried on a regular basis for months now. No problem is so large that it deserves a return phone call or God forbid a letter. BILL E. above is right on that one. Here is a most current example. I had a scam sent to me on a last week about having "won" a DVD player from Apex. Since I already own 1 Apex, I thought possibly true, warranty registration and all, but I will write them and verify. Apex wrote back immediately stating it was a scam. Now I send this to Paypal, as there is a link to Paypal in the body of the scam in order to pay the shipping and handling for the DVD player. Heard nothing else. I check the link day before yesterday, still good, write them again, still they don't get it. So there are people out there paying 19 dollars to a Paypal account that will soon dissapear for a DVD player they will never receive. That is scary, as it would take nothing for Paypal to stop it, just close that link.
So, in essense, keep as little money as you need in your Paypal account. Keep it linked to your credit card and not you bank account, they have clout if anything does happen to your funds. Transfer funds out on a regular basis if you are not using them. Paypal though, with all its faults, is a good idea, and I wish I had done it, just needs a lot of work still. They are going public here shortly as I got contacted about the IPO this week as well. Once they are trading stock, you will most see a dramatic change
in they way they do things because there will be a lot more people watching and that will bring them up to speed. Stockholders(and I will be one) and the SEC have a funny way of doing that.