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0 pointsalgo_trader3y ago0 comments

> PayPal can go after swept funds

that sounds horrible. What do you mean by this ?

I assume by "sweeping" the GC meant transferring funds to a bank outside of PP?

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4 comments · 1 top-level

lotsofpulp3y ago· 3 in thread

ACH transfers can be reversed.

That is why I use multiple bank accounts accounts at different financial institutions, and only some are used for others to send and receive funds, and then I transfer the funds from there to the other bank accounts that others do not know about.

TedDoesntTalk3y ago

This is very interesting and something I’d like to replicate. Can you give an example of a typical transaction? For instance, after you withdraw say $10,000 from Stripe or PayPal to Bank, do you the transfer $10,000 from Bank A to Bank B?

I'm not the GP, and I'm not a nefarious actor for whom the strategy has been tested, but this is similar to my personal approach:

PayPal, Venmo, Stripe, etc -- any service provider that I choose to share bank account (or debit card) numbers with -- gets the information for a small holding account only.

I maintain the balance in that holding account around the level where I'd be "irritated but not affected" if something were to go wrong.

Honestly I just don't trust them to correctly and quickly fix any errors or exposures. So I prefer to avoid the issue altogether.

lotsofpulp3y ago

Yes, just keep enough in Bank A to cover the bills, and any extra gets sent to Bank B, which account number is never given to anyone (other than Bank A).

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