E Transfers Not Always Safe

Lee

Lee

Senior Member
Location
Chatham, Ontario
Not sure if this is happening with banks in other countries but here in Canada this lady found out that money deposited can be cancelled by the other party even after 24 hours. Depends on the bank.

Cash is king maybe? I would never accept an e transfer after reading this. What about you?

https://www.msn.com/en-ca/money/top...celled-despite-having-autodeposit/ar-AA18gOU8
 

I read quite awhile back that people were having that problem with Paypal. I stopped using PP for a couple of reasons and want nothing to do with them. I do e-transfers usually via Cash App. Last night I used Zelle for the first time in years to pay a good friend for producing my video because she doesn't use Cash App. I mostly only receive money from close family members so I'm not worried about a transfer being cancelled. There is so much scamming going on, even though I'd likely want cash if I sold something to a stranger...who's to say the cash wouldn't be counterfeit?
 

StarSong said:
I used PayPal for a business website and never had any problems. Same with my personal transactions, rare though they are.

Bank transfers are limited to moving money from one of my own accounts to another.
Click to expand...
I've posted about this before Star. Several years ago, Paypal froze my husband's account, which he thinks he had $200 in. No explanation and he couldn't get through to anyone to help him. I added a credit card on which I asked the credit union to give me the lowest credit line. I was just getting into online shopping and just in case, any scammers couldn't drain me for too much. I added that card to PayPal and nothing else was on it. I downloaded a song from iTunes, which back then was $1. I got a notice that PayPal refused to pay the charge! And again, no explanation. The last straw was when I tried to donate money to an Islamic radio program that we listened to. They often played my music although it was a talk show. PayPal had suspended their account too, which led me to believe they were targeting Muslim customers.

I then went online and found a lot of people who had very bad experiences with PayPal, including having money snatched back out of their accounts.
@hollydolly
 
Last edited:
debodun said:
The world gets scarier by the day!
Click to expand...
By the day, Lately by the hour... The world in today's times is a very very scary place... I feel bad for my Grand Children, and all my nieces and nephews... I would not like to grow up in today's world...
debodun said:
What's with people these days not wanting to pay with cash? Almost everything I advertise on Marketplace the interested people offer to pay in any way but cash. I feel as you do, StarSong, CASH ONLY.
Click to expand...
We must always keep using cash... Pay for things in money, actual money, or the world is going to take us indo digital money, and then YOU will not have the control of your money...We are getting closer and closer to the mark to buy things... Please, use cash where ever YOU can...
 
OneEyedDiva said:
I found this @StarSong Some of the complaints are similar to the ones I saw years ago.
https://www.trustpilot.com/review/www.paypal.com
Click to expand...
Very interesting, thanks for the link. When we closed our online retail store about 6 years ago, my interaction with PP dropped dramatically. Note: I was not an eBay seller. I built an online store and linked the shopping carts to them as a payment processor. It was quite seamless.

PayPal worked well for the online sales portion of our business and processed hundreds of thousands of dollars for us with zero issues. I'm sorry to learn that it has been a joyless experience for some others. Fortunately, there are lots of options.
 
mike4lorie said:
We must always keep using cash... Pay for things in money, actual money, or the world is going to take us into digital money, and then YOU will not have the control of your money...We are getting closer and closer to the mark to buy things... Please, use cash where ever YOU can...
Click to expand...
Even scarier is the absolute loss of privacy, every single dime spent will be tracked.
 
My bank offers the convenience of sending money with Zelle. This is a scary one. You send it via Zelle, and it's gone. I was recently exposed to a scammer that wanted me to send a deposit for a puppy using Zelle. They were not amiable to receiving cash in person, and wouldn't even give me an address. They would only communicate via Craig's List.

I wouldn't use Zelle for anything other than sending money to close friends. In fact, I would simply avoid Zelle altogether. It's not a necessary medium of transfer.
 
Had an issue with PP years ago and dropped my account until I began selling on Ebay. PP was convenient for that and for that reason re-established an account. Had no issues second time around. Then Ebay moved off using them as an intermediary. So PP's utility to me dropped.

Became wary of PP when they began embracing crypo and offering me multiple opportunities to buy in. To the point of becoming a nuisance. Out of an abundance of caution (oh, how I detest that overused phrase-but it fits here) deleted my account.

I'll do E Transfers within my bank accounts but have not done any external transfers. Still rely on a cashiers check and USPS snail mail delivery for that. Do a phone ahead and establish a point of contact to receive the transfer. Log the phone call for a fallback if needed. And get a receipt signature on the distant end.
 
StarSong said:
Did anyone here actually have a bad experience with PayPal? I've never known anyone who did. I used them for business for over ten years with nary a problem.
Click to expand...
I never had a problem with PayPal and, as a matter of fact, I used them a couple days ago to buy from a small business. I only use E-transfers between my online saving and my local bank with no problems...fingers crossed.
 
JustDave said:
My bank offers the convenience of sending money with Zelle. This is a scary one. You send it via Zelle, and it's gone. I was recently exposed to a scammer that wanted me to send a deposit for a puppy using Zelle. They were not amiable to receiving cash in person, and wouldn't even give me an address. They would only communicate via Craig's List.

I wouldn't use Zelle for anything other than sending money to close friends. In fact, I would simply avoid Zelle altogether. It's not a necessary medium of transfer.
Click to expand...
I don't have accounts with Zelle or Venmo and have no intention of opening them. When lunching with friends, we split the tab and I hand over cash.

I've intentionally avoided setting up my phone for making any form of payment - no Apple, Google or other instant pay. No CCs hooked up to it either.
 
Last edited:
StarSong said:
I don't have accounts with Zelle or Venmo and have no intention of opening them. When lunching with friends, we split the tab and I hand over cash.

I've intentionally avoided setting up my phone for making any form of payment - no Apple, Google or other instant pay. No CCs hooked up to it either.
Click to expand...
I never set up my phone for those either. There are so many options to pay for things, that I've never understood the need to have yet others. My brother-in-law has some kind of credit type card that he can transfer small amounts of money into, so that if it's ever hijacked or stolen, it quickly runs out of money. He uses that for purchases. It sounds like an interesting idea, but I've never used it, because it involves another transfer of money to get to the card, which I'm guessing would open another window for hackers. But I don't really know. I'm tired of keeping track of all the ways I can transfer money, intentional or by accident. I don't need yet another.
 
StarSong said:
I don't have accounts with Zelle or Venmo and have no intention of opening them. When lunching with friends, we split the tab and I hand over cash.

I've intentionally avoided setting up my phone for making any form of payment - no Apple, Google or other instant pay. No CCs hooked up to it either.
Click to expand...
Since my phone is always with me when I go out, I only have Cash App set up on it. One would need to guess my pin # (highly unlikely) to be able to see or make any transactions. Plus CA is attached to the checking account I keep only a couple of hundred dollars in, so in the unlikely event someone could get into my account, they wouldn't get much. If I need to send more than the balance, I do a stat transfer from my savings. Zelle is connected to the same account. Rarely use it. I found out that Zelle can only be used from one bank account (eg: I can't use Zelle with Bank A because it's already connected to Bank B. I don't do business with any of my other financial institutions using my phone, therefore their apps are not installed on it.
 
I refuse to do any of this, there are too many hackers and scammers out there. Sure you can do a lots of things on the internet but that does not mean your money is safe. There will come a time in the future that we may be forced to use some online service but I don't think it will be in my lifetime. I prefer the old time way of paying for things. I have proof of my purchases of a reciept that I can file away. A pizza, no big deal, but a refrigerator a big deal.
 

You must log in or register to reply here.

Back
Top