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ixtee
Contributor
Contributor

Hello, It says that I have a sending limit of over $3,000 but I can't seem to pay e-bay with it. Do I have to verify a bank account before I can use this? Any help will be appreciated 🙂

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snowshoe
Frequent Advisor
Frequent Advisor

Yes.

 

Why is verifying my account important?

 

All US financial institutions such as banks, credit card issues and 3rd party transaction processors such as PayPal are required by law to reasonably verify the identity of the person behind any and all Accounts into which money is collected. Verification mitigates money laundering and terrorist financing.  PayPal takes advantage of the fact that you had to prove to the bank you are who you say you are.  Therefore, by linking and confirming your bank account, the background work has already been done and PayPal has now met the legal requirements to protect themselves.

 

PayPal's FAQs state: To Verify your PayPal account, just link your bank account to your PayPal account or be approved for PayPal Smart Connect or the PayPal Plus MasterCard®.  

 

In addition to a bank account, when you link and confirm a credit card, this acts as additional proof of ID and a backup funding source.

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