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Beware
of this unscrupulous PayPal policy
The
term "Back Up Funding" is an undisclosed PayPal trap!
And, it can cost you plenty. That's
the way PayPal wants it.
The
PayPal message below is a small part of the very "busy"
PayPal payment screen. The "back-up" funding message
appears to state that your bank account will be interrogated
to determine if sufficient funds are available to pay for
your eBay item. Presumably, after this interrogation, the
designated "back-up" funding source would be charged.
NOT EXACTLY. |
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| Source of Funds |
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| Instant Transfer: |
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$000.000 USD from bank of choice
XXXXXXXXXX |
| Back Up Funding Source: |
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credit card XXXX-XXXX-XXXX-XXXX |
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What actually
happens is that your bank account will transact an e-Check
with PayPal.
If there are insufficient funds in
your bank account AND you did not click on the "More
Funding Options" icon to avoid your checking
account, then this e-Check will BOUNCE!
Our bank charges a $26 "return check
fee" by US Mail plus $5 per diem fee after 5 days.
It is only when your e-Check bounces, that your "back-up"
credit card is charged. It may take a week to receive your
bank notice. Sundays and holidays count toward the per diem
fee.
What is more compelling, is that you cannot change the "pay-by-bank-first"
PayPal default.
There is no way in PayPal to always
charge your credit card first.
You'll notice that this block is easy to miss - that's the
way they want it at PayPal.
BEWARE
This PayPal trap can cost you a lot of cash! BEWARE
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