Did you buy from this account? If you did, that's what the $1 is for. PayPal take an amount from your account and you have to then tell them what the amount is to verify your bank account.
Go into your purchase history and locate the transaction. Is there a $ sign indicating it's been paid, or is there an egg timer? If it's the egg timer, you have paid from your bank account via PayPal and it's gone through as an eCheque. As Dave said, it can take a week to clear.
Looking at the item you bought and others like it, it looks to me like you have been scammed. It's cheap, it's got free postage, it's coming from China, immediate payment is required. A seller in South Australia is selling the same item, showing the same photo, for $795 + Postage.
Now, the issue you are going to have if it does turn out to be a scam, getting a refund. The item is listed in the cars, bikes, boats category, which doesn't have buyer protection. If you try to open a dispute, it might say you can't. Unfortunately, the estimated arrival date is saying 4-8 weeks away, and you can't open an eBay dispute until after the last estimate date. It's showing as Nov 16 for me, so would be a few days earlier for you.
You could try opening a PayPal dispute after you've waited a reasonable amount of time. However, once you've opened a PayPal dispute, if it fails, you can't then open an eBay dispute. PayPal will say they can't give you a refund because of the category. You'll probably need to ring them and explain that the seller is a scammer who has listed items in the automotive category. It might take a few calls to convince them that you've been scammed. Hopefully another member go-tazz will be along soon and see your message as he knows how to deal with these things.
FYI, this is the listing that the seller has stolen. He is even using the Aussie sellers photo. I can't send that seller a message from this account to say that someone has stolen his listings, but if anyone else wants to send him a message, he will probably want to know. The scammer has actually stolen quite a few of his listings.
For the future, if you find something that is way cheaper than everyone else, it's a scam. EBay is not the bargain basement it used to be. Be very wary of Chinese sellers selling expensive stuff really cheap.
