Paypal Question

[pigletto]

My paypal account is linked to my bank account. I have to transfer funds into the paypal account, wait several days for it to go through and then it is in my account.

I am looking to make a purchase of around 1000 dollars. If I transfer that money into my paypal account and then decide I don't want to make the purchase, can I transfer that money back into my bank account?

I'd like it to be in there so I can get it if I find a good deal. But if I don't, or change my mind all together I don't really want to just leave it in the paypal account. I'd rather put it back in the bank.
Does that make any sense?

I asked here because I couldn't find an answer on the paypal site and I know there are paypal users here

 

[JediMaster]

If your paypal is linked ,then it will automatically fund from your bank account or Credit card. It should only take money from the assigned account( Bank or Credit Card) if a purchase is made. So you would not need to transfers funds.

 

[vicki_c]

Right - I keep no money in my Paypal account and when I buy something it comes from my bank account that is attached.

And I agree about the credit card advice below for larger purchases. I just use the bank account Paypal for little things like iTunes for the most part.

 

[horseshowmom]

You don't actually have to move it at all. When you make your purchase, Paypal will take it out of your account for you.

However if you prefer to put it into your Paypal account, you can. Then you can put it back whenever you get ready.

I will say this though. I would never make a purchase through Paypal for that large amount without using a credit card to pay for it (and I have made numerous large purchases through Paypal). That way if you have any kind of a problem you have additional coverage. You can't always count on Paypal to protect you.

 

[pigletto]

Thank you! Can you tell we haven't used it before?
It tells you the balance that you have in your account so we just assumed that we had to put funds in the account before we used it. We moved 200 over last week and it took a few days to show.
So I should be ok to just make the purchase if I find a good price and it will come right out of the bank account?

Thanks for your help

ETA.. I hadn't thought about the large purchase protection. Hmmmm.. Maybe I will look into it a bit more.

 

[IDoDis]

Thank you! Can you tell we haven't used it before?
It tells you the balance that you have in your account so we just assumed that we had to put funds in the account before we used it. We moved 200 over last week and it took a few days to show.
So I should be ok to just make the purchase if I find a good price and it will come right out of the bank account?

Thanks for your help

Yes, if you chose your bank account as your primary funding source, it will come from your bank account. Your back-up funding source is probably a credit card. If there weren't enough funds in your bank account to cover your purchase, Paypal will use your back-up funding source to pay the balance.

Also, let's say a friend borrowed some money from you for lunch and said she'd pay you back via paypal. She sends the money to you and it gets deposited into your account. Say it's $10.00. You can do one of two things:

1) leave it in there and the next time you make a purchase, paypal will use that $10 first and will use your bank account for the rest. So if you buy a purse online for $100 and pay via Paypal, the first $10 would come from the money already in your Paypal account. The other $90 would come from your bank account.

2) Transfer the money back to your bank account. After you log onto Paypal, look at the links near the top of the page. One link says, "transfer funds." Follow the steps and put the money back into your bank account.

Paypal is a great way to pay for things online without giving online retailers your credit card info -- thus reducing your chances of credit card fraud. I've used it for years and have never had a problem.

 

[horseshowmom]

Thank you! Can you tell we haven't used it before?
It tells you the balance that you have in your account so we just assumed that we had to put funds in the account before we used it. We moved 200 over last week and it took a few days to show.
So I should be ok to just make the purchase if I find a good price and it will come right out of the bank account?

Thanks for your help

ETA.. I hadn't thought about the large purchase protection. Hmmmm.. Maybe I will look into it a bit more.

I once purchased a Dell Latitude laptop through ebay (supposed to be brand new) for about that amount. When I got it, I found out that it was not new and that I couldn't transfer the Dell Complete Care.

This dragged out for several months without my getting much help from Paypal. Finally, I called my credit card company, and they handled it. Suddenly, the ebay seller was much more interested in getting the problem resolved.

I should add that Paypal does NOT like for you to go through your credit card and will tell you so when you do. However, I was coming down to the wire and couldn't afford to lose that kind of money. That was a few years ago and have never had any further problems, but I just won't take a chance.