Setting Payment Preferences

[jlahb]

I recently verified my account with a bank account, and when that process was finished, it said that my bank account was my prefered account.  I looked under the profile to try to change this back, but I couldn't find the link. So I guess my question is how do I set my account so my purchases are funded through my paypal balance and also, when I receive money, will it go to my banking account or paypal account?

[PayPal_Adrian]

Welcome to the board!

First off, congratulations on becoming Verified! 

Do you also have a personal credit or debit card on file?  If you do, your default funding method will be an Instant Transfer - which will use the available balance first and charge the remainder to your bank.

If you don't have one on file, your default payment method will likely be eCheck - which will use the balance only if the balance is enough.  Otherwise, the full amount of the purchase will be charged to the bank account.

Also, when you receive a payment, it will post to your PayPal balance, but is not automatically sent back to your bank.  To electronically transfer the funds to your bank for free, click on the Withdraw tab up at the top after first logging in!

Hope this helps,

Adrian

[jlahb]

Thanks!

Well, I do have a debit card and checking account on file.  So what I am understanding is that when I receive payments, they will be added to my paypal balance (not bank account) and when I send payments, my default payment method will be my paypal balance (if there is enough).  Is that correct?

[PayPal_Adrian · Accepted solution]

Correct! 

Payments received will go to your balance, where you can keep it on hand or withdraw it.

Your default funding source will be be your balance when selecting an Instant Transfer.  If the balance isn't enough, the extra amount need will come from your bank.

Adrian

[jlahb]

Cool! Thanks for your help!

[kampers1]

It is still not clear how to set my payment preference. For many months I have been trying to completely remove the funding source (checking account, and replace it with my preferred checking account.. The one that keeps popping up as primary is an account that we no longer use.

I follow directions, and establish the new account as primary. Yet, as soon as a payment request arrives at PP, the money is taken from the old, not-in-use account.

I would like to remove the old account completely to ensure that this cannot possibly happen again. There doesn't seem to be a way to do that! As a result, I hardly ever choose PP as a payment method, since I know that it will withdraw money from the "dead" account.

Frustrated in Florida

[jmartin]

But I don't want my payments to come out of my bank account by default.  I want to use my current credit balance and make up the difference with the credit card on file.  

[viking2]

So Adrian,        Please explain why payments are automatically transfered from a buyers bank account instead of the credit card on file. My credit card was originally set up as my primary souce of funding. On some purchases I'm not allowed to select my credit card. The box in front of the credit card won't allow me to select it. The box for the checking account option is preselected/checked, but won't allow me to pick the credit card payment option instead. Some purchases allow the switch and some don't. I recently returned to ebay, I was on ebay from about 2001-2005 selling & buying. It didn't used to be this way back then. Do some sellers have preferences selected on their accounts for bank transfers versus credit cards for the payments that they receive? If this is so, then why are the sellers allowed to display credit card logos/icons on their ebay pages? It's confusing and deceitful to allow this "misrepresentation" on their ebay sell pages. Buyers have had overdrafts on their checking accounts thinking that the funds were being paid for with there credit cards. Are the sellers listing credit cards as a form of payment when they sign up for an account and then deselecting this option once they start selling? If so, why does the credit card icon still appear on their ebay sell page? Something is very **bleep**y here!?!?!  

[Brian_S]

But that's what PayPal wants, and they don't care what the customer wants.

[katy2]

I WANT funding to come out of my bank account (verified).  I don't keep a balance in my PayPal account but I do have a credit/debit card on my acount.  It is a business account.

I routinely make payments to a company outside of the US.  Payments were coming out of my bank account as echecks for months and this was good.  Suddenly my most recent several payments have been funded with my debit card.  My bank charges me a 3% "international Transaction Fee" every time I use the debit card so this is costing me a lot of money.  Has the seller changed something in their preferences that has caused this to change?

How can I make sure the funding comes directly out of my bank account?  Do I need to remove my debit card from the account to be sure funding is from the bank account?  I don't have an option to change the funding at time of payment. I get an order page from the seller, I select PayPal, login, then only have a "confirm transaction" button on the seller's screen... no choice.  

Thanks for any help.