Paypal bank account

[64V-K7]

This is for anyone here, who has a bank account specifically for Paypal transactions....

Does your bank require you to maintain a balance in the account? If so, how much? thx

[Bob Andrews]

Mine is just linked to my regular bank account. If I buy something and there's not enough money in PayPal they just draw that amount from the account. Never had a minute's problem.

If there's not enough in that account at the time they try to draw, they will send you an e-mail that says "Electronic funds transfer declined". When you open it the details are there and it says "another attempt to withdraw will be made in three days. Please fund the account in the appropriate amount". Did it once, and it was no problem, and no charge.

Yo can also give them a credit card as a backup source. I did not because I have done away with all credit cards.

[64V-K7]

Thanks Bob,
I just have a bad feeling about giving Paypal (& who else) access to any account I have, with data on my expenditures. I want to set up an account for only incoming payments and once deposited, they will be moved to another account.

[rockne10]

Paypal sort of acts like that account already. There is no balance necessary at all but, if you hold funds with them they only pay something like .012% interest.

[nzstude]

Mine is linked to my visa account. I only buy stuff so don't have to worry about deposits. Everything goes through my visa. pay it off every month but it means I get a months free credit.

[JimsLeadCommander]

I would suggest using caution IF you get an email that claims to be from PayPal and it states that there is a problem with your account and please "Click" somewhere to give up your details so, they can "Fix" the problem. These are Phishing scams and NOT from PayPal. Use Caution!!

[leyrret]

Their site states it takes 5-7 days to move money form PayPal to bank account. Wonder why so long? I have my local checking account on it but always use credit card for payments to get the cash back rewards. I rarely use cash for anything. Every little bit counts these days.