Urgent help: Transfer from bank account to PayPal account

[KBenemerito]

I'm not too familiar to PayPal and I made the mistake of attempting to transfer funds from my bank account to my PayPal account for an amount in which I know I dont have currently in my bank account. To be more specific, I'm attempting to trasnfer $700 dollars from my bank account to my PayPal account, but the thing is I dont have $700 in my bank account currently. I'm scared as to whether I will be charged a hefty fee from my bank because I lack the actual funds, but I'm not making an actual payment for something I've bought in which the funds were actually lacking. Please help, hopefully the bank just denies the trasnfer and I go about my day with no worries. Thank you!

[kernowlass]

@KBenemerito

Why would you transfer funds you don't have????????

Whether your bank charges you an overdraft fee is between you and your bank.

They may let the transaction go through and you will have a minus bank account and they charge you a fee or they may decline it.

[KBenemerito]

It was completely accidental. I don't really use PayPal unless, but I ran into a situation where I thought PayPal could've helped me. My plan was to send money to someone, however, I was completely unaware that I could've made that type of transaction without having an actual PayPal account balance. As a result, I attempted to transfer money from my bank account. I thought PayPal would've made the charge to my credit card I have setup, as that would be the only viable option for a fund transfer upon review of a lack of funds in my actual checkings account/savings. It is Sunday and I just finished talking to a representative from customer service from PayPal, so now I just need to wait until tomorrow morning to go to my bank and try to settle the issue with them. I would like to note that I have been on very good terms with my bank for years now and have never acquired any interests from payments using my credit card, nor have I ever acquired any overdraft fees.

[DPCreations]

Accidental, in spite of needing to click confirmations?  I don't think so.  More like a lack of understanding of your own finances and how the PayPal system works.

I'm not clear on what really is going on.

1.  You made a payment to another PayPal member and then you realized you didn't have PayPal funds to cover.

2.  Then you decide to transfer $700 from your bank account but you didn't that much money in your account.

3.  You didn't state where PayPal attempted to take funding for the friends payment.

You can't cancel the transactions.  You can't recall them.  They will process to completion or failure.

PayPal will make 2 attempts to transfer $700 from your bank.  Your bank will likely charge you a $30-50 non-sufficient funds fee for each of the failed attempts.  PayPal has nothing to do with those fees as they get charged to your bank acccount.  If you are an excellent bank customer with large deposits the bank might waive the fees.

For the friend payment, PayPal may deicide the the best option is to take funds from your bank.  If that happens then PayPal will make 2 attempts with the bank charging a NSF fee for each failure.  PayPal could also attempt to take from your card.

If PayPal fails to get funds for the friend transfer, then your account will go negative and you will need to fund it. 

[KBenemerito]

I didn't make any purchases nor transfer money to a friend. This was simply a misunderstanding/accident on my part attempting to transfer funds from my bank account to my PayPal account because I thought you could only use PayPal as a payment option when you have available funds. Like I've said before, I don't use PayPal at all really, I was just looking at it as an option to make a payment to someone if I were to make a certain purchase (hence, why I attempted to transfer the money from my bank). I thought that PayPal would make the transfer from my credit card (as I have it setup as my primary form of payment) but upon later reviewal and realization it came to the understanding that it doesn't work like that. As a result, I'm adamantly working with PayPal and my bank. I've already talked to PayPal and I talked to my bank through their customer service lines. The only thing left for me to do is go to my bank first thing tomorrow in person and attempt to settle everything there.

[DPCreations]

You are explaing what you didn't do and giving excuses for something.

Exactly, then what did you do--just the chronological facts?

[KBenemerito]

1. Selected add funds to PayPal account (very first time using this option, second time actually using my PayPal account) 2. Accepted (as I thought that PayPal would transfer/charge the funds from my credit card because both my checkings nor savings actually contained the amount I attempted to transfer over) 3. Transfer is still pending (made the transfer late Saturday night, earlier Sunday morning 2am) As I stated before, I attempted to make this transfer assuming that my credit card would be charged and the money would come from there because both my checkings/savings lack the total amount. First time ever using this option, and the only reason I did it was because I was PLANNING to use PayPal to buy something in which I didn't have the immediate cash for. At the end of the day, there was no purchase made and this was simply an attempted money transfer from my bank account to my PayPal account. The ONLY REASON I attempted to add funding to my PayPal account in the first place was because I thought that in order to use PayPal for anything I needed to have some money within the PayPal account itself. Once again, as stated before, this is also the second time I'm actually using PayPal so I didn't become aware of the fact that I could still use my PayPal to make purchases and etc even if there was no actual funding in my account.

[DPCreations]

When you select the transfer option you should have seen only 2 options:  checking accoung and savings account.  You cannot transfer from a credit card to your PayPal.   You select either one displayed and go from there.  There is no backup funding from your bank account unless you have overdraft protection with your bank.

The attempted transfer was actually not even necessary as PayPal will automtically take funds from your backup accout when needed for a purchase.  Make sure your credit card is the default backup.   This, however, does no guarantee that PayPal will not try to get funds from your bank account if PayPal sees that as a less risky option.

So, make sure you maintain suffient funds in your bank account to cover unexpected needs.

Perhaps best to learn more about PayPal transactions before you make any purchases or othr transactions.

One way to avoid the bank NSF fees would have been to immediately deposit cash into the account at least before the second attempt by PayPal to transfer.