I'm so happy to keep ADDING amounts to the PP account!

I decided about four months ago to leave all MS money in the account and to watch it grow. It's starting to get fun now!

I will be taking it out in May for a trip to WDW, but while I'm on the trip, money will keep coming in...and that will be nice! Will start all over and let it grow as long as possible!

Just wanted to say: seeing the account grow makes me appreciate MSing more

Im doing the same! Its so nice to see all the additional money accumulated in one place, I usually do my online shopping through Paypal as well so I don't feel like I'm dipping into my work funds lol.

If you do any selling on feebay at all, never leave money in your PP account. Easy enough to transfer it to a bank account that you have set up just for that purpose. PP is not a bank, and not covered by the same rules as banks.

I consider PP a necessary evil at this point. I have moved everything possible to direct deposit.

Since Paypal pays no interest, a better strategy would be to transfer the money to a high interest rate savings or money market account. This way, you can still watch your money grow, earn some interest along the way, and get FDIC protection for your funds.

Just a thought...

While I am happy that you are seeing the fruits of your labor, I would caution you against leaving your money in PP. From personal experience, I would advise you to sweep out any excess. PP will lock your account if the wind blows the wrong way.

Edited 1 time(s). Last edit at 02/18/2019 04:30PM by Monk-N-Nut.

I had a bad experience with PayPal. An error on their part denied a refund. All of my MS payments were garnished to pay the debt. Needless to say, I only use them if an MSC offers no other choice.

Congrats for your burgeoning balance! Keep up the good work!
(And, be careful with any PayPal changes that could affect your account.)

Congrats on the growing amount in your account! But after hearing terrible stories from friends and online about PP taking money or locking people out of their account and keeping the money, I immediately move $$ out of PP the second it hits my account.

Hmmmm...I didn't realize PP was so "iffy."

I already save in a Roth, a Traditional IRA, and a savings account....but I've never found interest in the savings accounts to be any higher than 2%, though my IRAs do well; I've thought about transferring one or both of them to an FIA, not sure, though.

I think I will take the money out of PP and let it sit in my bank account for a couple weeks. I was going to use it as part of the down payment on a house, and it would be awful if it got "stuck" in the PP account.

Thanks for the heads up!

Good move. You'll earn interest, and you won't be at risk of having your account randomly emptied.

Need to change the title....

My PP Account is Zero

haha

I've done the same thing. I've been at this a year and have just let it accumulate. It's really nice to gaze at but after some of these warnings I think I'll keep enough to pay the taxes and work with and ship the rest to a savings account I got paid to open. I know the bank won't grab my money.

Well, I don't think they will, anyway.

Goldman Sachs has an online savings that earns 2.25 % APY and it's easy to open. You don't even have to have a minimum balance to open it, though you have to have at least $1 to earn the APY. And you can make 6 withdrawals per monthly statement period.

(

@msimon-2000 wrote:

Since Paypal pays no interest, a better strategy would be to transfer the money to a high interest rate savings or money market account. This way, you can still watch your money grow, earn some interest along the way, and get FDIC protection for your funds.

Just a thought...

2.25 is pretty decent these days. Thanks for the post.

@JASFLALMT wrote:

Goldman Sachs has an online savings that earns 2.25 % APY

@panama18 wrote:

I know the bank won't grab my money. Well, I don't think they will, anyway.

That depends on the bank. If Chase doesn't like your politics, they have been known to close accounts.

Wow, glad I read this thread.. Congrats on your PayPal growing or just saving for your trip through MS since you said you emptied your PayPal lol. Have fun on your trip!! I usually let my PayPal account accumulate and transfer money just as I need it.. I have never had a bad experience with them or were aware anyone else was having problems. I would say 75% or more of my MS payments are direct deposit so I don’t have a ton of money in PP but thinking about keeping my balance close to zero after reading here.. thanks everyone!

Edited 1 time(s). Last edit at 02/19/2019 03:28AM by Lissymaree.

Explain

@iShop123 wrote:

That depends on the bank. If Chase doesn't like your politics, they have been known to close accounts.

The minute my money hits my PP account, I move it to my bank account due to the exact reasons mentioned above. I have a business debit card with PP but, I don't leave my money in the account long enough to use it.

That's what I did. I also used them to shop. I bought a coat from Michael Kors last year. It didn't fit, so I returned it. Kors issued a refund via PP, but they rejected it. No reason. That put my account in the negative. They ate up all of my MS payments.

I went through PP to find out what happened. They were useless. I went through Michael Kors, and they told me that PP rejected the payment over and over. They finally sent me a paper check as a refund, and I sent it to PP.

Needless to say, I use them if an MSC doesn't offer direct deposit or check.

For Paypal, they closed the account of Andrew Torba (one of three founders of the social media site "Gab" ) ; on the other side of the political spectrum, they closed the France-Palestine Solidarity Association. There are many others as well, such as Laura Loomer.

Chase recently shut down Joe Biggs' account, an account he had for 20 years. Also Enrique Tarrio and Martina Markota had their accounts shut down without explanation.

Whether or not you agree with someone's politics should not be a reason to mess with their finances. If a business was upfront and said, "We don't want accounts from [x] [y] and [z]," I can see that is their business. But to close accounts to which payments are tied that can't be changed is just wrong.



Edited 2 time(s). Last edit at 02/20/2019 04:36AM by iShop123.

I always transfer it to my bank. Most of the MSC's are doing direct deposit anyways. I always maintain an Excel sheet to see how much I make. That makes me happy too.
@Jill_L Do not leave large sums of money in PP. A lot of hackers have a way of getting into your account. Recently, I noticed some unusual activity in a dormant PP account created years ago. Luckily with no money in the account, no harm was done but I saw that a hacker had attached his phone number and bank account to the PP. Pls be careful. But, congrats and well done!!

I don't know which publication you are getting this nonsense from, but.... If you would step back and give it little bit of "is it realistic" thought, you'd realize that these stories are nonsense published by "news" outlets that peddle in "Alternative Facts" because they have failed to learn the lessons of the "Bowling Green Massacre."

Consider:
1. Shutting down bank accounts for political reasons is illegal. Why would Chase risk it's (very wealthy) corporation to shut down such accounts?
2. If this were true, the folks mentioned could sue - and win handily. However, they can't do that as their "claim" would be proven false. Chase shuts down many bank accounts, despite political affiliations, when they become inactive, carry a smaller balance than what the account permits, etc. Mystery shoppers who shop banks would recognize that these conditions exists. There is lots of information out there about accounts being closed by Chase - and it has nothing to do with politics. NOTE: Account holders' money is returned.
3. Such political mouthpieces get lots of attention by yapping about such things: They get audiences and notoriety by doing so: The truth be damned. (Kind of like my math students who say I failed them because I didn't like them but fail to mention having never done homework, failed tests and been unavailable to come in for help. Saying the teacher didn't like them is a far better story.)
4. Respected conservative-leaning publications, such as the Wall Street Journal have not reported on this - and it would be a huge story if it were true. Mainstream sources have not reported on it either.
5. I see this story on Reddit, The Gateway Pundit, DCDirtyLaundry, and "The Conservative Firing Line." These sources all cite one-another - which site Twitter feeds. None of these sources even try to claim to be "balanced" news. They are all (aside from Reddit, which isn't a news publication at all - rather a place where anybody can say anything) admittedly hyper-conservative sources of spin.
6. Most convincing... If this had any inkling of truth, POTUS would have already tweeted Dimon into infamy.

A person's politics should not affect their ability to tell truth from crap. This "news" was crap.

@iShop123 wrote:

For Paypal, they closed the account of Andrew Torba (one of three founders of the social media site "Gab" ) ; on the other side of the political spectrum, they closed the France-Palestine Solidarity Association. There are many others as well, such as Laura Loomer.

Chase recently shut down Joe Biggs' account, an account he had for 20 years. Also Enrique Tarrio and Martina Markota had their accounts shut down without explanation.

Whether or not you agree with someone's politics should not be a reason to mess with their finances. If a business was upfront and said, "We don't want accounts from [x] [y] and [z]," I can see that is their business. But to close accounts to which payments are tied that can't be changed is just wrong.

In the case of France-Palestine Solidarity Assn, the Jerusalem Post reported on it (mainstream, and FPSA is not a conservative organization.) Paypal is not a bank. They deplatformed Andrew Torba and his social media site "Gab" because there are some people on there that are hateful (but Tw and FB also have some hateful people and there's no repercussion there.)

As far as Chase goes, they don't give a reason for shutting down these accounts. The timing is suspicious, at best. Zero Hedge isn't exactly a spin site; it's mostly an economics site that gets 100,000,000 page views every month. In Markota's case, she has her Kickstarter tied to payments received though Chase and cannot change it, so "refunding" the money isn't being made whole.

I think POTUS has more important things on his plate.

Heed your own words, Matt: "A person's politics should not affect their ability to tell truth from crap."

TA: Wrong "their"; it's late



Edited 1 time(s). Last edit at 02/21/2019 05:56AM by iShop123.

Indeed the Jeruslaem Post reported that the PayPal account of the France-Palestine Solidarity Assn was shut down. If you keep reading the article that I found easily by searching Google (hopefully you have no objection to Google, although some claim that Google prioritizes so-called "Fake News",) you will find that it also says that Paul Furia, a spokesman for the French Foreign Ministry said, "... I want to point out that calling to boycott of Israel is indeed illegal in France. Several decisions of the highest criminal court [the Cour de Cassation] confirmed that calling to boycott breaks the law and constitutes an ‘invitation to discrimination or hate based on national origin or religion.’” I have to wonder if France or perhaps the US government required that PayPal take that action due to the nature of the organization.

This thread is getting very political. If you don't PayPal, don't use it.

@iShop123 wrote:

In the case of France-Palestine Solidarity Assn, the Jerusalem Post reported on it (mainstream, and FPSA is not a conservative organization.) Paypal is not a bank. They deplatformed Andrew Torba and his social media site "Gab" because there are some people on there that are hateful (but Tw and FB also have some hateful people and there's no repercussion there.)

As far as Chase goes, they don't give a reason for shutting down these accounts. The timing is suspicious, at best. Zero Hedge isn't exactly a spin site; it's mostly an economics site that gets 100,000,000 page views every month. In Markota's case, she has her Kickstarter tied to payments received though Chase and cannot change it, so "refunding" the money isn't being made whole.

I think POTUS has more important things on his plate.

Heed your own words, Matt: "A person's politics should not affect their ability to tell truth from crap."

TA: Wrong "their"; it's late

I hate Paypal, for a lot of reasons (those are just the latest). Currently it's a necessary evil. I will take shops at a lower rate when they have direct deposit.

My objections to Google stem from their invasions of privacy. That's widespread and well-known and there are probably literally a million articles about it.

So after reading this thread, I made a transfer of money out of PP to my bank. I had $46 and change in there. I transferred $45. I don't know why, but whenever I transfer, I always transfer an even amount and always leave like $1 or something. Why do I think I have do an even amount...lol?

There's no privacy in the digital world, Google or otherwise.

@iShop123 wrote:

I hate Paypal, for a lot of reasons (those are just the latest). Currently it's a necessary evil. I will take shops at a lower rate when they have direct deposit.

My objections to Google stem from their invasions of privacy. That's widespread and well-known and there are probably literally a million articles about it.

This is true, but it can be mitigated. Google and FB have committed especially egregious violations.

Here's just one of the latest: [www.usatoday.com]

I have an Android phone, which runs on Google. I tried to turn off the ads, or at least unpersonalize them. It disabled my phone.

I ended up getting Ad Clear, which is virtually an adblocker for mobile devices. I got it from their website because the one in the Play Store was janky.

I don't know how much money you had in your PP account OP, but I have never had an issue with my account. I have had upwards of $30,000 in it at one time.