PayPal

[jeep991]

Hi everybody,

I was hoping someone here can help. I just opened a paypal account linking it to a bank account and tried to buy something from newegg.ca. When I tried to checkout using paypal, it said I could only use it with a credit card linked. I cancelled my credit cards a couple of years ago and thought that paypal would allow me to buy things online. Is this how it works on all sites?

Thanks.

[Hanni]

Can you transfer funds from your bank account to paypal and then pay? Perhaps only a credit card link gives instant funds.

[Crispy's Critter]

if you don't have a credit card linked to your paypal account to back up your bank account the best you can do is pay by echeck. It kind of sucks, since it takes 6 or 7 days to clear.

[Rathji]

I think that you need to confirm your bank account and (maybe) your address before they will purchase and pull funds directly from your account. You can probably deposit money directly into your paypal account and then try the purchase, it should work as well.

[ken0042]

It's been years since I set mine up, but I think you need to "activate" your bank account by making a small transfer (which will be a random amount), and then tell Paypal how much the amount was.

[jeep991]

Thanks. I just transfered some money into the account but it takes 6 - 8 days. I guess I'll wait til then and try it again.

[Rathji]

Originally Posted by ken0042

It's been years since I set mine up, but I think you need to "activate" your bank account by making a small transfer (which will be a random amount), and then tell Paypal how much the amount was.

Paypal deposits 2 small amounts into your account, then you need to enter the value of those deposits.

[boogerz]

Even though you cancelled your credit cards a long time ago, I'd recommend getting a low limit one for e-shopping. Using a credit card through Paypal is a little safer than using your bank account, and it's easier to recover the money if any transactions/purchases go awry

[jeep991]

Originally Posted by boogerz

Even though you cancelled your credit cards a long time ago, I'd recommend getting a low limit one for e-shopping. Using a credit card through Paypal is a little safer than using your bank account, and it's easier to recover the money if any transactions/purchases go awry

Good point. I just hate how they always up your limit. When I was younger, the credit card balance got a little out of hand.

[silentsim]

You can always do a prepaid credit card as well. Minor fees but then no hassles!

[Hanni]

Didn't the government just bring in new rules on credit cards with one of them being that they cannot raise your limit without your knowledge?

Edit: Found an article
"Other measures include limits on how banks can contact cardholders with outstanding balances and obtaining mandatory consent before raising credit limits."
http://www.financialpost.com/story.html?id=1615992

I know a guy who has a $500 limit card that he uses only for online shopping, that way he isn't as worried that someone could get the number.

[3 Justin 3]

They do instant payments but like mentioned only if you have a valid Credit Card attached. If not then you have to send an echeck which takes like 9 months to clear.