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What are the pros and cons of having a PayPal account?

Is there any down side to it? Cani open one under the age of 18? Are there any fees or is it like a bank account? Can someone please explain the paypal basics to me.

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Answer #1

You have to be over 18 to have a PayPal account, but you can get a parent to make one…and let you use it. You can connect it to your bank account…so you can receive funds through it, and then transfer them to your bank account to withdraw it. Or, you can receive funds, and shop online by paying for things with the money you have in your PayPal account.

It’s pretty much free to use, BUT whenever you receive a payment through it…it will take a small service fee out of it. It’s not much though, only a few cents to a few dollars depending on the amount you are receiving. For example, I received $190.00 through it, and they took out $5.00, because it was a larger amount.

The only downside that I don’t like…is it takes a while to process the payments…and to send it to your bank account so you can withdraw it. It doesn’t take an extremely long time (maybe about a week or two), but I find it’s quicker just to receive a check in the mail (when dealing with FunAdvice).

So, overall…I think it’s trustworthy, fairly simple, and a nice thing to have if you need it. I don’t see anything bad about it…and a lot of people use it.

Answer #2

well i have a bank account at a credit union, so does that mean i can connect it to paypal? Even though im under 18?

Answer #3

You would have to ask a parent to make a PayPal account, and they would have to use their bank account information… which would connect the PayPal account to their bank account. All you would have to do then is have your parent to withdraw the money from their account, and give it to you.

Answer #4

hmm…i’ll stick with my bank account, thank you though!

Answer #5

You’re welcome. :] Hope I helped.

Answer #6

ive got one, a few cons are the time it takes to transfer money from my bank account (which is around a week) another con was that within the first few days of having it soembody hacked into my account and signed me up for a subscription service overseas, that made me hate paypal for a few days but luckily i got my money back, changed my passwords and paypal was very helpfull getting me through it. pros are you can use your account to shop online on places like ebay. i wouldnt recomend linking it to a credit card, as you really dont need to be spending money you probably dont have on things you probably dont need. you need to be 18 to have one as angelee has said, so do wait, otherwise link your card to your parents paypal if they have one or get them to set one up for you in there name in the meantime

Answer #7

also im not sure about the fees as i only use my paypal to put money into it and spend on ebay, so i dont pay any fees

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