Paypal cannot grab your money from your bank account BUT! they can hold the money and you will have a negative balance on your account if the credit card company or the real owner of the paypal account contested the money transfer/payment. So all your money going into your paypal will be deducted from your paypal negative balance until you have a positive balance again.
I'm in the same situation like you but unfortunately I shipped the item and now I'm trying to fight with the chargeback the credit card company issued to paypal.
First thing to do is, check the address of the paypal owner if the buyer wants you to send to same address as the paypal address then thats a good news for you. But if the buyer wants you to send to a different address than the address that is stated on Paypal...I suggest you NOT TO SEND.
Not worth your time, it'll be a long battle against paypal and they will say that they cant give your SELLER PROTECTION because its from an UNCONFIRMED ADDRESS.
I hope this helps.
I myself dont have a confirmed address and I know this message from me wont help me in the future, I'm just trying to tell you my experiences from buyers who are not honest.
Good luck and take care!!

Irving