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But they can withdraw from linked accounts as easily as they deposit to them. You give them permission to do so, even for disputed amounts, in the TOS. The onl
by DrScump 10y ago
But they can withdraw from linked accounts as easily as they deposit to them. You give them permission to do so, even for disputed amounts, in the TOS.
The only safe mechanism is to close them off from the bank side (e.g. sever their access, close account, change account number).
- blhack 10y agoI think you are misunderstanding the point of a sweep account here. Paypal gets "swept" into the sweep account at your bank, and then that account gets "swept" into another account at your bank that paypal does not have access to. Your sweep account should get a very low balance, and only acts a sortof public-facing proxy for your bank accounts.
- oblib 10y agoexactly
- DrScump 10y agoNo, I didn't misunderstand the quote: "set up a nightly sweep from PayPal to a proper bank account" In other words, there is no mention there of any second bank account as a final depository... which is, of course, the best mechanism.
- deelowe 10y agoA "sweep account" is a technical term and has a specific definition. The parent's comment makes absolute sense if you know what sweep accounts are used for in the more traditional sense. The parent is suggesting setting up a 0 balance sweep account and then having paypal deposit all funds into that account nightly.
- masonic 10y agoDo you really not understand the difference between a noun and a verb?
- deelowe 10y agoThese comments are hillarious. Literally the first result for nightly sweep: https://www.google.com/search?q=nightly+sweep&oq=nightly+sweep https://www.google.com/search?q=nightly+sweep&oq=nightly+swe...
- lazyasciiart 10y agoThe original comment didn't even use the term "sweep account".