Business Account, Contact name, and Bank account name for withdrawal?

tashiwa
Member
Member

We are a tiny business that just upgraded from Premier to a Business account.  The bank account that is linked to our paypal account is my personal bank account since we don't have a bank account in the name of our business.  Since my name is the contact name on the Paypal business account, and this matches the name on my personal bank account, will I have a problem making a withdrawal since the name on the bank account is a personal one, and not the name of the business? 

 

I'm concerned my withdrawal won't go through because when I click on the steps to make a withdrawal to a bank account, the business name shows up in the field for "Bank account name" - and I can't change this.

 

What can I do to ensure the funds transfer properly?

 

Thanks in advance!

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4 REPLIES 4

vickielynn
Contributor
Contributor

Did you ever figure this out?  I'm having a similar issue.  I no longer have the business name I used to.  I took it out of my profile everywhere, but when I went to transfer money to my bank account, it listed my "bank account name" as my old business name for some reason!  That bank account has NEVER been connected to that old business name so I don't know where it's coming from.   I sure hope the transfer goes through.

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JWelsh
New Community Member

As long as the account is verified, it will go through - but the name thing *is* really annoying. I really don't want to go through the process of removing and re-verifying. There are just too many things going on to take a chance of something being lost in the shuffle!

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skier
Advisor
Advisor

As long as you have verified the account, you should not have any issues as you are the owner.   PayPal does care if the account is personal or business or whatever, you simply have to prove the account is yours.

 

Regards,

 

skier

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vickielynn
Contributor
Contributor

I just spoke to Paypal on the phone.  If you've changed your business name since you've had your bank accounts connected to it, then you need to delete your bank account and re-add and re-verify it in order for the new name to show up as the Bank Account Name...fyi.

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