How Do You Use Paypal?

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How do you use Paypal? The other day I logged into one of my Paypal accounts, and realized I had almost $100 in there!  I was pleasantly surprised, thought about what I wanted to do with the money, and then logged off the site.  That made me wonder if it was weird that I left money in my Paypal account instead of transferring it to my bank account. It got me thinking, and I am now wondering if I should have transferred the money and left my Paypal balance at $0.  What am I concerned about?

Paypal Security

I worry about someone hacking into my Paypal account and taking all the money. Of course, I don’t know the validity of my concerns and if that’s even a possibility, so take that with a grain of salt.

I also worry about someone making a Paypal claim, and Paypal taking the money back out of my account.

No Return on Investment

Granted, I’m not going to make a ton of money off the money that’s sitting in my Paypal account, but chances are it could be put to better use if it’s paying off debt or in our emergency fund. It’s not working for me if it’s sitting in my Paypal account.

I wonder if I’m the only person out there that has wondered about this.  Hopefully I’m not.  I will have to admit though, I’m going to transfer all the money out of my Paypal accounts today so I can do something better with it!

How do you use your Paypal account?  Do you keep the balance at $0?

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11 thoughts on “How Do You Use Paypal?

  1. Saving Her Life says:

    My Paypal does have a balance in it, simply because I haven’t figured out what I want to do with the money yet. I made a purchase online the other day and used my Paypal account – it was nice to have that little extra something without having to resort to using my debit card.

    I love Paypal.

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  2. Jackie says:

    I generally send the money to my bank account — either the same day or within a couple of days. Since I use PayPal for business I like to move the money as quickly as possible so that I can record the income.

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  3. Catherine says:

    I use paypal for a few different things. 1) Selling stuff online (ebay, etc). If I sell something online, then I usually transfer the money straight away to my bank account. 2) Surveys. Most of the money I make from taking online surveys goes straight to my paypal account. This is my extra “me” money that I leave in paypal. I use it to buy something for myself or to make donations online when I feel called to. Or like when my electric bill was $200 dollars over the winter, I cleared out my entire paypal account to help pay for it so the budget wasn’t so tight.

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  4. Budgeting in the Fun Stuff says:

    We keep Paypal at a $0 balance as much as possible simply since I hate their high fees and don’t like letting them keep my money any longer than I have to.

    I just made $400 total and only came out with $387.80 because of Paypal fees…argh! That $12.20 could have covered lots of stuff…stupid Paypal. I don’t even like using them to send money since they are stiffing the recipient so much. I usually overpay so I don’t stiff the charity or person I’m sending money to…I know that puts more in Paypal’s pocket, but I’d feel bad if Pughearts didn’t get at least my full $20. Yep, I’m illogical like that.

    If everybody would embrace ING direct transfers, I’d switch to that in a heart beat. That’s free for the sender and receiver!

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  5. Jirka says:

    Yes I dont keep money on account either and I allso get an email from someone.Im in Czech Republic paypal-registrace.blogspot.com and they use some bad translator.

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  6. Saving Money Today says:

    Right now I have a couple of bucks in my Paypal account. Usually if I sell something on eBay or whatever I’ll move it to my bank account and then use it to make an additional payment on my credit card. Or if there’s something I’ve been looking to buy I’ll use paypal for it.

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  7. Aury (Thunderdrake) says:

    I tend to use paypal to make transactions. I absolutely loathe buying things on consumer credit. The only debt one should have is a debt that generates cash flow in assets for them.

    I try to refrain from accepting payments from paypal if I can get a cheque or a cash deposit, because they got pretty wacky fees whenever you try to transfer to your bank account. X_X

    But it’s fantastic for buying things. But being Canadian, transfers can be a pain in the arse, since I have to wait 2 weeks to move to or from. GAH!

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