Is it possible to owe paypal money

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Did you mean:. New Community Member. I recently bought something online when I didn't have the money in my bank. The transaction went through and now I owe PayPal It offers the ability to make transactions in 25 currencies.

And it was one of the first companies to make it possible for people to easily and securely shop online and send money to people electronically. Although PayPal is not a bank, it partners with banks—like The Bancorp Bank and Synchrony Bank—to offer various products like debit cards, prepaid cards, credit cards and lines of credit.

PayPal allows you to connect an external bank account, credit card and debit card and use the service to shop online securely. It acts as an intermediary between your payment method and merchants, keeping your payment information safer.

You can also use PayPal to make online payments or to send and receive money between friends, family and business partners. You can, however, connect your PayPal account to a bank account, a debit card or a credit card account for sending and receiving payments and transferring funds. PayPal offers several financial services and products that may serve the banking needs of some people.

You can use PayPal to pay your bills, online or from the PayPal app. PayPal itself is not a bank, so, if you are leaving money in your PayPal account, that money is not FDIC insured in the same way it would be in a bank account. PayPal might not be able to serve as a bank replacement. If you want the protection and convenience of a bank checking account or credit union share draft account , PayPal may not be the best choice. Although PayPal can provide some helpful financial products and tools for online payments, you may want to look elsewhere for the relationship that will serve as your financial home base.

PayPal offers compelling options and value-added services for people who may want a debit card, prepaid card, cash back credit card, access to small lines of credit and convenient online payments.

But if you want a full-service banking experience, using PayPal as your bank account may not provide the range of services and tools you need. You may find that you get the best experience from your PayPal account while relying on a bank or credit union as the steady home base for your money. Using PayPal in addition to a bank account, not PayPal as a sole bank account, may provide the best functionality.

That said, whether you use PayPal as your primary financial account is ultimately up to you and your needs as a consumer. Ben Gran is a freelance writer who covers personal finance and financial services.

A graduate of Rice University, he has written for several Fortune financial services companies. Ben is based in Des Moines, Iowa. He has more than a decade of experience as personal finance editor, writer and content strategist. Select Region. United States. United Kingdom. Ben Gran, Mitch Strohm. Contributor, Editor.

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. What Is PayPal? How Does It Work? These two cash balance accounts let you send money from your PayPal balance, hold money in PayPal and shop in-store with your balance with Google Pay or Samsung Pay where accepted.