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debit card v. bank account

Contributor

debit card v. bank account

In setting up paypal account, is it mandatory to use a bank account or can you set up your account with only a debit card to receive funds?

4 REPLIES 4
Moderator

Re: debit card v. bank account

Hi @BartJ,

 

Thank you for your post! In the US, you have a couple of different options for receiving funds. Upon receipt of the first payment, you can opt to have received funds automatically withdrawn to a bank or debit card, or you can complete the steps for a PayPal Cash or Cash Plus account to allow received funds to be retained in your PayPal account to be used or withdrawn at a time of your choosing. 

 

I hope this helps!

 

Olivia

 

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Contributor

Re: debit card v. bank account

Ok. Bear with me as I'm new to this.  So paypal has an account that you can simply hang onto the funds until we need to use them for anything, correct? Then, when we need funds we can just transfer whatever we need to a debit card?

Bart

Contributor

Re: debit card v. bank account

Since we are a non-profit (501 c 4) organization, do you provide reduced fee structures?

Moderator

Re: debit card v. bank account

Hi @BartJ,

 

That's correct, with a PayPal Cash or PayPal Cash Plus account, received funds would be in your PayPal balance until used or withdrawn to a bank account or debit card, or withdrawn by check.

 

Great question about fees for non-profit entities! PayPal offers a reduced rate for 501(c)(3) charities. I'm not familiar with 501(c)(4), but the FAQ does specify that the 501(c)(3) status is needed to qualify.

 

I hope this information helps.

 

Olivia

 

If this post or any other was helpful, please enrich the community by giving kudos or accepting it as a solution.