Not quite, paypal can't take funds from your bank account without permission.
What will happen is:
Your paypal acc will now show a negative balance and you'll need to add funds if you wish to use a paypal account with your name/address/email
OR
Any recent gifts/trades will be put on hold and you'll be held in a dispute against them aswell. If this happens, it's BAD cause to that party it looks like you are disputing them for dollerinos and tryna scam. Usualy this only happens if you're not verified tho.