[meteorite-list] Ebay to buy Paypal

From: Mark Miconi <mam602_at_meteoritecentral.com>
Date: Thu Apr 22 10:00:06 2004
Message-ID: <003e01c227d0$d4533960$54b60344_at_ph.cox.net>

PayPal does ask for a checking account to VERIFY AND CONFIRM who you are.
They make a couple of less than a dollar deposits to your account. Once they
appear in your account you login to their verification page and confirm the
amounts they deposited. That allows them to confirm you are who you say you
are. Once completed you are now covered under their protection programs and
it allows sellers additional protection for accepting payments from verified
users with confirmed addresses.
It also allow users to send e-checks from their checking accounts, for those
that insist on using a check. In our business we do not accept personal or
business checks for any reason from bidders. The bank we have our business
account with charges us for making more than 7 deposits a month. Having to
deposit personal checks in a separate deposit to watch them clear got to be
expensive, with an Echeck via PayPal it shows up in our account and then
sits until it clears. If it does not clear, we are not charged, I do not
have to deposit it and watch it, as with a normal bank and paypal notifies
us by email when it clears.
People are so paranoid about giving out a checking account but think nothing
of using a debit card and punching in their PIN # on a pad at Walmart. Well
take it from someone that used to install and service those card
readers...they go out to the bank on an UNSECURE Phoneline and the data sent
is NOT ENCRYPTED. Anyone with the proper modem and access to that phone line
can capture that data streaming to the bank without interupting the
transmission. Everything seems normal. With equipment you can buy just about
anywhere they can use expired credit cards, and with one pass re-write the
mag strip on the old card with your bank info.

We recently had a deposit stolen from our banks ATM. It was the ATM on the
outside of the bank. Think for a moment that a bank employee comes out
nightly before they close to service the ATM and you are woefully wrong.
Most ATMs even the ones attached to the banks are LEASED. Another company
services the ATM, adds cash and removes the deposits. Just because you have
a receipt from the ATM means squat. Luckily they stole a bunch of deposit
envelopes and were actually caught by the police. 35 people had their money
stolen, ours was returned luckily.

We have not had a single incident with money being stolen from PayPal or by
PayPal. Follow their rules and they will not have a reason to freeze your
PayPal account. They can not access your checking account anymore than I
can, they simply use it to verify you are who you say you are.

Mark M.
----- Original Message -----
From: Charlie Devine <moonrock25_at_webtv.net>
To: Michael Farmer <farmerm_at_concentric.net>
Cc: <meteorite-list_at_meteoritecentral.com>
Sent: Tuesday, July 09, 2002 11:11 AM
Subject: Re: [meteorite-list] Ebay to buy Paypal


> Michael. Another dealer list-member did have a problem, and talked
> about it on this list a few years ago. I have a friend whose account
> has been frozen for several months. What can I say? I don't know if I
> could or could not find a page on any or every company. Is it a problem
> worth mentioning? Well, it's "a" flip side. Billpoint never insisted
> on a checking account number, for which reason, as a buyer I preferred
> Billpoint. I've used Paypal, up to my initial spending limit, but not
> to the point of a checking account.
>
> Charlie
>
>
Received on Wed 10 Jul 2002 01:15:38 AM PDT