Adding your bank account Why add your bank account to PayPal? Unlike credit or debit cards, your bank account does not have an expiry date – and because you don’t carry it around with you in your wallet, there’s little chance of it being lost or stolen. In other words, your bank account is your most permanent source of funds and therefore the best way to help ensure that your PayPal payments always go smoothly. This doesn’t mean that all your PayPal payments have to come from your bank account – you can still choose to fund payments with a credit card, for example. But having your bank account attached means you’ll always have a back-up. How do I add my bank account? 1. Log in to your PayPal account. 2. Hold the mouse over the Profile tab and click on “Add or Edit Bank Account”. 3. Enter your bank account details – we recommend that you only use your current account, as many savings accounts do not accept funding instructions. 4. Click Continue. Your bank account has now been added to your PayPal account. 5. You will the need to set up a Direct Debit agreement so that your PayPal payments can be funded directly from your bank account. How do I set up the Direct Debit agreement? Key Points As with most Direct Debit agreements, you simply need to fill in a form which confirms that it’s okay for us to deduct funds straight from your bank account when you make a PayPal payment. You can do this online. 1. Use bank transfers as Please note that we will not deduct any money from your account unless you instruct us to a fast way to pay. do so – for example when you pay for an eBay item, set up a recurring payment or use PayPal to send money to a friend. 2. Still use your PayPal How does bank funding for PayPal work? balance for payments. When you make a purchase, PayPal pays the seller instantly and then deducts the money from your bank account. Please ensure you have the money in your account when you make 3. Transfer funds from a your payment. bank account into your What happens if you don’t have enough money in your PayPal balance. bank account? 4. Continue to use your When you make a payment, our system automatically uses the funds already in your PayPal balance. If these are insufficient, the transaction will be funded from your bank account. debit or credit card for If you have insufficient funds in your bank account, you have the option to fund the payments. transaction using a credit or debit card. Many people prefer to pay from their bank account. The good news is that you can easily do this with PayPal.
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