Wrong Bank Info. Will I be able to confirm my account? Will I be able to get my money back?

[Walden_Butay]

 I had the intention of adding my savings account to my banks and cards but in the section of selecting what type of account it is, I entered “checking” instead of savings. My concern is that now I wont be able to confirm that account and that I may not be able to get the money I transferred to that account. 1. because the account is listed as unconfirmed, and 2 because if i put down “checking” instead of savings, will I be able to get the 2 small deposits required for confirming my account.

[sharpiemarker]

Wait about 3-5 days to see if 2 small deposits go through or not.  If not, remove the bank account and add it again with the right information.  If the deposits do go through, continue with confirming the amounts.

[Walden_Butay]

It says the transfer was "completed". However, my account is still unconfirmed. I dont think Ill be able to confirm it because eventhough I put the right account number for my savings, under the selection of "checking" or "savings"  I selected Checking instead of Savings. Im just scared that i wont be able to get my money back.

[sharpiemarker]

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@Walden_Butay wrote:

It says the transfer was "completed". However, my account is still unconfirmed. I dont think Ill be able to confirm it because eventhough I put the right account number for my savings, under the selection of "checking" or "savings"  I selected Checking instead of Savings. Im just scared that i wont be able to get my money back.

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Hold up a minute.  You did not just transfer money from your PayPal account to your bank without completing the confirmation process? Is that what happened? 

Because when you say that you're afraid that you won't be able to get your money back, what money?  PayPal makes 2 small deposits of their money into your account as test deposits.  Then you complete the confirmation by entering the amounts into your bank account profile to confirm.  Then PayPal grabs those small deposits back.  Only then should you be able to start transferring money from PayPal to your bank.  Don't know why PP allowed you to start making transfers.

[Walden_Butay]

Thats what happened. Stupid mistake. But thats what pay pal allowed me to do haha 

[sharpiemarker]

If the 2 small bank deposits go through,  PayPal will get the money back.  They put the deposits into your account, not you give them money.

When you confirm your credit card, PayPal will make a test charge on your card.  After you confirm card, they will refund.  Credit card refunds take up to 30 days.

[ShiraYuki]

if the transfer is already completed then just wait 3-5 business days if paypal with reverse the money back to your paypal account.

[WipedOut]

@Walden_Butay

I am pretty sure the fact it is a savings account won't matter with adding the account as the routing and account number would still be able to process.  Word of advice though is be careful with how many transactions you have each month.  If I am not mistaken the new rules from the government leaders is you can only have 5 or 6 savings account transfers before you are hit with a too many transfer fee on each subsequent transaction after that.  I have seen some banks are higher than others for this overage as they pay the government for the penalty then have a little markup to pad their own pockets.  Must give the democrats this much, they are getting very creative with a new range of tax-like funding from your pockets to theirs.

[lancelotme]

I am not aware it is the goverment,I thought it is the bank which limits number of withdrawals  per account,anything over that,there will be  fee.

I think BAC or JPM  allows 6 withdrawals per month,after that it is a fee of $1.95.

Of course there are exceptions,like you have multiple accounts with them and each has a hefty balance.