The Pay Pal Experience- and your Overdraft- A Scam
"Pay Pal from partner in small start ups to Predatory Practices” I need to say sorry for posting the above blog which was not a blog but part of a comment I left on another bloggers comments. It wasnt until recently I realized I posted comments and not my post. I am sorry. The following is the report intended:
PAY PAL
*Pay Pal born, since companies are people too, in 1998. Elon Musk converted it into an internet company in 1999. It was a good company to do business with for a small business or if you enjoy lots of *Ebay. It was terrific until when the proverbial truth happens: Big fish swallows small fish. *EBay buys *PP for $5.5 Billion in 2002. Not bad for Mr. Musk! Now Comes a bigger fish *GE and buys the
whole enchilada con queso y guacamoles.
Then comes a whale of a fish ‘*Chase' and buys everybody. Some part of your mortgage or something financial that you do, means you are probably dealing with Chase. Something to do with financing of your car, by your house if it’s an expensive one..there is chase.
The Pay Pal Experience
One way or the other (PP) will have your banking information (account numbers). They will give you the option of using any account number, credit card, savings, checking or the number on your swiss account. They ask you when you open the account or in other ways when you have become a Pal. First how bright can you be to pay with pay pal instead of your CC or Debit account. Debits in most cases are free (old customer grandfather in, direct deposit and a couple of other things).
May be is just a power trip for you. Like paying with Amex moon rock…hasn’t come out yet..but stay tuned. May be you just want to let the cashier behind a tire or auto store, to feel owe that you are important by paying with something she/he probably never heard of. Makes you feel important by paying with Pay Pal doesn’t it?
How about if paying with pay pal with cost you a lot of money? Start at $35 and the limit? I don’t know. I am writing about over draft protection.
You might say, my bank can’t do that because I told them “I don’t want your overdraft protection”
But My bank tells me that is up to the bank discretion on this. If someone has your bank account number and they have a merchant number, or a reader your bank will honor the transaction, but particularly from Pay Pal. Is a way to get around overdraft protection. They will charge you $35.00 pay pal $35.00 and those $35.00 can multiply. But $35.00 to me or $10.00 is a lot of money when nobody is done nothing for me. This is what I mean:
Allow me to explain how the scam works:
Suppose that you have plenty of money in your checking account because you work…wall street…low blow…I wont say that….you work and got pay and there is money in your account. You have no money on Pay Pal, why would you be leaving money there. But you sell condoms on the side and people can pay with pay pal that will charge 20% and up. I can understand you sold something and use them (PP)…but then you have to get that money out of there ASAP/ No interest no Federal Insurance, just because they are your pal? I would say use…..their papi instead, Chase. Which makes better sense to me.
Now we said you got money at your bank and no money at (PP) but for $17 for some condoms you sold. Your car hits a pot hole and breaks a tire. You give you debit with Visa or Master card logo. The human behind the counter says,
“Dibitt or Cherch?”
You give your card out Charge you say and you are handed a slip to sign. Well more and more tire and repair national chains are taking PP At their stores. **Advance Auto Parts in Jersey for instance. I saw PP right on the register keys with the other cards.. Now Lets say Cashier hit PP for MC…not wearing glasses that day. Transaction goes to PP and PP approves You got $17.00 (sale is $125.00) at PP and because this is profit making, approving transaction that over pass the limit is good business if they can pass it on. PP asks your bank for the money and your banks approves $125.00 leaving you short for the Insurance, car payment or anything else. You had your just transferred $400. to checking to pay for car Insurance and to be kind lets say car payment.
PP gets pay a negotiated transaction fee from your bank. Both your mortgage and car payments checks bounced. Never mind your $35. for your bank. Mortgage, like rent and car payment and Insurance you want to keep square away if you want to keep them.
This is Pay Pal and going further, we have to ask the politicians that sold the law, when they made it very profitable for an industry called credit counselors and told us it was harder for discharging debs in court and more expensive if you had no money to pay but but they were going to make the banks be a little fair with you. The banks could not make you have overdraft protection…not true... my experience and according to my bank. And Pay Pal is like not haing the law at all.
You know what I like:
www.gregledet.net/ppfcm.html
** Advance Auto Parts are located all over, Headquarters in VA
*Paypal USA Corporate Office Headquarters HQ Address
2211 North First Street
San Jose, CA 95131
Corporate Phone Number: 1-402-935-2258
Fax Number: 1-650-251-1101
Email Address:info@paypal.com
Paypal - Ebay on Google Finance
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