Can I Withdraw From My Personal Checking Account With a PayPal Business Account?
With the rise of online commerce, PayPal has become a primary resource for many business owners. The service allows businesses to accept payments online, create online invoices and add express checkout applications to their website. Some business owners may wish to link their personal bank account with their PayPal Business Account so they can transfer money between the two.
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Account Limits
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A total of eight bank accounts can be linked to any PayPal account, business or personal. When multiple bank accounts are linked to a PayPal account, users can choose which account will be accessed for each transaction.
Restrictions
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Users attempting to connect a personal checking account with their PayPal Business Account must keep a few restrictions in mind. First, the checking account must be a U.S.-based account and cannot be already connected to another PayPal account (business or personal). Also, the name on the bank account must match the name on the PayPal account.
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Adding an Account
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To add a personal checking account on PayPal, users need to first log in to their account and click "Profile" at the top of the page. Under the Financial Information section, the "Bank Accounts" link should then be clicked. After clicking "Add Bank," users can then enter routing information for their personal checking account.
Confirming the Account
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Before a bank account can be used with a PayPal Business Account, it must be confirmed. If the checking account is used with online banking, it can usually be confirmed instantly when the account information is added. For accounts not using online banking, PayPal deposits two small amounts in the bank account. Users can then enter the Bank Accounts section of their PayPal Business profile and click the "Confirm" link. After entering the amounts of the deposits, the account will be confirmed.
Name Changes
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Many PayPal Business Account holders may find the name attached to their PayPal account does not match the name on their personal checking bank account. In this case, users can request a name change for their PayPal Business Account. From the email form under the Contact Us section of the PayPal homepage, users should select "My Account" as the message topic and then select "Name Change." Instructions will then be given to complete the name change process.
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References
- Photo Credit digital money background image by samantha grandy from Fotolia.com
