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Old 08-12-2015
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Default Savings Accounts and current checking

Do savings accounts work in the US based Paypals? I tried to search around the forum, but the answers were mixed. These savings would be leftover from checking accounts.

Also, would savings accounts from the same bank have any problems or able to tie to the checking from Paypals end?

Which online banks currently are best to open up online checking accounts with that accept mixed names?
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Old 08-12-2015
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Default Re: Savings Accounts and current checking

Savings accounts work. PayPal just sees the routing and account numbers, so they do not know it is a savings account. And no, they cannot tie together accounts from the same bank. It is a good idea to never have TOO MANY accounts at the same bank. I limit mine to 6 per bank.

B of A, Chase, Woodforest and lots of others work for stealth.

Last edited by jeffweico; 08-12-2015 at 07:54 PM.
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Default Re: Savings Accounts and current checking

Quote:
Originally Posted by jeffweico View Post
Savings accounts work. PayPal just sees the routing and account numbers, so they do not know it is a savings account. And no, they cannot tie together accounts from the same bank. It is a good idea to never have TOO MANY accounts at the same ban. I limit mine to 6 per bank.

B of A, Chase, Woodforest and lots of others work for stealth.
Thanks for the quick reply, Jeff.
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Old 08-12-2015
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Default Re: Savings Accounts and current checking

A couple problems with savings are potential fees for withdrawing/transfers if you need to do this.
I am doing the same thing and adding my savings or member numbers(credit unions savings) to small paypal accounts.
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Default Re: Savings Accounts and current checking

Yes, that is true and you are also limited as to the number of withdrawals you can make in a month.
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Default Re: Savings Accounts and current checking

I would prefer you just stick you checking accounts. Saving accounts do work as well, but as what jeff said you're limited to a number of withdrawals per month due to federal regulations.
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Default Re: Savings Accounts and current checking

So in order to withdraw money from paypal to our hand, we need to open U.S bank account right ?

I'm also confused about VBA, why do i need to have VBA to verified paypal, instead i can just open another checking account and use it to verified paypal ?

Can i transfer money from paypal to VBA then withdraw the money from VBA to my personal bank with transfer / ask them to send check ?

Please advise. Thank you!
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