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12th January 2006, 14:19 | #1 | Link | |
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PAYPAL, Add a Bank Account...
Hello,
I have an ATM/Debit card (Not a credit card) which is connected directly to my checking type bank account. I successfully created a Paypal account and connected it to the debit card. I was also asked by paypal if I wanted to add a bank account. If I don't, how can I transfer money from my debit card to paypal and vice versa, assuming that the debit card already has some money? I don't quite understand how the money is transferred between the debit card & paypal and what are the banking transferring fees in each case? I have not added my bank account to Paypal yet, as I was not sure of the risks/benefits of doing so. If I don’t and leave it as it is, will I be able to make withdrawals from PayPal to my bank account and vise versa (The debit card is connected directly to my account) Will I have to pay higher bank transfer fees? This is what is stated at Paypal: Quote:
Please excuse my ignorance as I have never used Paypal / Ebay before, so any help will be highly appreciated. Thanks in advance. Last edited by retroborg; 12th January 2006 at 14:23. |
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12th January 2006, 14:36 | #2 | Link |
clueless n00b
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whether or not the transfer costs something is up to your bank. There's an upper bound (like a 100 bucks or so), if you cross that, transfers are free of charge. And yes, you can move money from your paypal account to your bank account, and vice versa (never tried to fund my paypal account, I only drain it).
As far as risks go.. if they ever lock your paypal account, then all other info you have associated with it (credit cards, bank accounts) may not be useable if you ever open a new account.. but that's about it (and a risk not specific to using bank accounts). It is not possible to initiate a bank account -> paypal transfer from paypal.. you have to do that via your bank as usual, and you can be sure that they won't send your money anywhere unless you've authorized them to or they'd make themselves liable for lawsuits.
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12th January 2006, 15:05 | #3 | Link |
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So if I don’t connect Paypal to my checking bank account and leave it as is (only connected to my debit card which in turn is connected directly to my checking bank account) will I be able to make withdrawals from PayPal to my bank account and vice versa?
For example, when I need money for my regular needs, I can easily withdraw/install money using the debit card from any automatic transfer money machine (ATM) that is supported by my bank. My account would then be updated spontaneously. So I don’t need to actually go to the bank with my account booklet to withdraw money. So would I be able to transfer money from paypal to the debit card and vice versa & my bank account updated automatically? (Without having to connect the bank account to Paypal?) Right now how would transfer money to paypal from my debit card if I wanted to buy something online? Thanks in advance. |
12th January 2006, 15:19 | #4 | Link |
clueless n00b
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well.. the main advantage of connecting a bank account is withdrawals. You cannot make a withdrawal out to a card, but you can to a bank account. When it comes to transfering funds to your paypal account, I guess it all comes down to how much you pay for each method.. but the card method is definitely more convenient. So unless you want to withdraw money from your paypal account, there's no need to connect the bank account.
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12th January 2006, 18:05 | #5 | Link | |
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My ATM/Debit card is a VISA Electron.
I also just noticed that my Status in Paypal is "Unverified (New)" Well, my balance in my Paypal account is zero (0), so how am I supposed to transfer money from my debit card to my paypal account and actually buy something? However, I did try Paypal's "send money" form as a test, but I got this: Quote:
Is this because my Paypal Status is "Unverified (New)" Will I get a verified status if I just add my Bank account to Paypal and actually skip this "enroll in PayPal's Expanded Use" thing. Last edited by retroborg; 12th January 2006 at 18:23. |
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12th January 2006, 18:50 | #6 | Link |
clueless n00b
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There's a similar procedure for your bank account.. it's to prevent fraud. Most online retailers don't go to such length for verification, but considering that it's sorta like a bank account and they can't get you to come to their office to show your ID, I don't think it's too unreasonable. Anyway, they have a customer support department that now owes me a case of beers
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12th January 2006, 19:12 | #7 | Link | |
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Well, I will send you a barel full of beer my self, via Express Mail (Insured), if you help me through this and I start doing some much wanted shopping-therapy!
Well, how am I supposed to complete Step 2? This a VISA Electron ATM/Debit card not a credit card! So how do I verify? If I just add my bank account in Paypal, will I get a verified status and overcome this "Enroll in PayPal's Expanded Use" thing. ? Quote:
Last edited by retroborg; 12th January 2006 at 19:15. |
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12th January 2006, 21:28 | #8 | Link | |
clueless n00b
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Quote:
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13th January 2006, 00:20 | #9 | Link |
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Thanks for all the info.
I appreciate that! By the way, I noticed that as long as I’m not verified, I can’t send any more than 100 Euros (To buy stuff). The limit will be lifted only when I enter the 4-digit Paypal Expanded Use Number and become verified. Is it the same case for all unverified Paypal users, or is this some new protection measure from Paypal? |
13th January 2006, 02:32 | #10 | Link |
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It really all depends on whether you are willing to trust(?) online banking - account transfers. I have a bank account associated with my paypal. It enables me to tranfer fund back and forth, If my paypal account doesn't cover my purchase it automatically takes the rest from the designated account. Of course the laws governing liability vary from country to country. You should always keep a close eye on all on-line activity.
Scott
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13th January 2006, 08:42 | #11 | Link |
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The thing is that my card is a VISA Electron ATM/Debit-card only, not a credit card. So it is limited by the exact amount I put in my account/debit card and only use it to get money from the ATMs, which is a good thing. But I don't get any monthly Credit Card statements since I’ve never used it for any credit card transactions. So where am I supposed to get this 4-digit Paypal Expanded Use Number that is supposed to appear in my next credit card statement (monthly transaction history) which I have never gotten until now.
This morning I checked the ATM's transaction history receipt and someone has begun the withdrawal of 1.5Euros + 1 Euro. (It is not complete yet and doesn't say if it is paypal and has no 4-digit number. Also I don't know what that extra 1euro is for?)) I asked the bank and they said that they don't give any monthly credit card statements for ATM/debit cards like mine, only for credit cards & it might appear in my card's transaction history-log when the transaction is complete. That might take 4-10 days. Personally if I knew that it would have been so complicated, I would not have bothered with Paypal. If the worse comes to worse how do I delete/cancel my PAYPAL account and have all my info removed/deleted for paypal? This is not a very good start. Thanks in advance. |
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