Peggy in Va Posted April 18, 2009 Share Posted April 18, 2009 I just realized that I can now sell things on the For Sale Board, but I don't really "get" Pay-Pal. I have purchased things off of E-bay before but I have never sold anything. My question is - is it absolutely necessary to have a bank account linked to your pay-pal account in order to receive money. I understand that the money goes into my pay-pal account. And, that if I want to transfer the funds from my pay-pal acct. to a bank account I need to have them linked. But do I need to have one listed before I can receive funds?:confused: Please help!! TIA Quote Link to comment Share on other sites More sharing options...
Tree House Academy Posted April 18, 2009 Share Posted April 18, 2009 You can get a personal account and not link your bank account, however, that limits you to buying and selling online. The only way to USE the money you get via paypal is to spend it on something else at a place/with a person who accepts paypal. Note that with a personal account, you also do not get to accept credit cards at all. It has to be someone that pays with a bank funded account or someone that has money in their paypal balance. Quote Link to comment Share on other sites More sharing options...
MIch elle Posted April 18, 2009 Share Posted April 18, 2009 (edited) I accept only non-cc paypal when I sell and then request a check from paypal; I get the check in the mail & deposit in my bank acct. There is a paypal check fee of $2/check. I wait until I have a lot of money before I request a check. I pay ebay with cc thru paypal or it takes whatever I have in my paypal acct. to pay for the ebay item. If I don't have money in paypal, it bills it to my credit card. Edited April 18, 2009 by MIch elle Quote Link to comment Share on other sites More sharing options...
Peggy in Va Posted April 18, 2009 Author Share Posted April 18, 2009 You can get a personal account and not link your bank account, however, that limits you to buying and selling online. The only way to USE the money you get via paypal is to spend it on something else at a place/with a person who accepts paypal. Note that with a personal account, you also do not get to accept credit cards at all. It has to be someone that pays with a bank funded account or someone that has money in their paypal balance. Thanks. So, does this mean when I'm ready to transfer the money out of the pay-pal account into a bank account I can link the bank account at that time? I guess I'm just reluctant to have a bank account tied to my pay-pal account. I've just always had a cc attached to it. Quote Link to comment Share on other sites More sharing options...
Peggy in Va Posted April 18, 2009 Author Share Posted April 18, 2009 (edited) I accept only non-cc paypal when I sell and then request a check from paypal; I get it in the check in the mail & deposit in my bank acct. There is a paypal check fee of $2/check. I wait until I have a lot of money before I request a check. I pay ebay with cc thru paypal or it takes whatever I have in my paypal acct. to pay for the ebay item. If I don't have money in paypal, it bills it to my credit card. Thanks - you were posting my answer before I even thought of my question.:) Edited April 18, 2009 by Peggy in Va wording Quote Link to comment Share on other sites More sharing options...
ckweyant Posted April 18, 2009 Share Posted April 18, 2009 I have a business account with Paypal, so I don't know if this works the same way, but, Paypal offers debit cards. This is how I go about getting my money, without them charging money to take it out. You can use it like any other kind of debit card, even like a credit card if you forget your pin number (like I have). Quote Link to comment Share on other sites More sharing options...
MBH Posted April 18, 2009 Share Posted April 18, 2009 There are two types of Paypal accounts: 1) The Premier (or Business account) accepts credit card paypments as well as bank account transfers and balance in paypal account. This account will charge you each time you accept money from another paypal owner. Without this type of paypal you will not be able to sell on Ebay. I think the fee is 3.9% plus 30 cents. 2) The Personal account accepts payments from bank transfers or balance in paypal account. This account does not charge you for accepting money from another personal paypal account. It will charge you 3.9% plus 30 cents if you accept payments from Premier account paypal. You are only allowed to receive 5 such payments per year from a Premier account. I have a Personal account which is linked to a checking account. This account was opened with a minimum of $5 in it for my paypal account only. In other words, my Personal account is not linked to my primary bank account. I did not feel safe to have it done that way. Quote Link to comment Share on other sites More sharing options...
MBH Posted April 18, 2009 Share Posted April 18, 2009 But do I need to have one listed before I can receive funds?:confused: TIA In order to be a "Verified Paypal Account Holder" you need to link it to a bank account. Quote Link to comment Share on other sites More sharing options...
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