How to Hold a Deposit With PayPal

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PayPal is one of the largest online e-commerce sites in the world.
PayPal is one of the largest online e-commerce sites in the world. (Image: Tooga/Digital Vision/Getty Images)

PayPal, an eBay subsidiary created in 1998, is an expanding e-commerce website used by nearly 90 million people around the planet. The website is widely used to pay for eBay purchases but also can be used to send money and deposits to landlords. PayPal accounts are created with money from credit cards or bank accounts. PayPal reserves the right to hold transaction deposits for as long as 21 days, depending on the circumstances.

Create a PayPal account, if you don't have one. You'll need to provide your name, address and email account, and then verify the PayPal account. You can verify the account either by providing PayPal with your online banking information or by verifying the amount of two small transactions that PayPal makes into your bank account.

Provide your PayPal account name to the person making the deposit into your account. The depositor will need to have a PayPal account, as well. He can log on to his PayPal account, specify the amount of money to send to you and send it. You'll receive an email notifying you of the deposit to your account.

Confirm the deposit by logging into your PayPal account. You may keep the deposit in your PayPal account, transfer it to your associated bank account, request a check from PayPal or have the amount credited to a PayPal debit card. When it's time to refund the deposit, reverse the process to transfer the amount to the original depositor.

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