Pages in topic:   [1 2] >
Paypal Verification/Setting up direct debit
Thread poster: Rebecca Hendry

Rebecca Hendry  Identity Verified
United Kingdom
Local time: 11:55
Member (2005)
Spanish to English
+ ...
Jul 6, 2005

I have recently started using Paypal to receive payments and then transfer them to my UK bank account and so far I have had no problems.

Unfortunately I am approaching my total withdrawal limit and need to have my account verified before I can get rid of this limit.

I understand the verificiation process - they deposit 2 small amounts into my account and I confirm the exact amounts. That makes total sense.

What I don't understand is the need to set up a "direct debit" in order to do this. I don't plan on making any payments through paypal, not at the moment anyway, so why should I need to give my permission for a direct debit? Are there hidden fees that I've not found in the small print?

I realise Paypal verification has been discussed at length in previous threads, but I couldn't find anything to answer this particular question. I'd really love to hear about other people's experience with the verification and direct debit process.

Thanks,

Becky.


[Edited at 2005-07-06 09:50]


Direct link Reply with quote
 

Konstantin Kisin  Identity Verified
United Kingdom
Local time: 11:55
Member (2004)
Russian to English
+ ...
upgrading means charges Jul 6, 2005

Hi Becky,

First of all, I'm not entirely sure about the direct debit aspect of your question. I do recall having similar doubts about something related to verification but it then turned out that there was some logical explanation (I certainly don't send any money to my paypal account from my bank account).

The biggest catch is that once you upgrade your account (removing the limit) you will start incurring charges for most transactions (including withdrawals under 50 quid). This includes charges on receiving payments. Not sure how big the print in which you are informed of this is but a few people upgraded without being aware of this.


Direct link Reply with quote
 

Rebecca Hendry  Identity Verified
United Kingdom
Local time: 11:55
Member (2005)
Spanish to English
+ ...
TOPIC STARTER
Isn't that just for Business accounts? Jul 6, 2005

Konstantin Kisin wrote:

The biggest catch is that once you upgrade your account (removing the limit) you will start incurring charges for most transactions (including withdrawals under 50 quid). This includes charges on receiving payments. Not sure how big the print in which you are informed of this is but a few people upgraded without being aware of this.


I was under the impression that new fees only applied when upgrading to a premier or business account. I don't want to do that, I just want my own bank account verified by paypal.

Have I totally misunderstood?

[Edited at 2005-07-06 10:30]


Direct link Reply with quote
 

Konstantin Kisin  Identity Verified
United Kingdom
Local time: 11:55
Member (2004)
Russian to English
+ ...
nah, it's me :) Jul 6, 2005

Rebecca Hendry wrote:
Have I totally misunderstood?

[Edited at 2005-07-06 10:30]


Looks like I have totally misunderstood I upgraded because I needed to be paid by credit card at the time and assumed that setting up the direct debit (I think all that means is that paypal is able to withdraw money from you account when you request that they do) was part of that process.

Sorry for the confusion, I'm gonna go find a way to downgrade!


Direct link Reply with quote
 

Rebecca Hendry  Identity Verified
United Kingdom
Local time: 11:55
Member (2005)
Spanish to English
+ ...
TOPIC STARTER
No, they want me to set up a direct debit just to verify. Jul 6, 2005

Konstantin Kisin wrote:

Rebecca Hendry wrote:
Have I totally misunderstood?

[Edited at 2005-07-06 10:30]


Looks like I have totally misunderstood I upgraded because I needed to be paid by credit card at the time and assumed that setting up the direct debit (I think all that means is that paypal is able to withdraw money from you account when you request that they do) was part of that process.

Sorry for the confusion, I'm gonna go find a way to downgrade!


Oh, ok

No, it's nothing to do with upgrading - it's just part of the account verification process.

It seems odd to me that the would require a direct debit for it, which is why I'm slightly reluctant to do it without hearing other opinions first.

Good luck with the downgrading!


Direct link Reply with quote
 

Graciela Carlyle  Identity Verified
United Kingdom
Local time: 11:55
English to Spanish
+ ...
an idea... Jul 6, 2005

Hi Rebecca,

Rebecca Hendry wrote:
it's just part of the account verification process.


It sounds a bit weird to me, but if it has to be done, you could withdraw all your funds from your bank acc.(leave 50p just in case), set up the direct debit, and once you have the account verified, cancel the direct debit immediately and restore your funds.

Unless, they restore your withrawing limits once you cancel
G.


Direct link Reply with quote
 

Rebecca Hendry  Identity Verified
United Kingdom
Local time: 11:55
Member (2005)
Spanish to English
+ ...
TOPIC STARTER
Paypal Verification/Setting up direct debit Jul 6, 2005

Graciela Carlyle wrote:

Hi Rebecca,

Rebecca Hendry wrote:
it's just part of the account verification process.


It sounds a bit weird to me, but if it has to be done, you could withdraw all your funds from your bank acc.(leave 50p just in case), set up the direct debit, and once you have the account verified, cancel the direct debit immediately and restore your funds.

Unless, they restore your withrawing limits once you cancel
G.


Hi Graciela,

It is rather odd, there is no mention of taking money from my account at any time. This is the exact wording, listed under "how do I verify my account?":

"Set up direct debit with PayPal
Step 1: Log in to your PayPal account and click on Set up direct debit on the left hand side of your Account Overview page. When prompted, enter your bank details and review our Direct Debit agreement.

Step 2: When we have received your bank details, we will deposit two small security amounts into your bank account. When you see your next bank statement, make a note of these amounts.

Step 3: Log in to your PayPal account and tell us what these two amounts are.

When you have completed all three steps, you can then start sending PayPal payments funded by your bank account. "


I tried to "review the Direct Debit agreement" but I can't find it!


Direct link Reply with quote
 

Graciela Carlyle  Identity Verified
United Kingdom
Local time: 11:55
English to Spanish
+ ...
hmmm... Jul 6, 2005

Rebecca Hendry wrote:
When you have completed all three steps, you can then start sending PayPal payments funded by your bank account. "


It seems that the verification process serves two purposes:
1) to remove the limit of transfers FROM PayPal TO your bank
2) to remove the limit of payments you make FROM PayPal TO OTHER people. In this case PayPal needs to take the funds from your bank account and that must be why they need the DD.

I don't see the reason why they put both things "in the same bag", though
I don't like it.


Direct link Reply with quote
 

Rebecca Hendry  Identity Verified
United Kingdom
Local time: 11:55
Member (2005)
Spanish to English
+ ...
TOPIC STARTER
You might be right. Jul 6, 2005

Graciela Carlyle wrote:



It seems that the verification process serves two purposes:
1) to remove the limit of transfers FROM PayPal TO your bank
2) to remove the limit of payments you make FROM PayPal TO OTHER people. In this case PayPal needs to take the funds from your bank account and that must be why they need the DD.

I don't see the reason why they put both things "in the same bag", though
I don't like it.


That may be why they're doing it. If that's the case though, what's stopping me from cancelling the direct debit as soon as it's set up?


Direct link Reply with quote
 

Graciela Carlyle  Identity Verified
United Kingdom
Local time: 11:55
English to Spanish
+ ...
probably nothing Jul 6, 2005

Rebecca Hendry wrote:
If that's the case though, what's stopping me from cancelling the direct debit as soon as it's set up?


I guess that unless you want to make some bigger payment to someone and fund it with your bank account (if that is EVER the case!!) there shouldn't be any problem

...I guess!!


[Edited at 2005-07-06 12:02]


Direct link Reply with quote
 
Lindsay Sabadosa  Identity Verified
United States
Local time: 06:55
Member (2004)
Italian to English
+ ...
Direct debit only for Paypal->checking account, not checking->Paypal Jul 6, 2005

Setting-up direct debit does not authorize debits from your bank account, it authorizes debits from your PayPal account. You are authorizing your PayPal account to be debited by your bank account. It's not the other way around. PayPal thinks of its accounts, from what I can tell, as a sort of MoneyMarket account which (if you select that option) can even be interest bearing. The direct debit option is a one way street: PayPal -> checking account, not checking account -> PayPal. I did this for my PayPal account eons ago and I can guarantee that never once has PayPal taken money from my checking account. I hope this helps and good luck!

Direct link Reply with quote
 

Rebecca Hendry  Identity Verified
United Kingdom
Local time: 11:55
Member (2005)
Spanish to English
+ ...
TOPIC STARTER
Thanks! Jul 6, 2005

LSabadosa wrote:

Setting-up direct debit does not authorize debits from your bank account, it authorizes debits from your PayPal account. You are authorizing your PayPal account to be debited by your bank account. It's not the other way around. PayPal thinks of its accounts, from what I can tell, as a sort of MoneyMarket account which (if you select that option) can even be interest bearing. The direct debit option is a one way street: PayPal -> checking account, not checking account -> PayPal. I did this for my PayPal account eons ago and I can guarantee that never once has PayPal taken money from my checking account. I hope this helps and good luck!


So does this mean that any money I receive in my Paypal account is automatically debited and transferred to my bank account?

Thanks for the input, it's great to have feedback from people who have actually done this


Direct link Reply with quote
 

Can Altinbay  Identity Verified
Local time: 06:55
Japanese to English
+ ...
What happens if you want to pay someone else using PayPal? Jul 6, 2005

LSabadosa wrote:

Setting-up direct debit does not authorize debits from your bank account, it authorizes debits from your PayPal account. You are authorizing your PayPal account to be debited by your bank account. It's not the other way around. PayPal thinks of its accounts, from what I can tell, as a sort of MoneyMarket account which (if you select that option) can even be interest bearing. The direct debit option is a one way street: PayPal -> checking account, not checking account -> PayPal. I did this for my PayPal account eons ago and I can guarantee that never once has PayPal taken money from my checking account. I hope this helps and good luck!


It used to come out of my credit card. Does it now come out of my checking account, or is it still from my card? that's the one thing i never understood in all of this. I've only gotten myself verified recently, and I haven't paid anyone through PayPal since.


Direct link Reply with quote
 

Emilija Ivanovska  Identity Verified
United States
Local time: 06:55
Member (2005)
English to Macedonian
+ ...
Way to downgrade on Paypal... Jul 6, 2005

Did you find one Konstantin? As in your case, I upgraded because I received a credit card payment once, and now I get charged for every transaction (which wasn't a case before I upgraded).

Cheers,

Emilija




Konstantin Kisin wrote:

Rebecca Hendry wrote:
Have I totally misunderstood?

[Edited at 2005-07-06 10:30]


Looks like I have totally misunderstood I upgraded because I needed to be paid by credit card at the time and assumed that setting up the direct debit (I think all that means is that paypal is able to withdraw money from you account when you request that they do) was part of that process.

Sorry for the confusion, I'm gonna go find a way to downgrade!


Direct link Reply with quote
 
Lindsay Sabadosa  Identity Verified
United States
Local time: 06:55
Member (2004)
Italian to English
+ ...
Not automatic Jul 6, 2005

So does this mean that any money I receive in my Paypal account is automatically debited and transferred to my bank account?

Thanks for the input, it's great to have feedback from people who have actually done this[/quote]

It's not automatic (or if there is a way to do this, I haven't discovered it). You get notification that you have money, go into your account and then withdraw the amount of money you would like. You may transfer it to your bank account for free but it takes 3-4 days. There are other options as well but I've always used the free one.


Direct link Reply with quote
 
Pages in topic:   [1 2] >


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

Paypal Verification/Setting up direct debit

Advanced search







Protemos translation business management system
Create your account in minutes, and start working! 3-month trial for agencies, and free for freelancers!

The system lets you keep client/vendor database, with contacts and rates, manage projects and assign jobs to vendors, issue invoices, track payments, store and manage project files, generate business reports on turnover profit per client/manager etc.

More info »
CafeTran Espresso
You've never met a CAT tool this clever!

Translate faster & easier, using a sophisticated CAT tool built by a translator / developer. Accept jobs from clients who use SDL Trados, MemoQ, Wordfast & major CAT tools. Download and start using CafeTran Espresso -- for free

More info »



All of ProZ.com
  • All of ProZ.com
  • Term search
  • Jobs