NFT: Anyone link their bank account to their PayPal account?

I would never do that.
Well, maybe if you have a separate account with minimal funds.

I link my bank account to PayPal.

why would someone hack paypal to get your bank information and not the bank? I'd guess they use similar security and encryption.

whether you bank online or not, your information is still stored in the banks systems.

I also use Venmo with my bank account.

and no online banking?

Are you the guy, well you and the elderly, they're keeping the physical bank locations open for? I rarely write an actual check anymore and i haven't stepped foot in a physical bank in probably 5 years.

My kids will likely never see the inside of a bank. The torture they have missed out on....

I don’t link my bank to anything except my credit cards. I don’t want any additional access point to the account, I feel like online banking is vulnerable enough as is.

Of course it’s safe. Like pjcas I also have venmo linked to my bank acct as well, and can’t tell the last time I went to a physical bank. Do you use your smartphone to deposit checks? Another reason to no longer enter a bank.

If you enable 2 factor authorization on paypal, I think that pretty significantly reduces your risk.

Of accounts having issues or being frozen etc with PayPal. When my wife sold some stuff on eBay, she just set up a second bank account and put a small amount of money in it and linked that one to PayPal.

We haven’t personally ever had an issue with PayPal. But it was so easy to have the second account setup, not sure why you wouldn’t do that just for peace of mind. My two cents.

a few years ago. I had some money sitting in there for a fantasy football league, around $500. All of a sudden, the money was magically withdrawn. Paypal was actually very helpful, and gave me the money back quickly once they saw what had happened.

you should be more concerned about someone opening up fake accounts with your information. I recommend you lock up all of your credit score access with the four credit score rating agencies so you can determine when it can be accessed.

But PayPal is very secure and has a great fraud team that will work to ensure any hacking will be repaid back to you.

In comment 14033304 SimpleMan said:

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a few years ago. I had some money sitting in there for a fantasy football league, around $500. All of a sudden, the money was magically withdrawn. Paypal was actually very helpful, and gave me the money back quickly once they saw what had happened.

Mine was also hacked before, and PayPal was amazing in correcting it.

All the hacking on PayPal is due to account holder error and not PayPal. Reusing passwords or linking PayPal to other services like eBay gives additional avenues for hackers to steal your passwords.

paper checks are just as at-risk or more for theft/fraud as online payment methods according to most studies (not commissioned by the online companies either)

Haven't had an issue. Keep a unique PW on your PayPal and Bank Account. Report any fraudulent charges immediately. It's not really risky in this day and age, IMO.

Have it hooked up to Venmo also - which is a must for people my age (29). This is how we pay eachother for pretty much everything.... rent, drinks, utilities, literally everything.

is it still an available option to transfer PayPal funds to that bank account?

In other words, to use the bank account as a depository only and not a payment source...

In comment 14033320 FranknWeezer said:

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is it still an available option to transfer PayPal funds to that bank account? In other words, to use the bank account as a depository only and not a payment source...

you can have PayPal send you a check for your balance (or part of it), I don't know if your bank account is not a payment method (even non-primary) if you can transfer funds to your bank account. Maybe someone else knows for sure.

have had mine in there for years, as well as Venmo.

In comment 14033320 FranknWeezer said:

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is it still an available option to transfer PayPal funds to that bank account? In other words, to use the bank account as a depository only and not a payment source...

Check this - ( New Window )

if you're concerned, you can usually open a free additional checking account with your bank (link that one with minimal or no funds in it to paypal) and then transfer between accounts.

to get that extra .01% from your bank? I just dumped my bank for an online bank checking and savings to get more than the silly amounts brick and mortars were giving to use my money. Everything is done on line and in an instant. I use PayPal, linked to a bank account, to pay certain bills and send friends money for things. I have never had an issue with them or with my information

just for the new business you are starting and link it to that one only

Mine has been linked for years. Never had any trouble. Same with Venmo.

and to Venmo for a year or so -- no problems ever so far.

I’ve had my paypal linked to my business bank account for years...I do a lot of online transactions and use PayPal to both send and receive payments...It’s safe...the only problem that I had was on the receiving side...receive a flood of orders...one time..from a sales promotion...like 20 x the normal amount...PayPal ended up holding funds and it took a while to have funds released...

specifically for paypal/ebay. Never ever your primary account.

never ever ever ever ever ever use your bank account or debit card online
NEVER ....

wait let me repeat NEVER !!!

use a credit card..always
if someone cleans out your bank account it becomes YOUR problem
if someone makes fraudulent charge on your credit card it is banks 'problem.

link your PayPal to credit card not debit card.

In comment 14035158 giantfan2000 said:

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never ever ever ever ever ever use your bank account or debit card online NEVER .... wait let me repeat NEVER !!! use a credit card..always if someone cleans out your bank account it becomes YOUR problem if someone makes fraudulent charge on your credit card it is banks 'problem. link your PayPal to credit card not debit card.

Using CC only on PayPal sometimes excludes you from transactions and/or incurs fees that your bank account does not.

Second, most banks, including mine, consider me 100% secured from (not liable for) fraudulent withdrawals or transactions.

I have had my Bank of America checking account temporarily "frozen" so many times because of suspected fraud it's almost annoying.

but it works, they send me a text and say these three transactions just occurred, that fit a fraud pattern so we put a hold on them, reply Yes if you made them and they will be allowed or No if you did not and they will be rejected and next steps taken.

but...everyone should do what they're comfortable doing.

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Using CC only on PayPal sometimes excludes you from transactions and/or incurs fees that your bank account does not

at this point every merchant should have mechanism to accept a credit card..

I can't think of situation ONLINE that only check or debit card would be taken..

In comment 14035300 giantfan2000 said:

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Quote: Using CC only on PayPal sometimes excludes you from transactions and/or incurs fees that your bank account does not at this point every merchant should have mechanism to accept a credit card.. I can't think of situation ONLINE that only check or debit card would be taken..

I believe it to be true that for some transactions with PayPal when you use PayPal linked to CC you get charged a fee. When you use PayPal linked to bank account you do not.

Also, some eBay sellers, won't accept PayPal linked to CC, because their fee is higher.