Can you link a minor bank account to PayPal?

If you are under 18, then the only way to have a PayPal account is to have your parent(s)/guardian(s) open an account in their name (with their cards/bank linked) that they allow you to use. This way there is a responsible adult taking care of the account. You cannot attach your cards/bank, all names must match.

Can a parent use the money in a child’s savings account?

Any parent listed as the custodian on a child’s bank account can withdrawal and use the money as they wish; however, the money should be used in a way that benefits the child.

What is a custodial account PayPal?

A custodial account is a savings account accessible through a financial institution, mutual fund company or brokerage firm that an adult controls for a minor under the age of 18, depending on state laws. It can also be a retirement account handled for eligible employees by a custodian.

Can minors withdraw money from bank?

Minors cannot hold savings accounts in their own names. A minor can, however, open a custodial account, managed by an adult custodian, until the minor comes of age. The custodian may withdraw funds from the account, but the proceeds must be used for the minor’s exclusive benefit.

Can a parent open a PayPal account for my child?

PayPal has launched a student programme that lets parents establish a sub-account for their children that they can transfer money into and monitor. Parents transfer funds into the sub-account when needed, either on a one-time or recurring basis, with children only able to spend what is in it.

Can a parent freeze a child’s bank account?

Minors cannot hold savings accounts in their own names. A minor can, however, open a custodial account, managed by an adult custodian, until the minor comes of age. Crucially, the money in a custodial account belongs to the minor. Parents who add funds cannot take them back.

Can I set up a PayPal account for a minor?

In order to have a PayPal Account, you must be 18 or older as per the User Agreement and state laws concerning legal contracts. In other words, you won’t be able setup an account for a minor. View solution in original post 3 Kudos

How to set up a PayPal youth/student account?

Login into your account (parent account) Select the student account (Manage student account) You can find a tab link – Permissions / notifications . Click on this link to setup your youth/student account. PayPal may not ask for bank / cc when he has sufficient balance.

Do I need payments pro If I have a parent account?

Yes to both your questions. Seems requirements have changed for the Parent / Child accounts. In the past (few years back) you just needed Payments Pro. You may want to ask a few questions in the Developer forum to verify if indeed you were given accurate info.

What are the limitations of using PayPal as a commercial payment platform?

There is a massive limitation using PayPal as a commercial payment platform in that PayPal only allows a single business PayPal account per business AND a single business name per account.