I need to cancel my checking account before paypal tries to get money that is NOT their's. So, if I cancel my checking account, do I get the money right away? Also, will the account be closed right away as well?|||Don't close it, that might get you into trouble with the bank if paypal wants to claim "fraud". If you leave 10 bucks in it, you could claim that you just need the money.
Making a sale,collecting the money, and then CLOSING the account reeks of fraud.
Go to your bank, tell them paypal has access to your account and you want to put a "stop" on it. Like you would a check.
PLEASE refrain from explaining why because banks tend to stick together. If you tell them the long story of how you tried to contact this one, sold something to someone, blah blah blah - they may not do it.
Banks will always stick together with other banks.
So don't go into any detail as to why. Just say you want to stop it.
They'll see the recent transaction of a deposit from paypal into your account, and you can just tell them you're done. Business is finished with them.You're done doing business with them and that's it.
The end.|||All you need to do is go into your bank and tell them you want to close your account. You will simply write a check to "Cash" for the remaining balance in your account and the teller will hand you your cash.
You should be sure that all outstanding checks have cleared your account. Any debits, such as from PayPal, will be returned unpaid per closed account.|||Even if you cancel it before Paypal puts a hold on it for the $700 - if the money is charged back to you, Paypal can legally go after you because it would appear that you are attempting fraud.