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You may be able to avoid the biggest problem - which is money 'trapped' in the account by depositing all your funds, daily, into your bank account. Its called D
by ladyada 17y ago
You may be able to avoid the biggest problem - which is money 'trapped' in the account by depositing all your funds, daily, into your bank account. Its called Daily Sweep. Wait, you've never heard of it? Oh yes, thats because not only is it -not- advertised or mentioned anywhere on the site but to activate the -option- it you need to call up on the phone!
But its quite easy to do once you know about it. With your biz paypal account call up and request activation of Daily Sweep. If the first person says they dont know what you mean keep asking, eventually someone will admit it (only took us 2 tries!) and set up the option. Now in your account activate it under your prefs.
Every day, the earnings will be Swept into your bank account, just like a Merchant Account. No guarantees they wont try to, say, pull money from your bank account tho...
- jrockway 17y agoYes, what is to stop PayPal from requesting all the funds back from your linked account? Can you ask your bank to prevent this?
- HeyLaughingBoy 17y agoBank accounts are free. I have my personal account, my business account and a "throwaway" account I use only for PayPal funds. When my PayPal balance gets over a few hundred $$, I manually transfer to the throwaway account and then to the business account. They can't touch the business account because (a) they don't know about it and (b) they have no authorization to touch it, so if they somehow managed to withdraw funds, I'd be at the local branch the next day screaming at the bank manager. Make no bones about it, banks take unauthorized withdrawals very seriously!
- ladyada 17y agoWell we've only heard of this happening when there's a chargeback/claim & they had to pay the claimant. Not sure if its happened just because an account was shut down for 'risk management' Still, we prefer to keep as little $ as possible in PP's hands.