When linking NAB visa to Paypal it asks whether the account type is "cheque" or "saving". What is the difference between the two?
I currently have two accounts: (1) NAB Classic Banking and (2) NAB Reward Saver but I only wish to link the NAB Classic Banking and use ONLY that fund. Is this cheque or saving?
I think you might be doing it wrong.
If you want to use Visa then it should be linked as credit (even though it is a debit card)
otherwise if using bsb/account number then savings….but this is not visa and therefore you can't do chargeback/pay instantly
Paypal only provides two options: Cheque or Savings. It is most likely saving as it does ask for BSB and an account number.
This may sound like a silly question but when your at the shops, they ask "savings" or "credit" what is the difference between the two?
When you use "savings" it's an EFTPOS transaction. When you use "credit" it's a credit transaction even though it may be a debit card. Different payment systems.
I think you may be asking the wrong question by specifying Visa Debit card. You appear to be linking a bank account to Paypal and as such it's the BSB and account number that matter, not any linked debit cards. If you have a cheque account too that has an account number too.
Paypal only provides two options: Cheque or Savings.
As Chill says, you're doing something wrong. I have a NAB visa debit card linked to Paypal as credit.
but this is not visa and therefore you can't do chargeback/pay instantly
You most certainly can pay instantly with a bank account attached, if by that you mean you buy something on eBay and the money is automatically taken out of your bank account, after first taking from any balance in your Paypal account. No chargeback though, any refunds just go into your Paypal account.
Depends on how your accounts are linked to your debit card. With Westpac you can choose one account for Credit/Savings and another for Cheque. Mine I think is set to cheque/credit, nothing is "linked" to savings. And no, you can't link your savings account, just a main transaction account.
I have a long-standing (laziness on my part) Westpac transaction account.
Before Westpac summarily replaced all eftpos/atm-withdrawal-only keycards some years ago with Debit Mastercards, my account - even with cheque-facility attached - was a 'savings' account. For atm withdrawals or store eftpos, you clicked 'savings' on the terminal.
That changed with the card-swap. Atm withdrawals require that I click 'credit', but eftpos-use specifically requires that I click 'cheque' to avoid the payment going down the 'credit' channel, with attendant extra cost for the retailer and (if they charge a credit surcharge), me.
Like you, nothing is linked to 'savings' - but in my case, once was.
Intentional money-making bastardry and confusion in the change as it became, fully intended by the bank.
Now that I think about it, what you're doing is adding a bank account rather than a credit card.
Do yourself a huge favour and link it as a credit card, rather than adding a bank account. From the purchasing perspective it will work in exactly the same way, but you will have the added protection of visa if Paypal for some reason doesn't do the right thing if you have a problem. On the other hand, if you need to get a refund through Paypal your funds will be returned to your 'credit card' instantly as opposed to waiting for up to 7 days for them to return it to your savings account.
Maybe returns to card directly from PayPal can happen instantly (? - haven't experienced that), but refunds through PayPal from vendors have always taken around a week after confirmation emails from PayPal to actually return back to my linked cards.
OP, just repeating what others have implied - you're not trying to link a bank account (as such) directly to PayPal - you're just linking a debit card, which you need to link as you would a credit card.
Saving