Hello world Before I can tell you guys what I am confused about I first need to explain what caused this issue. I am 17 years old soon to be 18 few more month, I created a paypal account around 2 month ago. Paypal did an account screening and wanted more information about me so I gave it to them. Problem is now they are holding my founds till I am 18 and they also want me to open a Credit profile and call them back so they can schedule my account to be opened when I am 18. I really rely on my papyal for a lot of things but now I am worried about a credit profile? Are they going to rate me bad? or what? What should I do guys. I really need a quick answer and thank you very much who ever helps me out I mean really! Thank you.
Sorry, I'm a bit lost in the description of your situation. Are you saying that you're trying to receive funds via PayPal, and they won't release them to you? I do believe you have to be 18 to open a PayPal account. Also, what do you mean by "open a credit profile"? Are you trying to get one of their credit card offers?
One thing you should probably learn is that PayPal is a good thing to stay away from to the greatest extent possible. I used to have a paypal account but not anymore. I don't have a paypal account but my corporations do. I have 3 of those so I have 3 corporate Paypal accounts but I seldom use them. In fact the only way I use Paypal is if I want to buy something on line and the vender only accepts paypal. I rarely get paid through paypal by anybody and when I do I get the money out immediately. Paypal is bad to the bone but if you are doing anything on the net it can be a necessity. Paypal is a private company, not a bank. That means they can do just about anything they want to and stiffing vendors using ebay or just about anything else is something they are very good at. So the first thing I'd recommend is find another way to do business and use paypal only as a last resort.
Basically paypal wanted me to open a credit profile with another company. I am not doing that since I am 17 and I don't want to mess up my credit score. I am not even sure if I am allowed to at my age. I called paypal and they said my account should be back in 24 hours, I hope its true. Thanks guys. Btw I was shocked to hear that I shouldn't rely on paypal. I was putting my life on that.
Take some advice from an old man and lay low until you are 18. Just cool it until then. Get up to speed on your credit reports and make sure nothing is amiss there. Save up your money to the greatest extent possible. Start building your nest egg now. You will be glad you did. And start planning now for your retirement. It is never too soon to start that and the quicker the better.Start learning at least a little bit about retirement plans. Some are good and some are bad. At least try to get a little basic understanding of them and how they work. You don't need to make it a rush project by any stretch of the imagination but a little learning as yo go through life is a good thing. The main thing is not buying things on credit you can't afford otherwise.
Yea, you can't open a credit card until you're 18, and even then, you'll need a parent cosignature or proof that you have enough income to support the credit line. Glad to hear that PayPal is being cooperative though, but do beware. PayPal doesn't have the greatest reputation anymore.
You guys are truly awesome and helpful, Paypal Decided not to open up my account since I do not meet the minimum age requirement of age 18. So I will get my account and money back once I hit 18. I am alright with it since I turn 18 in October. Guys That is the only way I can recieve money, I made a lot of money using paypal and I don't think I can leave it. I also wanted to ask you guys I am planning to go to college and was thinking to apply for a debit card with papyal so I can use my funds any time and receive. Basically use paypal as a bank. Should I use paypal as a secondary? and forget it and just get a bank account and use that as my primary source of money? I am young and I don't know much about real life. What gets me even more worried that once I hit 18 I am a pre adult and companies will want to target me and mess me up. Idk anymore. wow this is a pretty long post who ever took the time to read I thank you very much. God bless you all.
I wouldn't rely on PayPal as your primary bank account. If you have to use them to receive money for selling things online, that's fine. However, I would develop a relationship with a real bank and get a debit card from them to make purchases. Don't worry about the debit card hurting your credit - they don't. Just balance your checking account each month and make sure you never spend more than you have in your account. Be sure to opt-out of over-the-limit fees too. And when you feel like you know enough and are responsible enough to start building your credit history, read this article I wrote about 3 Must-Know Credit Concepts for Students and think about whether a credit card is right for you.
I am in online marketing and also rely on PayPal for a large number of purchases on my websites. I have had very good experiences with them thus far passing hundreds of thousands of dollars through them. As mentioned by the other poster, My account with them is set up through one of my LLC's and I would suggest that you do the same. As for their debit card, I would say it's not the best idea. You can get a debit card from a bank that offers the same purchasing power but also gives you rewards. I personally use the US Bank FlexPerks card and it gives two points for every dollar spent towards travel, cash and other stuff. Good luck
Once again guys I really appreciated you guys posting, Thank you very much. I would also like to know which bank I should go with? I live in New York city and I don't know much since I am 17 soon to be 18 can't wait. it would be better for me if you guys could recommend me a bank, that's if it is possible. Have a great day and god bless you all.
I can definitely tell you which bank NOT to use...Bank of America. They're the worst - I've had soooo many bad experiences with them. Anyway, check out a local credit union in your area, or if you want to go with a big bank, I happen to like HSBC. They're not the most popular bank in the US yet, but they have a great reputation overseas in Asia and Europe. I've always been a happy customer.
LOL!! One man's junk is another man's treasure. Joshua hates BOA and I love them. I've got 5 accounts with them located in 4 different states. I have one personal checking and one personal savings with them and the other three are all corporate checking accounts. I also use Chase but don't like them nearly as well as I do BOA. I also have an account with Ally Bank which I opened at Joshua's suggestion a while back. I like them pretty well too. From time to time I also use many other banks such as local state chartered banks and smaller N.A. banks. I've used Firsts Fidelity, UMB, IBC, Boatman's (before they were bought out by BOA) and a long, long list of others but I really like BOA pretty well.
Interesting indeed it is, So after reading what you guys said and all that it made me ask my brother what bank he uses and he told me it was chase mhmm. Any other thoughts on chase? Btw thanks I really appreciated the feed back and comments. I will let you know which bank seems right for me. I mean in the end it is just a bank and nothing more or less.
That depends on what your needs are. You should have that firmly in mind before you start shopping for a bank. I chose BOA as my primary bank for many reasons. (1.)They have more branches than any other bank. That's important to me because I take payments from people all over the U.S. so I need a bank that is easy for the greatest number of people to get to at almost any time. That's also the reason I chose Chase for my second bank. They have the 2nd greatest number of branches. I had a lady late yesterday who needs help with 2 court cases and all she had to do was go to her nearest BOA and make a direct deposit to my account. Yes, they are open till 5:00 P.M. on Saturday. So we will start work on her first case today even though it is Sunday. She will quickly learn how to prepare her response, her certificate of mailing and her demand for admissions and be all ready to go file it all Monday morning. I'll have to use Team Viewer in order to teach her some of the things she will have to know but Team Viewer lets me take total control of her computer and she can watch what I do step by step. (2.) I like BOA savings account plan too. If I make a purchase of say $10.01 they round it off to $11.00 and put the difference in my savings account. That adds up pretty fast and helps build a nice nest egg which I can use for overdraft protection. That is going to be really important after August 12th when the new banking rules go into effect. If you don't have that protection in place your purchases get declined if you don't have enough in your checking account. (3.) On line banking is important to me as well because I can check my balance before making a purchase if need be. I carry an Acer 10.1" netbook with me at all times. I also use a 32 gig San Disk Cruzer to do my emails with so I can check my emails no matter where I might be or what computer I might be using. I use Thunderbird for my email client and so I can move from computer to computer without losing any emails. I just bought a new 3 gig dual core computer to use instead of my HP laptop because the laptop only holds 2 gigs of memory and this newer unit can hold up to 6 gigs of memory. The laptop only has a 500 gig hard drive and of course I can put about as many 2 or 3 terrabyte hard drives on it as I want with almost no limit. One of my computers has 7 one terrabyte hard drives on it and I could easily put that many more on it if I wanted to. So using my little Acer 10.1" netbook I can check my bank balances from anywhere at any time. That's very important to me and in today's world should be an important consideration to everybody as well. (4.)Ease of transferring funds from one account to another is another reason I chose BOA. I can easily transfer funds between accounts or choose which account to use to make whatever purchase I might want to make at any given time. With 3 corporate accounts located in 3 different states plus my personal account that can mean a lot sometimes. So what it all boils down to is what your personal needs are and which bank meets your personal criteria best. I think BOA does that nicely for me.
I use Chase too, but they've honestly had some difficulties merging systems since the WAMU purchase. They've probably worked most of the kinks out by now, so it shouldn't be too big of a problem. It was just such a mess there for awhile that I practically stopped running any transactions through them although I did choose to leave my checking account open. I find it interesting that one reason Bill gives for liking BofA is ease of transferring funds, because that was exactly why I left them. They make it extremely difficult and costly to transfer funds between external bank accounts, which annoys the heck out of me.
External transfers, yes, probably so. I don't know about that. I just have new students deposit directly into my account either on line if they are a BOA customer or by going to the nearest branch and doing a direct deposit. Same way with Chase. Internal transfers between my own accounts are easy too doing it on line.
