Paypal is a site in which millions of people use to make online transactions. I have been a member of the Paypal community for quite some years now and do not regret it. Paypal is a very trusted and well-established site in the online community. The truth is not all is good in the world of Paypal along with all the great benefits comes some not so great things as well. We will begin by looking at why you should have a paypal account.

Pros to Paypal:

* Paypal offers members the opportunity to make safe and secure online transactions without
sharing bank account information.

* Paypal is widely accepted by online merchants.

* Paypal allows members to transfer funds from their paypal account to their bank account.

* Paypal makes becoming a member simple and easy.

* Payments through paypal are fast and easy.

* Paypal makes seeing whom you have paid and who has paid you very simple.

* Paypal offers members the ability to get an account for free.

* Paypal is now available to many countries.

Now that you know some of the reasons why you should get a paypal account and what you can do with your account we can look at some of the downsides to owning a paypal account.

Cons to Paypal:

* Verifying your bank account takes up to four days.

* If a seller or buyer should have a dispute about a purchase that has been made from a
paypal account Paypal may freeze the account until the dispute is properly taken care of.
Sometimes this can take weeks to months.

* Transferring funds to your bank account may take 4-6 business days.

* Many people prey on Paypal accounts in an attempt to steal not only your Paypal account but
also your bank account information.

* Paypal only allows five annual withdrawals of funds.

* Paypal charges a fee if you request a check from them.

* Paypal does not insure your funds. If your account gets frozen and funds lost they will
not take any responsibility.

* Paypal's customer service is not always the easiest to reach with questions or concerns.
Once you have reached them it may take days or weeks to resolve your issue.

Paypal offers members many great benefits but along with those benefits come some risks. A smart Paypal user can avoid being the victim of some scams by reading all the information about Paypal scams on Paypal's website. Paypal will tell you what they will and will not do when sending emails. Following this information can save you from falling into the phishing scam. Paypal will also give you the address in which you should report any suspicious email you receive. This will allow Paypal to shut down these false sites with minimal damage to their members. Paypal will respond to let you know if the site indeed was false and give you some advice to follow if you have compromised your Paypal account. Since I joined Paypal I have had numerous attempts through email to obtain my login ID and password. Be very careful and always make sure you are on the Paypal website before you type in your ID and password.

Learn more about this author, Rhonda M..
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