How much money would you dare keep in an Internet bank or PayPal account

by derekwong28

Posted: 14 years ago 14 replies

OFF TOPIC

This is a very serious question. Nowadays, many people carry out their banking activities completely online and some banks have stopped issuing hard statements. Morover, the bank accounts are often linked to stock and mutual fund holdings. For all intents and purposes, you have to trust that the bank has really purchased these for you. Of course, there is the risk of Internet fraud.

Therefore, I am interested in how much money would you dare leave in a single Internet bank account. No jokes/silly statements please as this is a very serious question.

In the case of PayPal, there are so many issues with it that I would be loathe to keep more than a few thousand dollars in it for more than a week. Whenever I see videos of IMer's purporting that their PayPal account has hundreds of thousands of dollars, my BS nometer goes through the roof.

Derek

#account #bank #dare #internet #money #paypal

halfpoint 14 years ago

As far as PayPal goes, I only ever leave enough in there to account for refunds and monthly payments. I hate having large sums in my PayPal account.

I'm more trustworthy in my bank account and am confident of keeping a fair bit in there - It's not something I've thought a lot about, to be honest.
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snapcontent

14 years ago

Is Paypal covered by any of the Govt insurance schemes? In the UK, for example, personal accounts tend to be insured (or the first £xx,000 anyway).

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tht222

14 years ago

Originally Posted by snapcontent

Is Paypal covered by any of the Govt insurance schemes? In the UK, for example, personal accounts tend to be insured (or the first £xx,000 anyway).

I believe its €100 000 for all the EU countries...

As far as PayPal goes - they can go belly-up any time and take your money along the way and there's nothing you can do about it. If you don't believe me - just Google "Epassporte" and find out what happened recently. Of course, PayPal are a bit more solid, but still ... as soon as I get more than $200, I withdraw them to my CC ... was doing the same with Epassporte, which is why I lost only a bit more than $100, while others kept 20k, 30k, or 40k in their accounts and right now are in labor pain...

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Barry Unruh

14 years ago

Originally Posted by tht222

If you don't believe me - just Google "Epassporte" and find out what happened recently. Of course, PayPal are a bit more solid, but still ... as soon as I get more than $200, I withdraw them to my CC ... was doing the same with Epassporte, which is why I lost only a bit more than $100, while others kept 20k, 30k, or 40k in their accounts and right now are in labor pain...

Luckily Epassporte does not have the funds, St. Kitts Nevis Anguilla National Bank does. Technically the cards are owned by the bank not Epassporte. They claim they will have something in place by the end of the month. (Announced on their website, and I talked to them today on the phone.)

We have about $2,000 in affiliate earning from a dating site payment tied up on Epassporte right now. We were paid one night, woke up the next morning to discover the accounts were suspended.

Could it happen to Paypal? Sure it could. Is it nearly as likely, no.

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Tony Dean 14 years ago

$1

Paypal is a private company and does as it pleases with the money they take in, they are not fdic insured in the USA and nowhere else in the world either.
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- Chris Worner 14 years ago
  
  Originally Posted by Tony Dean
  
  $1
  
  Paypal is a private company and does as it pleases with the money they take in, they are not fdic insured in the USA and nowhere else in the world either.
  
  Really? I was under the impression that in Hamburg PayPal is classified as a bank?
  
  Respectfully
  Chris
  
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webdollarz 14 years ago

I keep the least amount of money in Paypal. Heck! it doesn't make me a dime keeping that money in Paypal. I rather invest it in stocks or other bank instruments that give me a decent return.
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petevamp 14 years ago

LOL That is a really good question. As someone stated above i would only leave enough to cover refunds. But if I didnt have to worry about refunds I wouldnt even keep a dollar in pay pal. Nor would I keep money in an internet bank thats just asking for them to take all your money with a grin on their face.
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AndyBlackSEO 14 years ago

I've just shifted a large(ish) chunk over from Paypal into my business account. I should do this more regular, but just forget. When I do empty it I tend to leave enough for monthly subscriptions and a few refunds etc.

I have heard some horror stories of people losing access to all their money because Paypal for some reason 'Freezes' their accounts. Not sure of the reasons why but it does make you think.
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derekwong28 14 years ago

I am not worried that much about Govt insurance, it is unlimited in Hong Kong. It is just that before when we buy shares and mutual funds, we get a certificate. Now we get nothing and have to trust the bank's computer systems completely. Morover, there are no hard statements.

I have just received proceeds from a property sale. I am wondering whether to use that to repay part or all of my existing mortgage. But on the other hand, I am only paying 2.45% for my current mortgage and I could earn more interest through stocks or bonds.
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Brenden Clerget 14 years ago

At times I leave thousands in my accounts depending what part of the month it is or if offline payments have just come in.

The big deal with epassporte didn't help that they were accepting online poker payments forever and the government slapped them HARD a couple years ago.

PayPal doesn't and won't have that issue. eBay was the best thing that ever happened for that company.
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Ehsan_am 14 years ago

Up untill now most of my business was gambling related so I used to use Neteller and I have had up to 20k over an extended period in my account. I know of many people who keep several hundred thousands in their Neteller account. However I wouldn't feel as safe with paypal. I would say most gambling related online payment processors seem to be safer and more legit since they deal with way larger amounts of money and have to make sure their clients trust them.
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Brenden Clerget 14 years ago

Absolutely true Ehsan, but a lot of the big online poker pros (some of my friends and I included) keep nearly six figures in their online poker accounts - and they just use offshore bank accounts and wire it back and forth.

It's just easier that way.
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hitext2 14 years ago

We used to use iBill for payment processing - until they went belly up owing us about $50,000. We got about $20,000 of it back, but no hope of getting the rest.

Worse than that, all our customers were on monthly recurring billing, and we lost all the future rebills, too. I estimate that cost us about $250,000 in lost revenue
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How much money would you dare keep in an Internet bank or PayPal account

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