If you use PayPal and have linked a banking account to your PayPal account, be absolutely careful. PayPal just started with a new policy of forcing users to link to a valid bank account from a valid bank, which doesn't include Internet banks such as NetBank -- hence, if you want to do business on the web and need to link to a bank account, I suggest you open an account from your local bank far removed as possible from a banking account that you use for your normal everyday needs (i.e. the account that you have money directly deposited from your place of employment). Read the following and you will see what I mean:
If there are insufficient funds in your PayPal balance, you agree to reimburse PayPal through other means, as described in the Payments (Sending, Receiving, and Withdrawing) Policy. Furthermore, if you open a Premier or Business Account after October 11, 2001, you authorize PayPal to debit your bank account linked to that PayPal account for the amount that you owe PayPal on transactions which were not covered by the Seller Protection Policy and which were not recoverable from your PayPal balance. |
PayPal will not hesitate to drain your bank account to fund reversals of credit. This is some dangerous s#*@! By agreeing with their new policy, you're giving them a carte blanche approval to tap your funds. Before, they had to kick and scream for you to issue a check in the likelihood that you owe them money, but now...no go, they'll go straight to your wallet without asking you (beyond you agreeing to the new terms). So be careful! You've been warned!
yada yada... don't screw a buyer over and not refund them if the refund is due. To me that's a Sound business policy. Except for the internet bank part, that is just paranoid.
Posted by: martianpackets on November 15, 2003 12:07 AM