Paypal & bank account verification question (& seller restrictions)

[barney_rubbles]

If i have a bank account on file with paypal to transfer funds to but its not verified does that give them rights to withdraw money from it if become in debt to paypal or ebay?
         

I really don't want them to have access to my bank account as i refuse direct debits from it from anyone, lets say they make a mistake, i'd have stuff all chance of getting the money back, its happened to people i know.
            

The reason i ask is, i have 2 ebay accounts, both in good standing with good ratings that meet the requirements etc. The 1st one i've been selling on for over a decade on & off, this 2nd one i setup only for buying, but also started selling on it around 6 mths ago. On this one I got a msg from ebay saying i'm now limited to selling 25 items or $1,600 worth per mth, when i click on the  "Request higher selling allowance" link it wants me to login to my paypal account & verify my bank account by them making a small deposit etc.

Strange thing is both ebay accounts are linked to the same paypal account, both with automatic fee payments setup from paypal, i have a credit card on file with paypal & also a bank account which is used to transfer funds from paypal.
     

Also, when i login via the paypal page theres a msg on right hand side saying  'Notifications Complete bank setup' which is also wanting me to verify with a deposit etc. Now that msg has been sitting there for about 3 years, i have not done so but to my surprise had not faced any restrictions at all to my 1st ebay account for not complying.
      

Now if paypal already have the right to fleece my bank account then i guess i may as well go ahead & comply with the request, but if not then i'd rather not give them more power than i have to.

[janeababe]

All paypal want you to do is to verify that you are indeed the account holder of the bank details you have listed with them.

The two small deposits they take are usually under 5c each. Mine were roughly one of 2c and the other of 3c ...   then Paypal ask you to enter the amounts into the *box* to verify your account. Once verified, its safer for you to deal with paypal and your bank should anything go wrong in your purchasing/selling future.

Too easy 🙂

[punch*drunk]

I'm with you, I dont allow paypal access to my bank account either.

I have had the notification to complete bank set up for years. I just ignore it.

If I remember correctly, I did have to link it for verification at some stage, but then I removed it straight away.

[kopenhagen5]

I simply opened a new debit card that's linked to PayPal and top it up for purchases.

It's not linked to any of my other accounts so no security worries. 😉

[retailtherapist_8]

Ditto kopenhagen5. I opened an "ebay account" with a completely different bank to all my other accounts. I keep a small balance in there, I can transfer funds in and out of my paypal account and never have to worry. However I should add that I am more of a buyer than a seller.   

[whipstick12]

Ditto retailtherapist_8,

I too have a dedicated no fees bank account for Paypal and my ebay sites,and not linked in any way to other bank a/c's etc.I use both in buying & selling ,this has worked well for me without any glitches over the years.[As it should! ... I reckon with fingers crossed]

[barney_rubbles]

janeababe, yes i know, i'm not implying they are going to take anything now but if a dishonest buyer did a dispute they might. kopenhagen5 do you mean like a visa debit card? i thought of that but they want a bank account as well so that doesn't solve my problem

.i might think about the separate bank account, are you allowed to say here which ones have no fees? its just another thing i have to keep track of though, i like to keep things simple, have only ever had 1 savings account & 1 credit card. As i get the free 30 listings per mth i can live with 5 less 😉

[phorum_junkie*]

In the event you lose a claim do you think you will not have to pay Paypal back just because you either have no money in your bank account or your account isn't verified?

If you have a card on file and they cannot get it from your bank they will take it from your card or put your Paypal account into a negative balance so future payments go towards the debt, if you stop selling they will eventually pass the debt on to a collection agency and you will end up with ruined credit ratings.

[patchoo78]

janeababe, yes i know, i'm not implying they are going to take anything now but if a dishonest buyer did a dispute they might.

Regardless if you have a verified bank account in PayPal. if a buyer opens a dispute and wins, PayPal will get the money off you anyway

[foxette-in-sox]

All paypal want you to do is to verify that you are indeed the account holder of the bank details you have listed with them.

The two small deposits they take are usually under 5c each. Mine were roughly one of 2c and the other of 3c ...   then Paypal ask you to enter the amounts into the *box* to verify your account. Once verified, its safer for you to deal with paypal and your bank should anything go wrong in your purchasing/selling future.

Too easy 🙂

Psst Jane,they MAKE the 2 small deposits NOT take them lol

(waves,blows kisses & then runs)