Digital BW, The Print

I'm not real fond of Ebay and PayPal.

We no longer use PayPal nor Ebay as we actually experienced the problem
that Ken was uncomfortable with. Someone hacked our
Paypal account to 'charge' thousands of dollars of
photo equipment purchases, ostensibly through Ebay.

It was pure providence that my wife checked
our PayPal account on the morning this activity was taking place.
We deactivated our bank account and limited the loss.

Be careful out there,
JimD



At 01:30 AM 2/9/2004, Dennis W. Manasco wrote:
>At 7:05 pm -0600 2/8/04, Ken Carney wrote:
>
> >My question is whether there are reliable places besides ebay on the
> >internet. I don't really trust ebay/paypal (I see to open a seller
> >account they want my bank account number in addition to a credit
> >card number. I know --- everytime I write a check someone has my
> >bank account number, but still it doesn't sound right, and I've
> >heard lots of horror stories, defrauded once there myself...).
>
>
>Ken --
>
>We too were uncomfortable with giving PayPal complete access to our
>bank account. The obvious (and frighteningly real) scenario was that
>someone would hack the PayPal withdrawal authorization and withdraw
>all of the funds in the account. Since US banking law allows banks to
>hold the account holder at fault, even in cases of obvious fraud
>(whereas credit card companies must protect the client, except for
>the first $50 -- which they usually waive), we felt this was a valid
>concern. Valid enough to cause us to not upgrade to a "verified"
>PayPal account for some time. (**)
>
>The way we finally solved the problem was to arrange with our banker
>to create another account which we only use for PayPal transactions.
>We keep the minimum balance that the bank requires for no monthly fee
>($1200 in our case) and only add to it if we buy something from
>someone  who cannot take credit card transfers (people with
>"personal" rather than "premier" accounts).
>
>This way, even if someone were to gain full access to the account, we
>wouldn't lose everything we had in the bank -- only the $1200 maximum
>we have set.
>
>Except for that caveat we've found eBay an excellent place to buy and
>sell and have never had any trouble with PayPal.
>
>
>Hope this helps,
>
>-=-Dennis
>
>
>(**) BTW: Anyone who doesn't believe that the law allows banks to
>dump fraudulent losses on the account holder should have their
>checkbook stolen sometime. If someone writes those stolen checks your
>bank _will_not_ stand behind you. If the checks go through the system
>(and they invariably will, no matter how obviously wrong the
>signature) then your only legal recourse will be to recover the
>stolen funds from the person who fraudulently wrote and signed the
>checks. Fat chance.
>
>
>
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