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Home » PayPal Info

PayPal and Your Bank Account

2 September 2009 Posted by: Denise Comments Off on PayPal and Your Bank Account

When you set up your bank account with PayPal, you can only have 1 bank account associated with each PayPal account you open. If you are planning to run an online business, I recommend opening a bank account just for business. It doesn’t have to be a business bank account but you should only use it for your business transactions. It also makes bookkeeping a whole lot easier. You can confirm your account with PayPal 2 ways; if you have access to your bank account online, you may confirm instantly and if you don’t, you’ll have to wait 2-3 days and call your bank for the deposit amounts.

Before confirming instantly, it is a good idea to have your online banking information written down with you at the computer. If you take too long to enter information in PayPal, you will get timed out and have to login again. Go to you online account, log in and look at the security question and answers you entered when opening the account. PayPal will ask for these and your username and password to confirm the bank account. PayPal will make two small deposits in your checking or savings account, whichever one you chose. The deposits to my bank account from PayPal were between $.07 and $.19 USD. You will need to verify these deposits by logging in to your PayPal account and clicking on the “confirm bank account” link.

If you don’t have online banking, the procedure is the same but you will have to wait 2-3 days and call your bank for the deposit amounts. This would be a great time to ask your bank to set up an online account for you- something I highly recommend! This will also make it easier for you to check PayPal transactions as your online business grows. You may now add funds to your PayPal account by transferring the money from your checking or savings account. It usually takes about 3 days for a transaction to post from your bank to PayPal or from PayPal to your bank account no matter whether you’re adding or removing funds.

In my next post, I’ll finish PayPal by discussing adding a credit card.

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