Paypal Question..

[X4biddenxLustX]

Not sure if this is the right place to post or ask this, if not please move it to the right place!

I've only used paypal a few times to purchase some small items from ebay and that's been the only thing I've used paypal for so far. But I've gone through my house and realize that I'm a serious shopaholic. I've accumulated a ton of stuff that I've only used once or twice or haven't ever used. Money is tight right now, and I've thought about selling some of those items either on here or somewhere else (since beauty related items I think are only allowed on here). I'll obviously have to use paypal as everyone and their mama has an account there. The problem is that I don't have a bank account just a credit card...I'm not sure if it'll be possible for me to receive funds from buyers with no bank account. Is it possible? If so does anyone know how it would work?

I have also read a little about how paypal sucks when it comes to sellers, any advice for a newbie would be appreciated!

 

[xxManBeaterxx]

hmm. im not 100% sure on this...

You can sign up with paypal with a credit card. If there is enough money in your PayPal balance to cover the payment, you cannot use your credit or debit card as a payment method for that payment. In order to sell items i think you need your paypal account linked to a bank account, because incase anything happens to the buyer side and they file a claim and win, paypal automatically accesses your bank account and removes the money from there, because i dont think paypal charges money to your credit card and the only way to get the money back is through a bank account.

..im not sure.. i think you can call and ask paypal though

 

[X4biddenxLustX]

Quote:

Originally Posted by xxManBeaterxx hmm. im not 100% sure on this... You can sign up with paypal with a credit card, but you can only purchase stuff by adding funds into the paypal account through your credit card. In order to sell items you need your paypal account linked to a bank account, because incase anything happens to the buyer side and they file a claim and win, paypal automatically accesses your bank account and removes the money from there. ..im not sure.. i think can call and ask paypal though

Yeah, I doubt I'll be able to sell anything cause there wouldn't be anywhere for the funds to go into. I guess, I'll have to ask my dad and see if I can use his bank account for this.

I tried finding a number to call on their site, and it just lead me to a page where they asked for me to either log in with my account info (I don't personally have a paypal account right now at this moment. Don't want to sign up for one if it's going to be useless) or if you wanted to sign up for an account.

 

[xxManBeaterxx]

^^ I edited stuff so you might want to re read

Its very very easy to get a checking account, most banks only ask for like $100 as the minimum amount to put down to open one, and as a student i dont have to have a minimum balance in my checking account

 

[X4biddenxLustX]

Quote:

Originally Posted by xxManBeaterxx ^^ I edited stuff so you might want to re read Its very very easy to get a checking account, most banks only ask for like $100 as the minimum amount to put down to open one, and as a student i dont have to have a minimum balance in my checking account

Thanks! I guess I'll just have to ask my dad then =/

I have been considering opening up a bank account as long as I don't have to have a minimum balance in my account (I won't have ANY money in my bank account for the first few months of me having a job cause there is a ton of stuff I need to get). Lol, I only wish I had $100 to my name right now! I have zip, another problem boo!

 

[X4biddenxLustX]

I have another question..about bank accounts.

I just found out that one of the banks around my house, only has a $50 as the minimum amount to put down in order to open one. I was wondering if I can open an account and put that $50 down, am I able to withdraw that same $50 on the same day or immediately afterward without any problems?

 

[xxManBeaterxx]

^^

You need to ask the banker if you need a minimum balance in your checking account at all times. If not, as long as theres no negative balance=bad and overdraft fees, $0 is ok, as soon as you open the checking account and then get the debit card in the mail you can spend xD

 

[X4biddenxLustX]

Quote:

Originally Posted by xxManBeaterxx ^^ You need to ask the banker if you need a minimum balance in your checking account at all times. If not, as long as theres no negative balance=bad and overdraft fees, $0 is ok, as soon as you open the checking account and then get the debit card in the mail you can spend xD

Lol thanks! All banks are closed right now so I'll have to wait til Monday at least. I just want the most basic free service without a debit card (I'm too paranoid to deal with having one, rather just do credit.)

 

[purrtykitty]

Most banks will require you to leave a little bit of money in your account...like a dollar, so that it won't automatically close. Depending on what you open your account with (like cash), your money could be available that day. But, opening an account and then immediately withdrawing nearly all the funds may get your account flagged for funny business.

 

[X4biddenxLustX]

Quote:

Originally Posted by purrtykitty Most banks will require you to leave a little bit of money in your account...like a dollar, so that it won't automatically close. Depending on what you open your account with (like cash), your money could be available that day. But, opening an account and then immediately withdrawing nearly all the funds may get your account flagged for funny business.

Thanks!

I really wanted to know what I was I was going to get myself into if I wanted to open an account. Ugh, I wish they taught us a class on this stuff in high school

!

 

[xxManBeaterxx]

^

Hahaha i wish too. I learned jack sh*t about the world in highschool, its just an institution where they give us busy work to keep us out of trouble in the real world while we grow up a bit. I wish there were classes that taught us about banking/home owners/money, etc... What i learned in 1 year in high school i bascially learned in a couple of days in college -_- But then again i went to a really crappy public school.

 

[X4biddenxLustX]

Quote:

Originally Posted by xxManBeaterxx ^ Hahaha i wish too. I learned jack sh*t about the world in highschool, its just an institution where they give us busy work to keep us out of trouble in the real world while we grow up a bit. I wish there were classes that taught us about banking/home owners/money, etc... What i learned in 1 year in high school i bascially learned in a couple of days in college -_- But then again i went to a really crappy public school.

Totally agree! What is it they say is true...that we only generally use a very small fraction of what we learn in high school in every day life? Whether or whether not it's true I would of rather preferred to of gotten the most out of my high school education so I'm better prepared when I go out to the big bad world on my own lol. I just wish I had a class that got really in depth when it comes to things like banks, credit cards and how they EXACTLY work not the depositing and withdrawing bs that we all know (I mean that's just like subtracting and adding really!). But nope! I'm trying to learn all of that now so I don't end up in debt or anything.