How to Use PayPal to Fund an E*Trade Account

E_Trade is a low-cost online broker that allows you to invest in stocks and other securities from your home computer. You can connect E_Trade to your bank account by providing the routing number and account number for your checking or savings account. Some investors may want to use PayPal instead of their bank accounts so that they don't have to send banking information over the Internet, where thieves can intercept it. PayPal does not have a routing number; however, you can still link your PayPal account to E_Trade by adding your E_Trade account as a bank account on PayPal. You can then use PayPal to fund your E*Trade account.

Step 1

Log in to PayPal. Choose "Profile" from the menu on the top of the screen and click on "Bank Accounts."

Step 2

Click on "Add." Choose "United States" as the country where your E_trade account is held and enter "E_Trade Clearing" as the bank name.

Step 3

Mark the account as a checking account by clicking the radio button next to "Checking." Type "056073573" as your routing number. Type your account number as the account number. Click "Continue."

Step 4

Wait three days. Log in to your E*Trade account. Find two small deposits that list PayPal as the depositing bank.

Step 5

Log in to your PayPal account again. Go to your profile and click "Bank Accounts." Click "Confirm." Type in the deposit amounts that are on your E*Trade statement. Click "Submit."

Step 6

Transfer money to your E_Trade Account from PayPal as necessary. Log in to your PayPal account, click on "Withdraw Funds" and transfer the amount you need into your E_Trade account. If you want to transfer funds from E_Trade to PayPal, click on "Add Money" and transfer the money from E_Trade to PayPal.

references