Paypal has become the go-to service in terms of sending and receiving online payments. Lots of websites list Paypal as a method of payment and many small business websites use Paypal as their only method of payment. Signing up for a Paypal account is free and easy, but you should know that linking your bank account to your Paypal account has many additional benefits. The linking process is easy, fast, and 100% free! If you're looking for a tutorial on how to link your bank account click here.
Reason #1 – Safe & Secure
Connecting your existing bank account to your Paypal is free of charge and is a safe and secure process. Your bank account information stays confidential with the Paypal service and is never revealed to anyone including payment recipients. Transactions from your bank account must be initiated by you and Paypal will send you an email notification anytime money is transferred from your account. Paypal also monitors each account closely and reviews all payments to check for unusual account activity. Payments from your bank account are 100% protected against unauthorized withdrawals.
Reason #2 – Draw Funds From Bank
By linking your Paypal account directly to your bank account, you gain the ability to use it as a source to fund future Paypal purchases. This means you will never have to worry about manually transferring money to your Paypal account as it will automatically transfer the required amount needed to make the purchase. If you currently carry a positive balance in your Paypal account, it will only take the difference in order pay the full amount required.
Reason #3 – No Fees
If you choose to send money through Paypal via a linked debit or credit card, you will almost always be hit with a fee. When you have your bank account linked with your Paypal, sending money within the U.S. is always free.
Reason #4 – Move Money Between Accounts
If you regularly use Paypal to purchase items or receive payments then linking your bank account should be a no brainer. By linking your account, you have the ability to easily transfer money between the two accounts for no cost. There is no better way to accept a payment online and transfer it directly to your bank account. Keep in mind your bank account must be located in the U.S. in order to move money without getting hit with any fees.
Reason #5 – Become Paypal ‘Verified'
There are many great benefits to becoming verified by Paypal and linking your bank account will allow you to complete this verification. The most notable gain you receive, is a dramatic increase in your spending and withdrawal limits. Additionally, every time you verify your account, you help increase the security of the Paypal network as more people are confirmed to be who they say they are.
As a graduate of the University of Massachusetts and our Managing Editor, Colt loves testing out the newest tech products/services. His goal is to help better educate other consumers to ensure the most satisfying purchases decisions on consumer electronics and services. When he is not working on creating new content, Colt enjoys spending time with his two Australian Shepherds, Mia and Zoey.