More and more online bingo sites on the net are beginning to offer Paypal as a funding option. But the question is, are Paypal a good funding method to consider?
If you use eBay, you will no doubt be very familiar with Paypal.
Tombola and Ladbrokes Bingo were two of the first sites to bring us Paypal to use when funding our account. Some of the newest sites to offer paypal include Bingo Street, Tasty Bingo and the ever popular Wink Bingo.
There a good and bad points to most things and let’s just say, Paypal seem to be no different. You may want to consider these points, before deciding if Paypal is a viable funding bingo method for you to use.
Good Points
Your financial details are not shared with the online bingo site you are funding at
They are a secure epayment provider
Depositing using your Paypal account is quick and easy
Funds are instantly available in your bingo account
Once the requested withdrawal funds are credited to your Paypal account from the bingo site and if you have a verified Paypal account, funds can now be refunded back to your bank account within 2 hours (rather than taking 3-5 days) depending on who you bank with. (However, there could also be a bad point to this, as paypal could put a hold on your money, if they feel there is any security risk). This is happened to be personally and I have to say it is very frustrating, when someone puts a hold on your money and you basically have no control over it).
Bad Points
Instant bank transfer – Paypal have an ‘instant bank transfer’ option. This will allow you to fund your bingo account even if you do not have any funds in your bank account. Which means you could spend money you simply do not have.
The (hold freeze) on your money is the most worrying bad point about Paypal. If paypal see’s higher than usual transactions on your account, these could be flagged as ‘high risk’ transactions. Their company’s standard response then is to freeze the cash pending an investigation.
How long do you think this investigation could take? One to two days, a week maybe? Under PayPal’s terms and conditions, it states that they can keep your cash up to 180 days! However, you would think that once they were provided with evidence that the transaction was legitimate, they would release your cash? Well in some circumstances which have been reported in the news lately, this has not been the case and they even told one person that they could not appeal against their decision for six months (which they later admitted was wrong)!
After one of their latest cash freeze cases which The independent reported on, Paypal have stated that they will be reviewing their procedures – which we are sure cannot come sooner for some people who have been affected by their (cash hold freeze) policy, myself included.
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