Almost had my credit card jacked

[raudf]

I could be wrong, but I don't think so, at least in the US.

You're not wrong, but it does have to follow some (scarce few) regulations to operate.. but if it isn't FDIC insured, I'm not leaving my money in it. It's purely a money transfer point, to reduce the number of sites having either bank or cc info.. so I know exactly who to blame if I do find odd charges on my bank or card.

[Kagato]

Yeah, NEVER leave money sitting on a paypal account for any kind of extended timeframe, if they ever decide to freeze your account for whatever reason, they apparently have NO obligation to release any of the funds in your account back to you, meaning they get to pocket ALL of it.

Probably the biggest example of this happening is when the account of the guy who came up with the game Minecraft's paypal account was frozen... with a whopping $750,000 sitting inside it.

Example2: SomethingAwful did a fundraising campaign back in 2005 towards the Hurricane Katrina efforts, their account was frozen after raising over $30,000 in 9 hours for the Red Cross, due to "suspicious activity". Though in this situation all the transactions were refunded to the people that made them.

[Tama]

Poor Notch!

I bet HE isn't encouraging people to use it now.

[Shalom]

Part of it might depend on when you signed up with Paypal. I was one of the earlier users; at the time I signed up (just spent 10 minutes on hold with them to find out it was 2004), all you needed was a credit card. I very seldom get incoming funds on PP, using it mostly to pay for stuff on eBuy; on the rare occasion I get a refund, it generally goes right back out again on the next purchase. I don't ever leave balances in there if I can help it.

Now I think you have to give them a bank account. I do remember them badgering me for some time to give them one, but no thanks. Rather have the protection of the credit card issuer's dispute process on the offchance I need it; I know that one works.

[mhkohne]

Part of it might depend on when you signed up with Paypal. I was one of the earlier users; at the time I signed up (just spent 10 minutes on hold with them to find out it was 2004), all you needed was a credit card. I very seldom get incoming funds on PP, using it mostly to pay for stuff on eBuy; on the rare occasion I get a refund, it generally goes right back out again on the next purchase. I don't ever leave balances in there if I can help it.

Now I think you have to give them a bank account. I do remember them badgering me for some time to give them one, but no thanks. Rather have the protection of the credit card issuer's dispute process on the offchance I need it; I know that one works.

The bank account thing is required (I think) when you want to receive over a certain amount of money. I attached mine to an account which I keep very little money in.