What are the pros and cons of doing this?
Does this mean they will no longer use my credit or debit card?
Does this lower the fees and if so who benefits from this?
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"Why Does Paypal Want Me To Confirm My Bank Account?" was posted on Thursday, February 4th, 2010 at 4:09 pm.
“Why Does Paypal Want Me To Confirm My Bank Account?”下有2 Responses条评论.
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According to PayPal: “When you confirm your U.S. bank account, your Sending Limit is lifted. The amount of money you send through your PayPal account will not be subject to Sending Limits although the maximum dollar amount for any single transaction is $10,000.00 USD or the equivalent thereof.”
Confirming your bank account is very simple. You just give PayPal your routing and account numbers. They make two “microdeposits” into your bank account. For example, they will deposit $0.17 and $0.05. It will take about two days for it to show up in your account. When the deposits are in your account, you just confirm your account by telling PayPal what the two amounts are. They know that it is your account since you have access to the amounts.
I would highly recommend confirming your bank account if you are a merchant. As a customer, I would not send money to a non-confirmed merchant.
You still have the ability to use your credit and debit cards on PayPal. But after you confirm your account, you also have the ability to send immediate payments from your checking or savings account.
Caution!!! – there are many email Phishing scams that look very credible on the surface, but underneath the surface, direct you to a Phishing site that, if you input your personal data, may glean it for their own dubious purposes.
I don’t know if the request from “PayPal” you have is legitimiate or not, but if it came to you via email, everyone needs to be very skeptical these days!