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Why does paypal ask me for my bank log in information?
 

Hello,

Yesterday when i tried to add my bank account to my paypal, in order to verify it they gave me two options:

1. Enter your bank log in informartion (username and password) to immediately verify.

2. Have Paypal deposit two small amounts in my account and i would have to check it in 2 to 3 days, and go back to my Paypal and enter those numbers.

I chose number 1 thinking that they would verify it right away. However, after submitting my login information i got a message saying that now i have to check my bank account in 2 days to see the amounts deposited and then confirm the bank account in paypal.

so my question is.

Why would Paypal ask for my bank login information promising a immediate confirmation of the bank if after i do that they still require me to wait 2 to 3 days to check the amounts deposited?

is it bad to give up your bank login information?

should i just have chosen option 2 directly?

please help. thanks

I am not sure why they would tell you that you still have to wait 2-3 days after doing the instant verification, but I have never done it myself so I couldn't tell you. I would hope nobody would ever do it to tell you the truth. Change your login info ASAP!

Yes you should have chosen option 2. Especially if you have a stealth account.

Even if you have nothing to hide, I would never trust anyone with my bank account login information, especially Paypal.

It's not a corporation doing a legitimate bank account verification , it's some dick behind a desk that for all you know could be a crooked ass**** that sells bank account login information to anyone who will pay.

Far fetched as my answer may seem, my philosophy is, don't trust ANYONE EVER! PERIOD!

i heard i dont remmember where, that people without a ss dont have access to online banking when they open a bank account.

maybe paypal wants to know if i have a ss.
who knows.

People who don't have SS can't get a bank account. Patriot Act.

Paypal system will assume you have a ssn if they can confirm your bank.

If you accidentally mistype the password during the verification, Paypal will switch to the deposit process.

My question is - Did you open the bank account and get online access without SSN?

Banks want to use a standard number (like an primary index) to uniquely identify you when you open an account and do transactions. Bank transactions have to be reported to the government. After 9/11, banks also have to comply with the Patriot act that requires them to verify your identity. There is a way around it, but very difficult, it's really left up to the individual bank or banker if they are knowledgeable on laws and will work with you.

Correct for 5 and 6. However:

If you get PP Debit Card or Money Market or Credit Card... those are issued by a bank through PP. So you DO have to provide the SS if you opt for any one of those. Banks are required to get it, even if you already bank with the same company that issues the PP cards/mm, due to technicalities.

There is a method to avoid that, but it is so obscure that for all practical purposes, it should be considered moot. Easier to declare yourself sovereign and try that than to take advantage of the legally mandated alternative.

i know for a fact that a ss was not required to open bank accounts. So maybe paypal wants to make sure you have a ss by asking for your bank's login information.

Exactly. :ranger: