posted on April 13, 2005 06:02:15 AM
Unlike what a certain poster would like you to believe, PayPal cannot attack your bank account.
Notice Date: January 8, 2004
Effective Date: January 8, 2004
Updated main User Agreement and Payments Policy to remove provision which permitted debiting of bank accounts to recover money owed to PayPal.
posted on April 13, 2005 06:42:32 AM
However, the user agreement states that you agree to reimburse PayPal for amounts owed. They might not be able to snatch $ from your account but you can bet that isn't the end of it. Any seller who would try to avoid paying a chargeback by pulling funds from PayPal account had better plan on not being able to use PayPal in the future and probably would face legal action down the road.
-------------------------------------
posted on April 13, 2005 06:57:33 AM
Right. They will continue to remove the amounts from your PayPal account only. If I'm not mistaken, I was told that the only entity that can take from your bank account without a court order is the IRS. We all know that they can do anything they want.
posted on April 13, 2005 08:32:24 AM
if you have a merchant account,your merchant account provider can debit as well as credit your bank account.
paypal is not our merchant account provider,so it does not have this right!
But Neglus is right,if you pull the fund from paypal account,you still owe money so future payments coming in will be netted against this deficit.whatever happens to this guy who sells gold and takes paypal,paypal took him to court and he lost his shirt ??
-sig file -------
Eat grass,kick ass,never go belly up!
The whole issue was that someone stated that PayPal can go into your bank account and they cannot. They used to. I know that you will still owe the money. Only an idiot would try to get away with that. No one that I know has the money to fight PayPal.
They were until January '04. I don't know why they changed it. Perhaps they found out they weren't supposed to be doing that although, you'd be hard pressed to find them admitting that.
posted on April 13, 2005 12:28:17 PM
gtootie, yes there was a lawsuit wherein PayPal was told they could not take money from your account unless you authorized a specific transaction.
Just need to know that if you get in a pizz'n contest with them, they can and will hold all other funds coming into your account until your debt is settled with them.
But no need to push the panic button. As Tomwii says, only accept Paypal for amounts you are willing to lose and as LtRay says, Play by the PP rules and you have nothing to worry about.
