Why does Paypal ask me to enter bank information when I log in?

[llvconnie]

Hi,

First of all, thanks for reading my question 😄

So, I haven't used ebay and paypal for about 3 years... and got an email from paypal a few months ago saying my account is limited and I have to log in the link provided. I was sure it was a spam so I ignored. But the email had my full name (instead of 'Dear User' etc) that was weird..

Anyways, i didn't click the link, but instead opend Paypal in a separate browser. When i tried to log in, it said I need to update the security profile and asked me to enter my bank account no. or credit card no.

Is this also a part of scam? I highly doubt because I went to Paypal's website... but it looks really suspicious to me they require my banking account information which they already have..

Anybody had the same experience as me on this? What did you do regarding this?

Any answer / suggestion is greatly appreciated.

Thanks

[heidilynn0_3]

Hi ..Most issues are resolved through the resolution center after log in. It might be prudent to give PP a call @ toll free 1-888-221-1161.

For your info.. Without log in for 3 years , PP can close an account.

[femmefan1946]

Paypal wants your bank information for a couple of reasons. One is as a quick method of identification. They would prefer to deal with real people with real life identities- like a bank account.

Also, while you can pay for items from a Paypal balance, how do you intend to build that balance? Many buyers pay from their bank accounts (e-cheque) but that requires bank info be on file. Sellers are required to pay PP fees and again the preference is from a bank account.

Finally, if you are selling, how do you intend to access your payments? PP will allow you to buy from a balance, but at some point you may want to access those large wodges of money your happy customers have been sending you. PP will transfer the loot to your bank account, but they need your account information to do so.

About security.

There will be that https in the URL of any secure website.

As a buyer you will be more secure if you have both bank and credit card information on file. Using your cc through PP is one of the most secure ways you can buy on line. PP anonymizes your financial info to your seller and you can use the cc chargeback system if a transaction goes bad and PP for some reason cannot help.

[scifan57]

To answer your first question;yes,the email you received was a phishing email.It was designed to steal your account info for the purpose of draining your account.It's good that you didn't click on the link in the email.A real PayPal email will never ask you to click on a link in the email to log into your account.If you ever receive one of these emails again,forward it,with full headers,to spoof@paypal.com.

[ca2013_gea]

Why am I being asked for bank info.?