Paypal Bank Transfer

juicebox

juicebox

New member
Dec 29, 2009
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New York
I know everyone hates paypal but I have a question maybe someone can help answer.

I have a paypal account setup in my dads name and I have already linked a bank account that is in my name, successfully to that paypal account. They deposited the two small amount and I confirmed it through paypal.

When I go to transfer money from "his" paypal account to the bank account linked to the paypal account it says that the names on the two accounts have to match perfectly for a successful transfer. If that's the case then how did they send the two small amounts to have it confirmed? Like if it wont work because the names are slightly different then they should not have been able to send the two small deposits, right? Or that wasn't necessary to confirm the account?

Is us having the same last name good enough? First names will not match but the last names do.

I don't want to start the transfer and then something stupid happen to my funds such as getting locked up or having to wait weeks for it to be available again.


Thanks!!

Tits n' Ass (:

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ooh yeah, paypal.

That's actually not a limitation at all. You probably have a personal account and not a business one, making that change is easy. I know for a fact that you can transfer from a single paypal to multiple people's bank accounts. I'd call to make sure before sending all kinds of wacky transfers all over the place. If they can't connect the dots, they will be more harsh with your account down the road.
 
You should be able to enter your information like this on your PayPal account but if you are unable to, you could try just entering your first and last names. I realise that this may not be what your bank have on their records but when we send notification to them that you are trying to verify your PayPal account on PayPal, they will either accept or reject this based on the information that we send to them.

Any time a customer opens a PayPal account, we are required to place sending, receiving and withdrawal limits on your PayPal account. In order to have your sending limit lifted, you are required to confirm your bank account. This does involve an electronic direct debit being set up with your bank but you will not be charged on a monthly basis for using PayPal.
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Source

From what I understand, since it was successfully deposited into my bank account upon verification of my bank account with paypal that I can send money to that account. Since my bank accepted the two small deposits, that it took to verify the bank account, that they will accept the withdraw, correct?

I believe just the surname has to be the same after doing some Google searches. Is it safe to assume this from the above quote? I've also seen that a few other people have said just the surname is important. A few people said that the name needs to be exact as well, so it leaves me a little skeptical still. But I'm sure the ones saying it needs to be same may not be speaking from experience.

Thanks again if anyone can add their $0.02!

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erect said:
That's actually not a limitation at all. You probably have a personal account and not a business one, making that change is easy. I know for a fact that you can transfer from a single paypal to multiple people's bank accounts. I'd call to make sure before sending all kinds of wacky transfers all over the place. If they can't connect the dots, they will be more harsh with your account down the road.
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I have a premier account I guess and everything is verified.

You can't just send bank transfers, though, from what I can see. To make a transfer you have to verify the bank account, no?

Unless that works on a business account, or which ever is the next level up. My account is Premier, not personal.
 
With most major US banks it doesn't make a difference, the money will get deposited anyway. Now if you've got deposits coming in from 10+ different names the bank might suspect something is up but otherwise it won't be an issue. Some smaller banks and credit unions are more strict and demand that the deposit name and account name match but that's pretty rare. If you received the 2 verification deposits you're good to go.
 
From the looks of it, (Micro verification deposits etc.) I believe you're from India.

The reason your micro deposits went through and your future withdrawals will most-likely process through is because according to the Reserve Bank of India circular dated October 14, 2010 transfer of funds through electronic mode will be executed only on the basis of the account no. of the beneficiary provided while initiating the transaction, name will not be considered as a criteria for providing credit.

Here is the link to the circular -

Reserve Bank of India

Scroll down and read sub-point "i" of point 5

Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter / originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online / internet delivery channel. The name field in the message formats will, however, be a parameter to be used by the destination bank based on risk perception and / or use for post-credit checking or otherwise.
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You should be fine. Don't have clients send international wire transfers to that account in your name though, or else there's a chance the bank will hold it up. Happened to me before at least.

For PayPal, you should be fine. I'm pretty sure they have a banking relationship in each country, and use that countries' banking system for deposits, which is different than intl wires. I remember developing PDS / PAP systems before, and if I remember correctly, you didn't even put the account name in the batch file that was sent to the bank for processing. It was a very small, byte-by-byte text file the bank wanted, and I'm assuming that's what PayPal uses. Was like $0.15 regardless of any amount to deposit / withdraw within any bank account in US or Canada.
 
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