PayPal Overdraft is the most common question asked by everyone. PayPal is our favorite platform to maintain our financial transactions and provides us with a valuable service. But what will happen if you do not have sufficient funds in your account. You have the right to get answered for all your questions.
PayPal has provided us with unlimited facilities to gain a better experience. Being an online payment processor, I am worried if PayPal overdraft my account. I know this question is triggering your mind in the same way. Let’s not waste your time anymore. I have researched your queries and framed the answers in the article. Continue reading.
In this article, I have covered PayPal overdraft and what are the possible actions that you need to take care of according to PayPal requirements.
Does PayPal Overdraft?
PayPal is a successful online platform offering amazing services worldwide. It does not act as a bank. You can choose to link a bank account to PayPal. The bank account will serve as your preferred backup funding source. You can also add debit or credit cards to PayPal. You can enjoy various benefits of it. Thus, the PayPal Overdraft question does not exist.
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However, you have to be sure to keep the minimum account balance in your bank account. If you fail to do so, PayPal will look for other methods for the deduction. Otherwise, your transaction will not be successful. It does not mean PayPal overdrafts your account.
You have to be sure to add funds to your account within 3 days. In case, PayPal did not find the minimum balance in your account. It will then detect the money from your bank account that you have kept as a backup funding account. PayPal can also use your credit card to detect the amount.
Note:- Bank will charge you a certain fee as a dishonored payment (Dishonored payment is a fee that is implemented on a person who tries to make a payment irrespective of having insufficient funds in their account).
You have to keep it in mind once you have done the payment. You cannot change your backup funding source.
It is advised to ignore the payments when you do not have sufficient funds in your account. Most importantly, If you have set up your account as a main funding source account. Otherwise, you are supposed to pay the dishonored payment towards the bank.
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What To Do If You Have A Negative Balance On PayPal?
If you have a negative balance on your account. You have to be sure to resolve this issue as soon as possible. Although PayPal will not deduct it from your linked bank account. You have to get your issue solved within 120 days. If you fail to do so your account will get closed and you will fail to enjoy access to your account.
However, you can resolve this issue. Go through the following steps:
- Open the PayPal website.
- Navigate to the Wallet icon.
- Tap on the Add funds which will come under the Wallet icon.
- Select any of the options.
- Tap on the Continue icon and that is it.
Note:- PayPal can also help you to get this negative balance issue resolved. However, you will be charged a fee. Try to resolve this issue yourself. Otherwise, it may affect your credit history. Thus, it is clear PayPal overdraft is totally meaningless.
I hope you got now aware of PayPal Overdraft. PayPal will not overdraft your bank account. Now, it is time to wrap up this article. I will come up with more exciting updates. Stay tuned to this page. Feel free to share this article with your friends if they have queries regarding PayPal overdraft. Enjoy your day!
Frequently Asked Questions
Can I Use PayPal without money?
Although PayPal runs on zero balance. For payment purposes, you must have a bank account that is linked to your PayPal account or you can use the PayPal credit.
How much is the PayPal overdraft fee?
For the declined transactions and overdrafts, PayPal will not charge you any fees.PayPal only authorizes transactions when you have sufficient funds in your account.
What is the PayPal Loophole?
PayPal Loophole allows you to double your many in your PayPal account. If you have 1000 dollars, it will be doubled to 2000 dollars. Thus it is a safer way to double your money with PayPal.