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Re: Paypal Varification 

Josh --

I have had a PayPal account for a couple of years now and I've probably spent around $500 or $600 though PayPal. Once I verified the test deposit to my account, it's been quick and easy. I generally maintain a $50 balance with PayPal for impulse buys and quick donations. So far I haven't had any problems with them or their affiliated merchants that I've dealt with. Nor have I gotten anyone to click on the donate button in my sidebar and actually send me money.

I haven't personally gone through their dispute resolution process, but I know people who have and they reported satisfactory results.

I do get the occasional phishing e-mail pretending to be PayPal, so I'm careful to make sure I'm connecting to the websites I think I am. And other then purchases, I always try to initiate my connection to PayPal rather then follow a hyperlink.

In the beginning I don't think that they actually wanted to require access to your bank account, but I suspect that it was the regulators that have driven the requirement as part of the "know your customer" initiatives. I also suspect that PayPal is subject to the same kind of (or at least very similar) auditing as most banks not to mention S.Ox. auditing.

I haven't seen any gaping holes in the security of their transaction model. And I suspect that if and when a security flaw is found, that it will get rapid and very public attention.

Overall I'm very happy with their service and would recommend that you go ahead and verify.

I'm happy to throw in my 2 cents.


Date: Mon, 08 May 2006 17:21:24 -0400
From: "Joshua Engel"
Subject: Paypal verification
Do you have a Paypal account?
They keep trying to get me to "verify".
I'm kinda reluctant to give them any access to my bank account at all.
With a credit card they don't have access to my money; they can charge
me a trillion dollars but at least I still have my cash. But they're
a semi-reputable organization. Sort of. Thoughts?

-- Joshua