Does the money in your bank account belong to you?

Posted on June 29, 2006 by Kirsten

Not if you’ve given your account information to Paypal.

If you’ve given your account information to Paypal, your account now belongs to Paypal, too.

Some time ago, I signed up for a newsletter that was paid for through Paypal via recurring debit. This week, I tried to cancel the subscription. The fellow I bought the subscription from didn’t respond for more than 48 hours. In the meantime, I notified Paypal that I’d canceled the subscription, and requested that they stop the payment from posting.

I got a form response directing me to their online dispute tutorial. Big help — not.

When I took the documentation of my attempts to cancel the subscription to my bank, they told me there was nothing whatsoever they could do.

I realize that banking transactions are handled by a massive, computer-driven virtual machine with cogs that grind on despite the protestations of mere customers.

But this isn’t right. I should have the ability to control who takes what from my account. I shouldn’t have to jump through arcane hoops to stop transactions. The burden should be on Paypal, and on my bank, to prove that the withdrawal is legit. Not on me.

I will never, ever authorize Paypal to make a recurring debit from one of my bank accounts again.

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4 Responses to Does the money in your bank account belong to you?

  1. Duke of Earle says:
    June 29, 2006 at 12:02 pm

    Caveat eBay-or? I love automation in banking and bill paying, but the concept of giving a third party draft privileges on my bank account has always given me pause.

    What happens if you take all your money out of the account in self-defense? Will you then be liable for NSF charges?

    John

  2. Kirsten says:
    June 29, 2006 at 2:18 pm

    Hi, John,

    I didn’t want to overcomplicate my tale with too many details, but in fact I am in the process of switching banks, so this particular account didn’t have enough money in it to cover this subscription fee plus the other outstanding items that were scheduled to hit this month. So in fact I have now been nailed by overdraft charges. I intend to push back on the bank and try to get them reversed. We’ll see if it works.

  3. Duke of Earle says:
    June 29, 2006 at 5:12 pm

    Ouch!! What fun.

    Hmmm. I wonder if there’s some way to work in the “C” phenomenon to this one.

  4. Kirsten says:
    June 29, 2006 at 9:06 pm

    No!!!!!!!!!!! It’s bad enough!!!!!!!!!!!! Don’t even THINK it!!!!!!!!!