That’s right! Paypal wants your bank password.
This is nearly beyond words. The risk involved is obvious. I’ll begin with Paypal’s very own User Agreement. Paypal offers NO guarantee of anything! Not against technical issues or glitches which may cause you loss, nor employee theft, hacking, etc. They do not guarantee the ID of any individual using their service, or that any transaction will be completed successfully.
They’ve also recently updated their User Agreement with more terms which frankly are fascist and well beyond bizarre. In short, they hold all the cards. There isn’t a thing in the world which would prevent them from draining your bank account on any pretext (or none at all) if you give them the password.
And if you think they won’t do that, you may want to think again. A quick web search or run through this blog will tell you that there are no lies too big, nor victims too small for our fiends at Paypal.
If anyone is wondering where the image came from, it was right here, where you can also see Paypal’s obvious yet disgusting little carnival of paid trolls and pettifoggers in action.
You’ll also see this there:
Here is what is stated in BOA online banking service agreement:
When you give someone your Online Banking ID and passcode, you are authorizing that person to use your service, and you are responsible for all transactions that person performs while using your service. All transactions that person performs, even those transactions you did not intend or want performed, are authorized transactions.
So before you fall for Paypal’s weasel words and tricks, check with your bank and their policies regarding sharing your password.
Don’t forget: Paypal is not a bank. Moreso, they are a shady, third rate money transmitter service with a long and storied reputation for dismal customer service, dishonesty, thumbing their nose at the rule of law and running roughshod over their users.
They are not to be trusted!