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It has been a while, HOWEVER, when I called, and asked HOW the protection was afforded, it turns out it was afforded VIA a credit card on the account. I did NOT have such a card active on my account. So after hemming and hawing, the support person said she did not think I was covered. We went round and round and I talked to several people. So them saying it is covered may be true, but what I found when I called was that it was ONLY true if I had a credit card attached. This came up because many people attach a bank account to paypal to have payments made directly or to put money into paypal.
I talked to them more than once and heard from more than one person that I was not covered because my credit card had expired. They advised me to put a working, valid credit card on the account.
I uncoupled my bank information (because there was NO LIMIT on what could be spent via paypal--they'd keep pulling the money from my account if charges were processed) and have not added it or a credit card. It may be that people are covered. I was told I was not. The terms may have changed since then but even that section does not say HOW you are covered or by what insurance body. I'm not saying anyone is or isn't. All I know is that when I called and asked about the scenario of someone spending money and it being pulled from my bank, it appeared there was no coverage and I was told to add a credit card and then it would be covered. This made no sense as I didn't see how a credit card company would cover fraud that occurred via bank payments. I ended up not trusting the system they had in place.
While I need a paypal account for many transactions (I run a blog store and also an editing business. Some retailers pay via paypal) I limit it as much as possible and do not attach it to other banking/credit cards/etc. This has become my policy with most banking institutions because no one is watching the cake. It's all convenient, until it isn't.
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