And that's why we need financial alternatives. Alternatives where third-parties can't unilaterally decide to freeze your account, disrupting your professional and personal financial flows. Cryptocurrencies solve this specific problem, because users are in control of the cryptographic keys therefore they authorize themselves the transactions without a third party having to be involved.
We got banned from PayPal after 12 years of business
441–450 of 536 posts
Re: We got banned from PayPal after 12 years of business
#442Earlier quoted context omitted.
I use a debit card because it makes it much easier to manage my finances. As soon as I pay for something, it's immediately deducted from my bank balance, so I can always see exactly how much money I have. If I screw up and try to spend above my balance, the transaction gets blocked, because I have overdraft protection turned off. (And, I have money in other accounts for emergencies.)
This is convenient, until someone steals your card number and you spending power goes to $0. This really sucks when the rent/mortgage is due, because oops, check bounced (which is a felony in my jurisdiction). Credit cards are also subject to holds. It might be convenient today, but it's like driving around without your seat belt on. It might allow you to enter and exit the vehicle quicker, but that's not really the…
This is why I have more than one bank account! :)
Re: We got banned from PayPal after 12 years of business
#443Earlier quoted context omitted.
to generalize, you shouldn't keep your money in any 3rd party longer than necessary.
To be more specific, you should not keep your money at a 3rd party with more control over your money than necessary for longer than necessary. Giving PayPal an interest free loan and control over you balances rather than sweeping them into a (potentially interest bearing) account controlled by you is one example of this. Another is having a second account at a different bank that you sweep money from the first one. T…
> That second bank account should be set up to reject automated ACH withdrawals
This is a thing? How do you do this?
Re: We got banned from PayPal after 12 years of business
#444Don't know if it is the reason for the ban, but Niteos main product seems to be a service for creating spam networks. https://www.easyblognetworks.com , https://niteo.co/projects
Thank you! After reading the story I headed to the comments to look for this exact comment! This story was super, super sketchy! The tell was it didn't at all mention the products or services they sell. Since any normal person would mention the products/services they sell front-and-center as key information to the story, I went ahead and assumed the problem was the products or services they offer were illegal/sketchy…
I am truly disgusted by this comment and those with a similar sentiment below. Selling PBNs is not against Paypal’s TOS, regardless of whether or not you happen to dislike them. The point is that PayPal falsely asserted that a business violated its TOS, and that means that it could happen to anyone else - instantly and without explanation. That is the problem here.
Re: We got banned from PayPal after 12 years of business
#445Earlier quoted context omitted.
The city state has its own currency, monetary policy and legal system, enough for the department of state to treat HK as an independent entity as far as trade is concerned. Given the vast amount of money and good flowing through through HK I find it hard to believe any established payment processor would lack familiarity with the status of Hong Kong. It looks more like a (poorly) made up excuse to ban undesirable use…
If you read the actual blogpost, it was more likely an administrative mistake earlier in the process that was then difficult to undo, and no one really giving a fuck on paypal's side. Attribute things to incompetence before malice and all that, especially when attributing it to malice requires thinking they made a fairly odd decision to outright lie to customers about why you are ceasing doing business with them.
Sufficiently prolonged incompetence, when the resources are available to easily correct it, is malice.
Re: We got banned from PayPal after 12 years of business
#446Don't know if it is the reason for the ban, but Niteos main product seems to be a service for creating spam networks. https://www.easyblognetworks.com , https://niteo.co/projects
who keeps company with wolves will learn to howl
In my opinion the reason for ban, even though mentioned that unrelated to their SaaS offering, is likely higher number of transactions with parties who have been also baned for some shady practices. Such rat clusters are usualy nuked in batch.
Re: We got banned from PayPal after 12 years of business
#447Earlier quoted context omitted.
That’s Europe, not the US. If they were subject to US banking regulations they couldn’t hold your money for 180 days. And I didn’t say they were always successful, they just try really hard.
You wrote "no state or country".
And I also said they try, but they don’t always succeed.
Re: We got banned from PayPal after 12 years of business
#448Earlier quoted context omitted.
> Uber charged $1500 to my debut card a few months ago. There's literally nobody you can call about it. Your bank. You call your bank.
Yeah, you don't call Uber in this case. You immediately call the card issuer and report fraud. In the case of debit charges, reacting quickly is absolutely key. Always pay with a credit card, it's much easier to reverse this kind of stuff versus a debit card. There is literally no good reason to ever use a debit card.
> Always pay with a credit card, it's much easier to reverse this kind of stuff versus a debit card. There is literally no good reason to ever use a debit card.
What is a debit card exactly in the US? I'm familiar with US-style credit cards, and find them horrible, expensive and insecure. I normally pay simply with my bank card, and online I prefer to with through iDeal bank transfer. Unfortunately that's not supported internationally, so I have a credit card only for international online payments. I would not own a credit card otherwise.
Re: We got banned from PayPal after 12 years of business
#449Earlier quoted context omitted.
Just about any processor, Stripe included, stipulates they can withdraw from your account. And what if their systems are hacked, disclosing your account and routing numbers to an ill-intentioned third party? You probably want this as a generic fail safe for any account that you disclose the account an routing number to an outside entity.
This is why bank preventing unauthorized withdrawals is so useful. And credit card processor disputes too.
Please elaborate on the means to prevent unauthorized withdrawals.
Re: We got banned from PayPal after 12 years of business
#450Earlier quoted context omitted.
>There is literally no good reason to ever use a debit card. A good reason would be if you don't have credit cards because you have serious problems controlling your spending and you're at a place where you can't pay with cash, such as an unmanned gas station, payment terminal, on a plane, a cash-less business, etc. I agree with the overall point, either use cash or use credit. Debit only if cash and credit aren't av…
Someone should come up with a credit card that has a dynamic hard limit connected to a checking account balance. Paid daily, too, so the checking balance is almost always caught up. Seems like it would meet the needs of those people while letting them benefit from protections, rewards, etc. Any reason this couldn't work? Does it exist already?
> Someone should come up with a credit card that has a dynamic hard limit connected to a checking account balance.
You mean a regular bank transaction card? Is that not something that exists in the US?
I always find the American reliance on credit cards somewhat bizarre. Not having an alternative would explain it, I guess.