guys, why do we have to have a premier acount on paypal for mylot?

paypal - paypal as the method of payment here on mylot. there are 3 types of account...why do we have to have premier account here..do we have to?
Philippines
May 20, 2008 6:50am CST
do you guys prefer premier account or personal. i think i wont be receiving more than $500.00 per month her eon mylot and premier accounts on paypal always have 2.9% charge. can anyone please tell me why? do you guys all have prmier accounts?
1 person likes this
3 responses
@anujain75 (1059)
• India
20 May 08
I have a personal account with paypal.I have not face any problem while receiving money.Even I transfer money from my paypal to my bank account very easily.They have deposited money with in 3 days. Mylot only need a paypal account for transferring money.I have read carefully but they did not mention anywhere that they need premeir account.
@mentalward (14695)
• United States
20 May 08
You must have a premier account for PayPal in order to use the money in it. If you don't have the premier account, you can receive the money but you can't touch it. I know it doesn't sound right, but it's PayPal's practice. Just like any bank, they charge a fee. They have to make money somehow. As for myLot using PayPal, I can only assume that they have done their homework and found PayPal to be the easiest form of payment for everyone. There are so many members of myLot that printing checks would be infeasible, financially speaking, and doing the direct deposit thing would gobble up so much of their time that they couldn't pay their members as much as they do. PayPal is safe. You don't have to worry about your account information getting into the wrong hands, any more than you worry about your actual bank account information going the same route. Hope this makes you feel more comfortable with PayPal. I've used it for years with no problem. Have a great day!
@sdas86 (6076)
• Malaysia
20 May 08
Hi, Do you mean only members with Premier PayPal account can use the money in PayPal? I'm using personal PayPal account and I have no problem using the money in my PayPal account. I already use my money in my PayPal account several times and it works great.
@mentalward (14695)
• United States
20 May 08
Then they must have changed their practices since I joined. At the time, you could have a personal account but not have access to the money. You needed to provide them with banking information in order to use the money. I suppose they've changed their practices while I wasn't looking. Sorry for the bad advice.
• United States
20 May 08
I only have a personal account with paypal.And I have never had a problem transferring money in and out of it.I have been verified for years.Maybe that is the reason that I don't have any problems.And for mylot the site doesn't care what kind of paypal account you have. Why don't you try switching your paypal account to personal.that way you wont have anymore fees.
• Philippines
23 May 08
that will be great...thanks.