The Oz Round Table boards > PayPal
Paypal taking money from my bank account
Elantra:
Paypal are now taking money from my bank account
yet they have my credit card number they seem to be bypassing this & going straight to my bank account.
If I want to transfer money from my account I need pass word, security number to get in, then a SMS number to confirm.
How come paypal don't need any of this?
I have never knowingly given permission for them to access my account
*smee*:
Somewhere along the line you must have given authority
as you say , you might not of knowingly given them authority
but wiyhout authority they cant so you must have
Log into your paypal account and check out all the account details
you will find it in linked to your bank account in there somewhere
*Brum6y*:
As Smee said ... somewhere along the line you will have given them authority to access your bank account.
I mean, how did they get your bank account details in the first place? You obviously entered them into PayPal - and I daresay there would have been some information via a policy or other declaration available at the time that would have opened up this possibility for them to do so legally. Unfortunately, some of the "disclosures" I have seen are very wordy and can contain references to references which can be a nightmare to navigate. PayPal and eBay are no exceptions. The other thing is ... did you actually read all the policy and disclosure information before proceeding? (presuming you could find it all) If you didn't, don't feel you are alone - most people don't and many don't bother at all.
Whether PayPal's action in accessing your bank account is warranted is a separate question. They may have a valid reason for doing so, so it might be wise to ring them up and ask.
As for their ability to pull funds from your account - you might not be too happy with how easy that is (well, at least as it was a few years ago). Financial institutions can receive funds by simply providing the appropriate account information in an electronic request and shipping it off to the payment, clearing and settlement systems we have in Australia. No "authority" is confirmed by your bank, they simply presume that a requesting institution has that authority and just process the request. Also, the name of an account is never checked, simply because variations in the exact character string used render this a time-consuming exercise - and that it isn't necessary to complete a transfer.
Also,you don't really have any control over how much or how frequently such transfers are made other than taking the requesting institution to task. PayPal requests funds from your bank - and your bank gives it to them.
This is one reason why you should be careful about disclosing your bank account details.
*CountessA*:
--- Quote from: Elantra on September 26, 2014, 11:16:37 PM ---
Paypal are now taking money from my bank account
yet they have my credit card number they seem to be bypassing this & going straight to my bank account.
If I want to transfer money from my account I need pass word, security number to get in, then a SMS number to confirm.
How come paypal don't need any of this?
I have never knowingly given permission for them to access my account
--- End quote ---
It's disturbing and annoying, isn't it?
I presume you mean that when you pay for something using PayPal, the default payment source seems to have "reset" itself to your bank account rather than credit card or debit card...? It's the case with me, too. I have to manually change the source every time I use PayPal.
This is the case even though I set the source as a default to my card some time ago.
It appears to have reset after some PayPal update.
PayPal have automatic permission to take funds from your attached bank account because it's part of the usual lengthy T&C (which frankly almost no-one ever reads).
You can remove your bank account details from PayPal, but
a) there's no guarantee that PayPal will not still have your bank account details on file, and
b) you will then not be able to transfer funds TO your bank account FROM PayPal.
Some people suggest having a special bank account set up solely for the purpose of PayPal transfers. This limits the risks - but be aware that unless you double-check every time you use PayPal for paying someone, and make sure that the funding source is NOT the bank account, you would run the risk of having a dishonour fee if PayPal tries to take the money out of that bank account to transfer to the seller, rather than taking the money from your c/c.
As annoying as it is, the only thing I can do is double-check every single time I make a payment through PayPal - every... single... time. I double-check and triple-check.
Elantra:
--- Quote from: *CountessA* on September 27, 2014, 02:44:43 AM ---
--- Quote from: Elantra on September 26, 2014, 11:16:37 PM ---
Paypal are now taking money from my bank account
yet they have my credit card number they seem to be bypassing this & going straight to my bank account.
If I want to transfer money from my account I need pass word, security number to get in, then a SMS number to confirm.
How come paypal don't need any of this?
I have never knowingly given permission for them to access my account
--- End quote ---
It's disturbing and annoying, isn't it?
I presume you mean that when you pay for something using PayPal, the default payment source seems to have "reset" itself to your bank account rather than credit card or debit card...? It's the case with me, too. I have to manually change the source every time I use PayPal.
This is the case even though I set the source as a default to my card some time ago.
It appears to have reset after some PayPal update.
PayPal have automatic permission to take funds from your attached bank account because it's part of the usual lengthy T&C (which frankly almost no-one ever reads).
You can remove your bank account details from PayPal, but
a) there's no guarantee that PayPal will not still have your bank account details on file, and
b) you will then not be able to transfer funds TO your bank account FROM PayPal.
Some people suggest having a special bank account set up solely for the purpose of PayPal transfers. This limits the risks - but be aware that unless you double-check every time you use PayPal for paying someone, and make sure that the funding source is NOT the bank account, you would run the risk of having a dishonour fee if PayPal tries to take the money out of that bank account to transfer to the seller, rather than taking the money from your c/c.
As annoying as it is, the only thing I can do is double-check every single time I make a payment through PayPal - every... single... time. I double-check and triple-check.
--- End quote ---
Exactly right, I have deleted my bank details.
But whenever I want transfer money from items sold to my bank I will have to add details.
Apparently when you are paying for something there is a change payment you can click on to make the C/C your default payment??? will check for that next time I buy something.
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