Do savings accounts work for PayPal, Half. Amazon?

[jeffweico]

I have seen conflicting posts about this. Some say that Savings Accounts will NOT work with PayPal and some say they will.

Does anyone know for sure? Also, would savings accounts work for Half or Amazon payments?

[123]

Yes you can use savings account with paypal, I have a paypal currently open with savings.

[lakeman]

I also have a pp with a savings account attached. I haven't tried a savings for the other sites though.

[aspkin]

Same.. Savings accounts are fine for PayPal.

[doughboykilla]

i never had problems useing savings on paypal and half.com

[rsot]

When you open up savings accounts, just make sure to be clear with the bank that direct deposit is available - if so, you're all good - it's like an employment payment so to speak.

Just remember that, in general, savings accounts have a higher fee for withdrawals than chequing.

[Recherché]

Keep in mind also if you don't already know that there is a limit to how much you can withdraw from your savings account due to some federal law with I believe money laundering.

I was using one of my amazon accounts and selling really well and withdrew too much and was sent several letters from Wells Fargo stating I have overdrawn the limit for the entire YEAR. Which of course sucked as I had only used it for no more than 4 months. After some heckling I had them change it to a regular checking account.

[doughboykilla]

its 6 times a month reason so is its a savings account if u could w/d all the time them u wouldnt be saving the money thats why they limited u to the amount of w/ds did and also u get more intrest on savings then u do checking.

[shogun1]

i just confirmed 2 small paypal deposits to a savings acct today so it seems to work ok,this was wachovia

[newtools]

savings accounts are fine. i like credit unions great choices for accts.

[Melissa1971]

Originally Posted by doughboykilla

its 6 times a month reason so is its a savings account if u could w/d all the time them u wouldnt be saving the money thats why they limited u to the amount of w/ds did and also u get more intrest on savings then u do checking.

Agreed. I was also told by the lady who opened our savings account that the law doesn't allow more than 6 withdraws on a savings account, otherwise it gets reported to... I didn't ask.