Question about Debit Cards

[MikeRA]

I tried to add my debit card to my account, it does say "Add a Credit or Debit Card" , yet the choices are only Visa, MC and AE. Is this the same card I received when I opened my bank account, that I use at the ATM Machine, Or is it one of those CC's you buy and load with money, after which you can use it like a normal CC? If I can add my TD Canada Trust Debit card to my PP account..that would be great and would save a lot of time.

Thanks, Mike

[Luanne]

You CANNOT link your debit card to your account (in Canada.)  You can link your credit card or your bank account to Paypal, that's it.

That being said, yes if you link your bank account you can go ahead and make a purchase but you better make sure you have the money in the bank in short order or it will end up being returned and will then go to your secondary source for payment (whatever you marked as your secondary source, usually a credit card.)  I find it usually takes a couple business days or more to hit my bank account so I'd say have it in by the day after you make the charge at least.

And technically I'm sure Paypal would say you better not charge unless it's already in the account...

[GPRCC]

I'd sure like to see paypal debit cards in Canada again. Waiting 7 business days to transfer funds to my bank account is a real pain in the arse.  That and the fact that there is supposed to be no charge ... and yet ... there was a .50cent charge also upsets me a bit. 

I just started a small business, and this is making things very difficult to get off the ground. 

[Duhg]

I am currently aware of 2 Canadian banks that have Mastercard/Visa debit cards available.

The CIBC has a new debit card with the visa logo that can be used to make purchases like any other visa purchase online, and the money comes from your bank account.

The other is BMO Bank of Montreal which has a Mastercard travel card that is that you can load from your BMO bank account. This card is $9.95 to set up and good for 3 years. I prefer this option as then if someone were to try to put a charge through that you are not set up for or aware of, it will be declined, and there is no charge to you.

I don't have the CIBC card, so I am I can't be 100% that you would face a NSF fee if you don't have the money in your account to cover any attempted charges, as happens in the U.S. with their Visa/Mastercard Debit cards.

With the BMO card, their is no transaction fees, or loading fees like a lot of the private label cards out there. There is a fee for withdrawal from ATM's though.