Tuesday, December 2, 2008

Close your PayPal accounts now

Last week my PayPal account got hacked, and my bank account was completely wiped
out, which put me in the hole for $600 in overdraft coverages, plus another $200 in overdraft
fees. This was despite PayPal's assurances that the transactions would
not post to my bank account, since the fraudulent activity was
supposedly caught in time. It has been a week now and there has been no
refunds or any efforts towards restitution from PayPal. They tell me
that as far as the overdraft fees, the best I can do is to go to my
bank with a letter from PayPal and hope that they will honor it.

This is not the first time I've been screwed by PayPal, but I guarantee it will be the last.

If you think your PayPal account is safe, you are seriously mistaken. I had a very strong password of a long string that included numbers and capital letters, and that didn't help.

highly encourage anyone with a PayPal account to close it. PayPal may
be convenient for you now, but just see how convenient PayPal is when your
bank account gets wiped out.

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