Paypal's New Bank Verification System

hi,,




today i added bank account to my paypal and after adding it has sent 2 Small Deposits to Confirm Bank account For Direct Debit



Paypal :

What Does Status Mean?


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Your bank account can be either confirmed or unconfirmed.

After you set up a direct debit, your sending and withdrawal limits are lifted.

You also become a verified PayPal member because you have proved that you own your bank account. This helps protect your bank account and PayPal account from unauthorised use.

Unconfirmed: Deposits not sent
You have not started the process to set up a direct debit. To start now, select your bank account and click Confirm

Unconfirmed: Deposits pending
You started the process to set up a direct debit. PayPal will send two small deposits to your bank account shortly.

Unconfirmed: Deposits sent
PayPal has sent two small deposits to your bank account. Check your bank statement in 4-6 working days. Then, go to your PayPal account and enter the amounts to confirm your bank account.

Confirmed


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does it mean they can deduct money from bank too if needed

 

They will send two small deposits, few days back they sent, yesterday i verified with these amounts. They sent Rs.1.15 and Rs.1.24 and immediately after entering my account goes to verified status from unverified status. I think our banks won't support to take money from them, it is only for verification purpose, may be we need to check because they changed a lot of things and also asking for PAN number too..

 

i was bit confused as it says "You have not started the process to set up a direct debit" i thought Direct Debit means They can deposit aswell as they can pull money out incase of negative balance

 

check once agan....they send 2 small deposit or 2 small debit. if deposit not much worry. but if debit then worry.............. how come our bank pay even 1 Rs without our permission.
Worry is..if some day our Paypal balance goes negative due to some disput, then can PayPal take out that much money directly from our bank accout....this is main worry.

 

Then itz good..LoLz

 

Yes this is the new policy of Paypal to verify the bank account.

 

Hmm my bank shows verified and I still have a 2500 USD monthly withdrawal limit.

 

@nick
AFAIK,2500$ is monthly check limit

 

Ah so bank withdrawals are unlimited Got it.

 

Where do you see these limits guys? I can't find it in my account..

 

@nick
yes,you can withdraw as much as you want.
@narayannan
Really?You can't find "view limit" option from your paypal?

 

This is a paypal verifying methods to confirm that you are the owner of the bank account

 

Yes,you are right.
Now there is easy way to verify your Paypal account rather than before adding CC and verifying it.