PayPal: Strike Us When We Are Down

 Internet Banking  No Responses »
Nov 232011
 

I had added that card to my PayPal account.

So, my bank informs PayPal that the card attached to my account has been lost or stolen. PayPal promptly locks my account, and tells me to either send them my address proof or a utility bill. I do the above, promptly.

Here’s the e-mail I got from them:

Dear Roy Dsilva,

We’re sorry, but your account access limitation cannot be lifted at this time. We need more information about your account before we can restore full access to your account. Please complete the steps below so that we may review your account further:

Add and confirm a credit card.

To further process your appeal, please follow the instructions listed below to finish the Expanded Use Process.

Once you have added a credit card to your PayPal account, view the ‘Credit Card’ page in the ‘Profile’ of your PayPal account. If the status of the card is ‘Expanded Use Number Pending’, you will need to start the Expanded Use Process.

Select the credit card you wish to activate.

Click ‘Get Expanded User Number’.

Read the ‘Get Your Expanded Use Number’ page and click ‘Get Expanded User Number’.

Click ‘Continue’.

PayPal will charge your credit card an Expanded Use Fee. The charge will accompany a unique, randomly generated 4-digit Expanded Use Number, which will appear on your next monthly credit card statement.

If you have online access to your credit card activity, it takes approximately 2-3 business days for the Expanded Use Number to appear, depending on the credit card’s issuing bank.

If you do not have online access, you must wait until you receive your statement in the mail to check your 4-digit Expanded Use Number.

If you have added a debit card, your 4-digit Expanded Use Number will be printed on your bank statement next to the charge.

Once you have received your 4-digit Expanded Use Number, click

Log in to your account

Click the ‘Profile’ subtab.

Click “Credit Cards” link under “Financial Information”.

Complete the Expanded Use Process.

Please Note:

After you successfully enter your Expanded Use Number, the Expanded Use Fee will be credited to your PayPal account as a bonus. You will receive the bonus in the amount and currency of the Expanded Use Fee in your PayPal account within 24 hours of sending a payment from your PayPal account.

If you are faxing information, you must use the cover page provided by PayPal. The cover page contains information specific to you and using it ensures that your documents are routed and handled in a timely manner. To print the cover page, log into your account and click on the fax documents link on the “Limited Account Access Details” page.

Sincerely,
XXXXXX
XXXXXX

Please do not reply to this email. This mailbox is not monitored and you will not receive a response. For assistance, log in to your PayPal account and click the Help link located in the top right corner of any page. If your inquiry is regarding a claim, log in to your PayPal account and go to the Resolution Center.

So, basically, all I got is a sales letter from the mighty PayPal for their expanded use program, which charges me something like two dollars. It is ironic that I had once taken one of their expanded use program, even without looking at what it was all about. It was just a cheap service that was freely and readily available. What it is now, is a service that has been forced unto me.

My questions are:

There are at least two other options I still have, like sending my photo identity, sending my entire address proof (the mighty PayPal doesn’t allow .pdf files as a document proof, more the worry. Ah, but we forget, that’s just a formality. They want to get that one dollar from you). Why did they send me an email only about the expanded use service? Why did they not tell me about the other options I had?

Oh, and I have so firmly and sternly warned NOT to reply to that E-mail, I am still wiping my computer chair seat.

If this isn’t monopoly, what is?

Am not telling you not to use PayPal. I am asking if you know of a good option. The message board is down below.

 Posted by at 12:00 pm  Tagged with:

Advantages and Disadvantages of Online Banking Services

 Internet Banking  No Responses »
Nov 212011
 

The Advantages of Online Banking

First let’s start off with the advantages of online banking. First and foremost, online banking is very, very, very convenient. It will allow you to pay your bills and make transactions anytime during the day and the week. The bank will never close because you can access it through your laptop or computer. So, no matter in which country you are anywhere in the world, you can go online and handle your finances.

Secondly, online banking is very fast, effective and efficient. Over the Internet, you can make transactions that are typically executed and performed at a much faster pace than at ATM’s. Online banking services also give you the option of handling several different bank accounts from one site itself.

Most online banking sites are compatible with programs like Microsoft Money and Quicken, which makes management of assets more effective.

The Disadvantages of Online Banking

Just like with anything else, there are disadvantages to online banking services too! The biggest problem is that most people lack trust. How many times have you performed transactions online and wondered whether you did the right thing? Of course, you can overcome any uneasiness by printing the transaction receipt. This receipt will conform whether or not your transaction has gone through successfully.

Online banking can be difficult to learn for a beginner and a site could take time to start up. Some sites ask for photo identification, which can be very inconvenient.

However, most online banking sites provide tutorials for online banking. Some sites provide live online customer support to provide solutions for any problems. The number of cases of banking frauds is considerably low so you don’t have to worry about the safety of your money.

Clearly, the whole concept of online banking has its fair share of advantages as well as disadvantages. For some people, online banking simplifies life, while for the others it is intimidating and complex. Taking into consideration these perceptions, most banks have now started offering online banking services and a viable option to their clients.

Some people prefer talking personally to a person in case of a problem. They prefer the ‘personal touch’ aspect of customer service. If you are this kind of a person, then you’ll probably never feel comfortable with Internet banking. On the other hand, if unlimited access to your bank accounts and convenience is highest on your list of banking priorities, then nothing can beat online banking. What with the security of the FDIC standing like a fortress behind them, it is very clear that online banking is here to stay.

 Posted by at 11:58 am  Tagged with:

Safe and Secured Online Banking Services

 Internet Banking  No Responses »
Nov 192011
 

Tips for Safe Online Banking

Never use public terminals like Internet cafes when you are making banking transactions online.
The risk of interception when using a wireless connection is much higher – make sure you are aware of this. Make sure you do your Internet banking through a wireless connection only if you are absolutely certain of the security of the connection.
Make sure that your spyware and anti-virus programs are updated and it is advisable to perform regular system scans.
Never access a banking site through a link. Instead, type out the address into the browser bar or you could also save the address as one of your ‘favorites’.
Never open any other sites when you are logged into an online banking site, make sure that there is only one window open.
Choose your user ID and password carefully – it shouldn’t be easy for others to guess (like your name!) and make sure you change them on a regular basis.
Update your computer software regularly.
Check for the padlock (that is an indication of a secure website) on the lower right hand side of the browser window.
Once you are done with your Internet banking, make sure you log out and close the browser window.
Never give you password on the Internet (through emails) or over the phone to anyone (even if they are identifying themselves as banking authorities).
Unless the bank in question verifies it, don’t ever trust a PDF payment proof, as these types of documents can easily be manipulated by frauds.

However, if you do run into any trouble with any of the online features of your account, you can go to the bank for help and will get an immediate response for it. Most banks completely separate their online services from their person-to-person customer servicing, ensuring that you will call their Internet-banking support team.

While there will always be concerns about the safety of online banking, you be rest assured that these online banks themselves have set a very high stake for themselves when it comes to making you, the customer, feel comfortable about the security levels being used. While it is indeed true that nothing is one hundred percent safe in the world, online banking is indeed as close to offline banking when it comes to providing safety for your financial transactions.

 Posted by at 11:52 am  Tagged with:
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