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Never leave to much in your account!


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Why would you leave any money in there?

These are not bank accounts folks. No FDIC or any other insurance. If the company suddenly shuts down or whatever then your screwed. Technically it isn't your money until you claim it.

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  • 5 months later...

I totally agree with this! I was about to post this as my 'tip' before I saw this thread. My example is Valued Opinions. I had accumulated over $130 in rewards which I normally take by using them for $30 Visa Promo Codes (lwhich are virtual credit cards). I was waiting until the $150 mark so I could get 5 of them and was only a few more surveys away, until I got an email from Valued Opinions informing me there was a new policy--Visa Promo Codes would be charged a $5 fee--not only that--the amount per card was lowered from $30 to $20, resulting in a 25% loss of the value of my rewards to date!

There was no warning at all, and they made the policy retroactive--applying to my accumulated rewards. So overnight the value of my rewards changed from over $130 to under $100!

From now on I take my rewards as soon as I can!

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IMHO it is the number one rule for protecting your self when doing surveys. I always cash out as soon as i qualify for the reward. Vouchers have at least 12 months on them (they are better on your shelf than on their desk),(money in your bank account gains you intrest not them) :D . NEVER repeat NEVER be tempted to use them as a form of savings account for christmas or a rainy day :!:

Excellent advice!!! :shock:

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  • 1 month later...

I second this suggestion. It's not just a matter of a site closing, but also you may be terminated as a panelist. This never happened to me--at least not where I had points due--once my panel membership expired because they were bringing in a new group and they let us know in advance-- but when I first start doing OO when I tried to cashout via Paypal, I got greeted with this nasty message:

Your Opinion Outpost membership has been terminated for non-compliance with Opinion Outpost's Terms & Conditions. From now on you will be denied access to our website. You also lose the right to all accumulated rewards. Terms & Conditions

It turned out it had nothing to do with me, and my account hadn't been terminated at all, it was just the browser I was using was causing a technical glitch. But it alerted me to the fact that your points could easily be abruptly cancelled without warning. (I just switched browser and cashed out without incident later).

The other reason not to let too many points accumulate is that the cashout rules could abruptly change. I will use Valued Opinions as an example. I had over $130 in rewards in my account ($132 to be exact). I normally redeem them by getting $30 Visa Promo Codes. I like to redeem 5 at once, so was waiting for $150 in my account. Well, all-of-a-sudden--without any notice whatsoever, VO decided to 1. charge a $5 fee per VP code and 2. lower the value of the code from $30 each to $20.

IOW they began charging 25% to cash out! Repeated complaints fell on deaf ears. I thought they should not have made the policy retroactive, applying to past rewards. Or at least given us sufficient warning to cash out our current rewards under the policy under which they were earned before the new charges were implemented.

No such luck. I ended up losing 25% of the value--so my $132 was worth less than $100 overnight. Just something to consider.

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Good advice indeed. I've let my points accumulate over the years at ZoomPanel and I'm slowly cashing them out. ZoomPanel isn't the same as it used to be and since I stumbled upon this thread, I realized it might be a good idea to get those points redeemed in case something happens.

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  • 1 month later...

Although I have never had to face any issues, but I did hear from lots of other moms who did lose some of their earnings because they had expired. I personally think its not right to expire your points and or earnings. I mean, you have earned them, it shouldn't be taken away from you.

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Although I have never had to face any issues, but I did hear from lots of other moms who did lose some of their earnings because they had expired. I personally think its not right to expire your points and or earnings. I mean, you have earned them, it shouldn't be taken away from you.

Agree put to be on safe side CASH OUT RIGHT AWAY...................... :?

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  • 4 weeks later...

I used to let my money collect because I liked to cash out on a larger chunk of it. When Opinion Outpost had that technical glitch where people were having their accounts closed when they weren't supposed to, I had $40 in my account and started freaking out. I had never had that happen before. I got my account back, but I learned a valuable lesson. I always cash out when I reach the minimum. Always.

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  • 2 months later...
Just be careful if it is on Paypal. They require you to file tax paperwork with them after a certain amount of transactions.
you have to at least have made $600.00 in a calendar year before any site or Paypal will send you a income tax statement to the IRS.....I get statements from paypal but I have never been asked for \any tax information. I always use paypal sites and I have left my money there with no problem. I have never made more the $600 in a claendar year. There is a good article in the info section of survey police that explains this very well....:)

http://www.surveypolice.com/articles/incometax

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  • 8 months later...

This is so true and I preach to anyone who asks or thinks of signing up.....Cash out at every site minimum. Sidetick left the paying for points biz 2 days after I cashed out for the minimum $25 but it always took 2 weeks so I wasn't TOO worried...and they assured everyone they'd be paid...WELP, it's almost a year since they did that and no one got paid. MANY members had a lot more sitting there and lost it all...... I ALSO tell people to sign up for smaller redemption sites.

Those $50 sites are not for me....they could go out of business when I'm at $49.....Vindale scares me at $50 and I've heard a lot of complaints on earning ANY money there. I even hesitate to sign up for $25 sites

Interesting though, on the lowest minimum payout site out there you have people leaving $100 in their accounts and the SITE actually mandates that you get your money at that point....That's on ICS. In the rules it says they will force you to get paid at $100....I cash out at every $2 earning. Yet many people don't understand the prudence of getting your money NOW.....

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  • 5 months later...

I agree with you about not leaving points in your account, but with some qualifications.

You need to look at the payout options first.

Myview for example, had a lot of cards. Two of them seem useful. A $100 amex card and $25/50/100 Amazon cards.

Taking a quick look the amex card costs more than the $100 amazon card, so unless you *really* need to spend your cash outside of amazon, the amazon card is the one to go for..

Now on the Amazon cards, the $50 amazon card costs less points than 2 $25 amazon cards, while the $100 costs the same, so I tend to cash out as soon as I can afford the $50. The difference is a few surveys.

I have to say since I have been doing these I have become a real pain in the ass at the supermarket etc. If I buy something and it is sub standard, it goes back, and they hear about it. I even have started taking junk back to the $1 store. Hell a buck on most of these sites is 20 minutes of your life. That's a hard earned buck.

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  • 3 weeks later...

This is one of the rules I stick to very strictly. I cashout at the first opportunity, even if it means cashing out at £2.50 on OO or £3 on Pinecone. I've never been stung yet, even by the higher cashout panels and touch wood I never do either. I'd rather have my survey earnings sitting in my Paypal account or my Amazon account as I believe I am better protected that way.

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