Friday, March 15, 2013

Will PayPal Make Deposits to an Overdrawn Bank Account?


Linked Bank Account
When you sign up for PayPal, you have the option of linking your bank account to your PayPal account. PayPal will send two small deposits to the account you specify. After you receive the deposits, log in to PayPal to enter the amounts of the deposits to verify your account. If you did not link your account when you opened your PayPal account, you can link your accounts later by clicking on 'Add Bank Account' on your account overview page and entering the requested information.
Transferring Funds
Once PayPal verifies your bank account, you can transfer money from your PayPal account to your bank account by clicking on the 'Withdraw' link from youe account overview page and choosing 'Transfer to Bank Account.' Enter the amount you wish to transfer and choose your account from the drop-down menu. If your bank account information is wrong, PayPal will charge you a fee for funds returned to your account.
Delay to Transfer
It will take three to four business days for the money transfer to complete. During this time, your bank account will remain overdrawn and you will not be able to access the money from PayPal. It can take longer depending on your bank's policies. There is a $1 minimum withdrawal amount if you are in the United States.
Considerations
If you need to cover your overdrafts quickly and you have a PayPal debit account, you can get cash off of your card to put in your bank account. Typically, you will pay a fee if you withdraw cash from an ATM, but if you request cash back from a purchase there are no fees. You can then take the cash to your bank to deposit into your account.

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