Krebs got his Id stolen, and you won't believe how easy it was!

[Lsbcal]

Maybe the Paypal policies are driven by the profit motive? Could it be profit over strick security?

I did not see that Krebs was suggesting people close their Paypal account. Could that also be driven by the profit motive?

[tmm99]

Thank you for this thread. I just removed my bank info from my PayPal account.

[easysurfer]

This thread is a blessing in disguise for me as I was testing the Paypal 2FA on my Tracfone but didn't receive any sent texts. Looks like my trusty Tracfone isn't so trusty and can't make or receive calls. So, now I have a ticket with Tracfone tech support hopefully to fix what's wrong. Better fix this now than away and REALLY needing to make a call.

[RunningBum]

I foolishly had 2 bank accounts connected. I could delete one, but I can't delete the main one. It says there is a pending transaction, but I don't see any. The last transaction was taken out of my bank account on 11/30. I was able to login to paypal so my account hasn't been hacked. Anyone else see this? I put a tickler on my calendar to try again in a few days.

[Peter]

Quote:

Originally Posted by RunningBum I foolishly had 2 bank accounts connected. I could delete one, but I can't delete the main one. It says there is a pending transaction, but I don't see any.

Yes, I get the same thing. Says there is a pending transaction, but there isn't one. I was going to leave it for a few days and then try again.

[rodi]

Quote:

Originally Posted by Peter Yes, I get the same thing. Says there is a pending transaction, but there isn't one. I was going to leave it for a few days and then try again.

Me too.

I suspect Paypal put a broad block on removing bank accounts till they can spin this.

[rodi]

I just tried to close my paypal account and it tossed an error.

Looks like they've got mass-flight and are overreacting.

- edited to add - maybe not. I had a student account for my son - and it had a small balance. I'm transferring that out, then will close the account.

[Fishingmn]

Disconnected my bank account. Thanks for posting this article.

[freedomatlast]

The bank account listed on my Paypal account was closed over 5 years ago. I use a credit card for any transactions.

[razztazz]

I hardly use my paypal account. Sometimes almost a year will go by before I buy something with it so I have a question before I disconnect my bank.

If you disconnect your bank account and connect a credit card to paypal I can see how you'd use that to make purchases.

But, the initial reason I opened a paypal account was because somebody wanted to SEND ME money. If I disconnect my bank account, they send money to my PayPal account ... how do I get it into my bank account from paypal?

[Chuckanut]

Quote:

Originally Posted by Christine I hope it was a glitch and that the customer support person got sacked. Mine is linked to my credit card so I have extra protection.

Really the upper management should be sacked. That would be fairer but probably much less likely. Ever see the movie "Paths of Glory"?


The worst decisions are made when angry or impatient.

[razztazz]

Quote:

Originally Posted by Chuckanut Really the upper management should be sacked. That would be fairer but probably much less likely. Ever see the movie "Paths of Glory"? The worst decisions are made when angry or impatient.

I wouldn't jump to a conclusion without more information. Did Upper Management indeed lower the security threshold? Or did this customer service person make up and easy solution to a pesky problem on the fly? In the first case, yes. Hang 'em then sue 'em! The worker was just doing what she/he was instructed. "Control over a man's livelihood is control over a man's will" "Big Al" Hamilton.

In the second case I wouldn't hold it against management unless they just laugh it off and don't do anything about it. Then it becomes their fault too. Altho the problem people have had disconnecting their bank accounts today does not speak well for them.

Paths of Glory is one of my all-time fav films

[SteveNU]

Quote:

Originally Posted by razztazz I hardly use my paypal account. Sometimes almost a year will go by before I buy something with it so I have a question before I disconnect my bank. If you disconnect your bank account and connect a credit card to paypal I can see how you'd use that to make purchases. But, the initial reason I opened a paypal account was because somebody wanted to SEND ME money. If I disconnect my bank account, they send money to my PayPal account ... how do I get it into my bank account from paypal?

That's my situation too. Not sure how you would accept payment from eBay without having a bank account associated with your account.

Sent from my Nexus 7 using Early Retirement Forum mobile app

[razztazz]

Quote:

Originally Posted by SteveNU That's my situation too. Not sure how you would accept payment from eBay without having a bank account associated with your account. Sent from my Nexus 7 using Early Retirement Forum mobile app

Thanks . That clears it up for me. I thought I was missing something

[MichaelB]

This is kind of scary. The Electronic Funds Transfer Act, which protects consumers from unauthorized electronic transactions, only applies to retail accounts / consumers, not businesses. If a PayPal hack led to unauthorized funds being withdrawn from a linked bank account I can see the both the bank and paypal refusing to pay, each blaming the other.

[audreyh1]

Right - if you sell stuff via PayPal you need to link a bank account.

[easysurfer]

I updated my paypal account to not use my bank account as a funding source. Only to receive but not to pay. To pay, I'm only using a cc.

[Disappointed]

Quote:

Originally Posted by easysurfer I updated my paypal account to not use my bank account as a funding source. Only to receive but not to pay. To pay, I'm only using a cc.

I can't seem to find this option, only to remove the bank account?


Sent from my iPad using Early Retirement Forum
Mp

[easysurfer]

Quote:

Originally Posted by Disappointed I can't seem to find this option, only to remove the bank account? Sent from my iPad using Early Retirement Forum Mp

If I did this right, followed the navigation from:

profile -> paying online/preapproved payments -> set available funding sources. Then from there, I unchecked my checking acct and only left my cc.

[RunningBum]

Go to Wallet in your account. You'll see each bank account and card you have linked. Click on whatever you want to delete. A screen will come up with some options, one of them being "Remove Bank" (or card).

I did some googling and not being able to delete banks or cards is a common issue. Apparently transactions are sometimes left as pending in their system even after they have cleared and show completed to the user. It is simple for them to clear them, but people have only had luck if you call rather than try to send them a message. Takes about 2 minutes once you get through, especially if you go through their Contact Us page where you account info is loaded for the rep to see when they answer. I will be trying this next week.

If they try to convince you not to close it, you can always tell them you are switching banks and will update with the new bank later. But nobody has said they've had any push back.