Bank Funding on Paypal account

MEJULIE_4

Hi. I have just tried to pay for an item I have bought using my paypal account. Paypal says that I have exceeded my sending limits and that I need to set up bank funding. What are the limits?

Why can't I pay using my credit card. I don't really want funds to come out of my bank account. Do I have a choice? So many questions, does anybody have any answers?

Mark7799

Same thing happened to me a while ago. You were given a limit (I think $750 equivalent) and once you've spent that you HAVE to register a bank account. There is no way around it but once you've set up the bank account you don't have to use it (I don't at all - well except for once when I pressed the wrong button).

You can change the method of funding from bank to credit card every time you use pay pal in the future and you can expect a message outlining the 'advantages' of bank funding - in reality you are still better off paying by c/card as you may have the option to do chargebacks if things go badly wrong - paypal don't want you to do this.

If you never plan to use this account for selling then you can delete the bank account as a funding option afterwards.

Sorry if this sounds a bit long winded - hope it helps.

robowen

It's a security measure put in place to counter act money laundering.
They want to know you are genuine, and they want more evidence of your identity.

They only let you have a limit of funds you can send with an account before you have to register a bank account with them. If I remember rightly...you have to set up a direct debit mandate at your bank. Paypal send some money to your bank and then withdraw it straight away to see if the mandate is in place. You may get a call from your bank at this point.

Once everything has gone through and your limit is extended again, you can go online with your bank and cancel the mandate. They send you an email to say it has been cancelled, but just ignore it. My mandate was cancelled over a year ago....and no-one has chased me about it , but my account has stayed verified.

rob

OllieLong

robowen wrote:

Paypal send some money to your bank and then withdraw it straight away to see if the mandate is in place.

They say you keep the money, I got 37p and 2p!

MEJULIE_4

Thanks for your replies, I understand now.

Julie