[PLUG-TALK] Paypal verification process, is it safe?
Jeme A Brelin
jeme at brelin.net
Tue Dec 16 09:14:36 UTC 2003
On Mon, 15 Dec 2003, Michael C. Robinson wrote:
> They require a check routing number and an account number. Is this
> enough for them to do anything other than deposit money?
Not in the United States... not unless you give them more privilege.
> Why does paypal want people to verify? Can they take any money without
> authorization? If I'm robbed assuming they can do this, what do I need
> to know to get my money back?
All electronic transactions with banks are carefully tracked. You could
only conceivably have a problem if they transfer money to an overseas
account with falsified authorization.
And unless you have hundreds of thousands of dollars, you're sure to be
OK.
> Is paypal under any banking laws whatsoever?
Paypal.com is a financial institution that is under the same federal
regulations as all others.
You will find details on this in their service agreement. Did you bother
to read that?
> Is there a good alternative to paypal and money orders for online
> transactions, or is paypal the best choice?
I think paypal is the best choice because it's the most common one and
universality is the goal here.
I'm not aware of a non-profit or member-owned alternative.
J.
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Jeme A Brelin
jeme at brelin.net
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