Auto Transfers between Bank and Paypal

[scrap3431]

I just set up a paypal account and authenticated my bank account so I could do transfers between the two. My question is, when I receive payments is it possible to have paypal auto-transfer the balance into my bank account or do I need to come into paypal to transfer after every transaction? Thank you for your help.

[snowshoe]

PayPal used to offer a feature called "auto sweep", I'm not sure if that feature is still available or not as features and policies do change.   Best I can suggest is to contact customer support direct and ask.

Here's a few notes about "auto sweep". 

Auto sweep is an automatic withdrawal option to qualified Business and Premier accounts. This option is not available to Personal accounts.  When enabled, any Paypal balance will be automatically transferred to a designated checking account every night around midnight to 4:00 AM.  This option is a great convenience to merchants with high transaction volumes, so they do not have to log in and manually withdraw the funds periodically.  It also avoids the risk of having Paypal freeze your account and any funds within it.

To enable Paypal Auto Sweep, log into your Paypal account. Click the "Contact Us" link in the footer, and then select "Call Us". Call in and ask if Auto Sweep can be enabled on your account. The Paypal representative will check your eligibility, and enable the option if you are qualified.  You may have to provide your social security number and/or lift any withdrawal limits in place.  It is not clear what the qualifications are, but most likely, they will look at your transaction volume, transaction types, and account age.

Once enabled, you will see an "Auto Sweep" option in your Paypal Account Profile page. It is located uncer My Money > Paypal Balance > More > Auto Sweep. You can enable or disable auto-sweep, and select the checking account where to deposit the funds. The funds will be transferred via the Automated Clearing House system, and will take 3-5 business days to settle in your bank account.

Note that auto-sweep will automatically be disabled in the following circumstances:

• You initiate an electronic funds transfer from your bank account into your PayPal account. (To prevent added funds from immediately being withdrawn.)
• You disable it from 'Edit Profile'.
• Funds are paid out from your account while there is a pending transfer. (The pending transfer will be reversed in order to prevent a negative balance.)

If this happens, you simply go back to "Edit Profile > Auto Sweep" to re-enable it.

Let us know what you find out, it would be helpful for all.

[comparably]

To have that option, PayPal will make you upgrade to a business account, but that you will have to start paying 2-3% fee on your your transactions. So if someone transfers you $1,000, PayPal will keep $20-$30, for each transaction. Which is a pretty steep fee compared to $0 at most banks.