I'm new to Paypal, I know I'm a doofus about this BUT....What does it mean when my paypal acct. says I have a balance? I was recently paid from an ebay buyer with a credit card and that is the amount that is my balance. Does that mean it's not in my checking account? Where is it? I just need explanations because I'm not finding anything on the website that's helping me. Thanks a lot!!

By Luvn29 on Tuesday, August 16, 2005 - 03:34 pm:

I don't know for sure, but I do believe you have to go into PayPal and transfer the balance into your checking account. There is a transfer option, so that's probably what it's for.

I only have used paypal to send money. I know I have to transfer money from my checking account to PayPal, so you may have to do it both ways.

By Janet on Tuesday, August 16, 2005 - 03:34 pm:

Having a balance means your money is in your Paypal account, not in your checking account. I believe you can transfer money from your Paypal account to your checking account, but if you don't, the money will just sit there. I keep a balance in my Paypal account in case I want to buy something, so I don't have to wait the 3-5 days to transfer funds. It's like an in-between account, between your checking and your buyer (or purchaser). Does this help?

By Reds9298 on Tuesday, August 16, 2005 - 03:35 pm:

Mmmmmmm....that's a thought.I don't see a transfer option. I'll look again!

By Yjja123 on Tuesday, August 16, 2005 - 03:37 pm:

If you do not take the cash out (using your paypal card as a debit card) or transfer your funds to your checking account you will show an available balance.

By Janet on Tuesday, August 16, 2005 - 03:40 pm:

OK, I just checked. After you log in, go to "my account." There's an option that says, "withdraw funds," which is what you want. Go to "transfer funds to your bank account." There it will ask how much and to which account.

By Reds9298 on Tuesday, August 16, 2005 - 03:48 pm:

Janet- we were posting at the same time! That's really helpful! So, if I leave it in my Paypal acct. and buy something from ebay, then the $ clears faster, correct?
Big thank you!!!!!!!

By Janet on Tuesday, August 16, 2005 - 04:00 pm:

Yes! I keep about $20 in mine at all times, so I can hit that 'ol buy button...

By Cybermommyx4 on Tuesday, August 16, 2005 - 04:10 pm:

Also, you can get a PayPal debit card, which my DH has. Then you can use your paypal funds anywhere that takes MC/Visa, and you earn 1.5% cash back on each purchase (which helps offset the fees paypal charges YOU when someone pays you w/paypal ;)

By Dawnk777 on Tuesday, August 16, 2005 - 07:46 pm:

Yeap, you "withdraw funds" to move it to your bank and it takes a few days for the transfer to happen. We don't leave money in our paypal account. Dh always moves it right back to the bank account.

By Reds9298 on Tuesday, August 16, 2005 - 09:46 pm:

Thanks a lot everyone! I feel like I've been in the dark ages not doing much business on ebay until lately. You've all helped to clear this whole paypal thing up for me. Thanks again!

By Breann on Thursday, August 18, 2005 - 12:58 pm:

I didn't read the other responses, so I'm probably repeating.
Having a balance means you have money to spend It doesn't go directly into your checking account. But, you can request a transfer, which takes several days to complete.

You can also use your balance to shop online anywhere that accepts paypal.

You can also use a "virtual paypal credit card" free of charge to shop ANYWHERE online that accepts credit cards.

I requested a paypal debit card. It came in the mail, free of charge, and I use it just like a regular debit card. I can check my balance at paypal.com any time I want. And, there is no waiting period for funds to be available. You can also use it to get cash at ATMS.

Hope some of this helps!