Can I open an account with just a credit card?

[cfnc]

I have finally decided to open a pay-pal account and in the process of doing so find that my banking information is required.  I don't understand this at all when I will only be using the account for purchases on-line on occasion.  (my card number was stolen while making a purchase on line during Christmas)  I now have a card with a relatively low limit and pay it off every month.  I'm really concerned that my bank account information is required.  Any ideas?

[PayPal_Adrian]

Welcome to the boards!

First off, I want to say I understand your concerns with providing any personal information to a company over the internet.  I think that says you have a healthy sense of caution - and that's not a bad thing!  As a fellow victim of stolen information, I remember being very careful with any information I provided to anyone.

And really, I still am.  I have a few accounts that I can keep a close eye on.  Better safe than sorry, after all. 

When it comes to PayPal, it's one of the few companies I actually feel 100% safe with, and not because I work with them.  I and my family was using PayPal a long time before they hired me, honest!   

Providing card or bank information to PayPal is much safer than roaming around the web otherwise.  When you enter that information, PayPal stores it securely - once it is registered, even if someone does get into your account, they can't see enough information to take that information and use it somewhere.  They might know you have a bank account or a credit card, but we don't show enough information for them to use it.  And if someone does get into your PayPal account and sends a payment, PayPal has a 100% guarantee for unauthorized transactions. 

If you'd like an extra layer of protection for your account, you might consider the Security Key - this is a physical token or a text message that would be required to log into your account. 

Learn more about it here: www.paypal.com/securitykey.

Hope this helps,

Adrian

[jls117]

Here's a suggestion.  Open a new additional bank account just for your paypal transactions.  Many banks and credit unions offer multiple accounts for no extra charge.  You can then transfer between these accounts as needed to supplement your ebay transactions and safeguard your regular bank account. 

This is what I do.

[Bstrong]

I currently have the same question as the OP, but am not understanding the answer provided.

So linking the Bank account is mandatory? yes or no?

Having and linking a credit card/debit card is not required to verify paypal?

[PayPal_Adrian]

Bstrong,

The answer, really, is yes and no.

In the US, if your account needs to become Verified, you have two options.

You can link and confirm a bank account; or,

You can apply for and be instantly approved for PayPal Smart Connect, the Extras MasterCard, or the eBay MasterCard.

You don't usually have to become Verified upon opening an account, either. 

Hope this helps,

Adrian

[everlasting01]

I have the same concern also. I received a payment via Paypal, but I can't withdraw it because I have to get verified by linking my bank account or applying for new Mastercard, either of which I don't want to do.

I am still in the process of repairing damages done to me after my Credit card info was stolen.

I wish there is an alternate way to withdraw the money. It seems like I can't even use the money to purchase anything as I am not yet verified.

Any suggestion?

Thanks

[PayPal_Adrian]

everlasting01,

In order to send a payment, you must have at least one piece of financial information registered - so if you have a bank debit card, I would add that so you can send a payment.

In order to withdraw a payment, you don't necessarily have to be Verified.  To see a full list of your available withdrawal options (as well as be prompted on what you may need to do to utilize those options), click on "Withdraw" at the top after logging in.

Adrian

[Brian_S]

Do not ever link your bank account to PayPal.  My friend had $4K cleaned out of his bank account that way.  He got it back via FDIC, but it took a long time.  Better not to have the money stolen in the first place!

For that matter, never link your bank account to anything if you can help it - even your mortgage servicer.  Every link to your bank account is a potential highway for fraud.