PayPal question....

Does PayPal charge any kind of fees for having a balance? I have a significant balance and would hate to see it reduced b/c of my ignorance.

Nope.
They will pay interest on your balance like a bank account.

Actually I believe they're obligated to pay interest...

there isn't a more desirable answer to that question. Thanks gentlemen!

0.0000000001% interest probably

Better than my bank account is doing.

Personally, I don't see the point of having a big Paypal account. I'd rather have it a bank where I could go to and take it out rather than having to transfer it first, which could take a couple of days. I know what I need in Paypal to cover my expenses and I try to keep it at that amount. JMHO

Dream Burls said:

Personally, I don't see the point of having a big Paypal account. I'd rather have it a bank where I could go to and take it out rather than having to transfer it first, which could take a couple of days. I know what I need in Paypal to cover my expenses and I try to keep it at that amount. JMHO

Click to expand...

me too...this isn't mine though...and I don't want to incur any extra fees with multiple transfers. just wanted to make sure it wouldn't cost anything to sit there.

If you're worried about it I'd be happy to send you my PayPal information and you can just transfer it into my account.

Lucretia said:

If you're worried about it I'd be happy to send you my PayPal information and you can just transfer it into my account.

Click to expand...

hahahahahahahahahahaha....no.

You don't have to transfer it anywhere. You can get a debit card from them and use it just like a bank account. No fees and they give you cash back on your debit card purchases like a Discover card.

But they do have withdrawal limits every month, unless you fork over your social security number. I think it's a $500 pr/mo withdrawal limit with no SS#. Something to consider.

Just how anyone manages to have a positive PP balance on KKF is beyond me.

jayhay said:

But they do have withdrawal limits every month, unless you fork over your social security number. I think it's a $500 pr/mo withdrawal limit with no SS#. Something to consider.

Click to expand...

According to my account I have a daily spending limit of $3000 and a daily ATM withdrawl of $400. Nothing about monthly limits and I have never given them my SS#. Could be that I have a business account though. Not sure on that one.

chefwatson said:

According to my account I have a daily spending limit of $3000 and a daily ATM withdrawl of $400. Nothing about monthly limits and I have never given them my SS#. Could be that I have a business account though. Not sure on that one.

Click to expand...

Interesting. I don't have a biz acct, just personal. A year ago I went to war with paypal. They wanted my SS# for me to continue using my personal acct. At that point I was never selling or withdrawing any money, just using it for web payments. One day I logged on and my account was suspended unless I provided my SS#. I said, F THAT and threw a small man fit. Wrote some nasty emails, with lots of f-bombs. They never got back to me, but a month later my account was un-suspended. I hate paypal lol.

Paypal is like a bank account so they now verify your identity.
In the beginning you could have an anonymous account, but it seems those days are gone.

I use Paypal for all of my business transactions.
Makes it a lot easier to keep track of everything.
and...yes you get cash back for using your paypal debit card.

This was posted to my account today.
Cash Back Bonus From PayPal Inc Debit Card $14.94 USD

I use PayPal for my business merchant account. Their per-transaction fee is very fair with no extra charges added each month. In fact, I dumped my other merchant account that I was using for taking cards at shows and over the phone because they were charging about $45 to $60 each month for their extras. I have a $3000 per day transaction limit, $400 per day cash withdrawal and unlimited transfers to my checking account. They charge nothing for keeping a balance and don't pay interest. Just like any other bank today, they do require the same information as your local bank as a protection against money laundering. Go to a local bank and apply for a checking account, the bank will require a lot of information now that wasn't required in the past. No amount of f-bombs or nasty emails will change the federal regulations. Now I have a PayPal here card reader and I will use it with my iPad at shows instead.

Disputes with customers are another point. I have had two this year go my way because PayPal went to bat for me against two bogus disputes.

In April I received over $90 back from PayPal for using my debit card. Yesterday I received $74 back.

wow...PayPal has really grown up since I discontinued using it about 10-12 years ago.

Great responses...thanks everyone!