PayPal is expensive - VeggieBoards
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#1 Old 09-18-2006, 07:46 AM
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Paypal drives me nuts.



They have a minimum amount of $10 that I can withdraw from my Paypal account and deposit in my linked checking acct. If I want to withdraw it I have to go to an atm machine, and pay paypal's $1.00 withdrawal fee, plus any fee the atm machine's company charges. However I can transfer money from my linked checking account, to the paypal acct, for free??? I can transfer $1.00 and bring the paypal account amount from $9.41 to $10.41 Apparently I can. Then I can just transfer $10.41 from paypal to checking, for free? Seems I can. Just requires a 6 to 8 day wait.



I also hate the way they get you with that 6% fee for credit card transactions. Paypal transfers are "free." But if you want to accept a credit card payment, you have to upgrade to "business." And with business, you pay a 6% fee for payments made via someone's credit card, [i]and[/b] the same 6% for formerly "free" paypal transfers. I can understand the 6% for the credit card transfers, but then tacking on the same 6% for plain paypal to paypal transfers -- that really sucks.



If you try to open 2 paypal accounts -- you can't. You need another person with another social security number.
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#2 Old 09-18-2006, 07:57 AM
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I thought they now made all accounts Business Accounts and did away with the free (no credit card) accounts?



Yeah, they getcha every way you go. You could go with a different company, but really there isn't any good competition (and that's the problem!).
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#3 Old 10-14-2006, 05:10 PM
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Sorry for bumping this, I don't know if you're still having issues or not.

I've never had to have a minimum to withdraw my balance back to my checking account.

The credit card fee is 30 cents plus 3%, by the way.

The thing that *I* think sucks is that once you upgrade to the business account, even if the other person doesn't pay with a credit card, and they pay with a paypal balance, paypal still takes the 30 cents + 3%.
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#4 Old 10-15-2006, 03:21 AM
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All banks charge fees. That is how they make a living. If you dot want to pay a fee to anyone for holding your money (and paying interest) you can certainly feel free to place your money in a coffee can and bury it benieth the roots of the old oak tree. PayPal does what "Westren Union" used to do. The cheapest way to send money is to write a check and put it in an envelope. Every business is going to charge you a fee.
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#5 Old 10-15-2006, 08:42 AM
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"All banks charge fees. That is how they make a living. If you dot want to pay a fee to anyone for holding your money (and paying interest) you can certainly feel free to place your money in a coffee can and bury it benieth the roots of the old oak tree. PayPal does what "Westren Union" used to do. The cheapest way to send money is to write a check and put it in an envelope. Every business is going to charge you a fee."



You don't know what you are talking about. Banks generally pay YOU for "holding your money" -- it is called interest -- they invest the money in stocks and bonds and make loans where people pay THEM interest -- more interest than the bank gives you -- and they keep the difference. You can easily get a savings account or checking account with no fee. The only fees are for the printing of checks, or penalties if you write a check that exceeds your account balance.



Sending money by writing a check and putting it in the mail is MORE EXpensive than making an electronic transfer -- which are in FREE in many cases.



My checking account is FREE.

My savings account PAYS ME money.



If I write a paper check there is the cost of printing the check and the cost of envelope, and postage, all of which I pay. If I make an electronic tranfer from my checking account to the telephone company, or even a private person -- my bank charges me no fee.



If I make a credit card purchase, most vendors are charged a small fee for collecting their money. Usually it is less than what paypal charges for allowing me to collect money. Because they receive more money. So I expect to pay a little bit more than most vendors pay (I think it is about 1.5 percent) but not the amount that paypal charges. That is too much more. Because they have no competition.



If paypal were to hold onto my money for any length of time, they should pay me, just like a savings account would.
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#6 Old 10-16-2006, 11:48 AM
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Hm. I too, had a free checking account for a long while (when I had direct deposit), but most (all) banks do charge fees, soilman. You just happen to be lucky. I'd wager that even your own bank charges fees for some things.

I've used PayPal for years now, back before the eBay days, and I've never had the problem with a minimum amount for transfer to my checking account. I give/send money on eBay frequently, and it's often (like 90 % of the time) less than 10 bucks. Are you signed up with some special account? Also, if it's transferred into your checking account, I don't understand why you have to go to an ATM - can't you just make a withdrawal from your bank?

The ones I pity are the ones who never stick out their neck for something they believe, never know the taste of moral struggle, and never have the thrill of victory. - Jonathan Kozol
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