Paypal Turning Into Virtual Bank As It Offers Debit Card Check Deposits
PayPal is quietly rolling out basic banking services to some of its U.S. customers, which include a debit card and the ability to deposit checks – alongside the loans which were already available. For customers who accept, their PayPal balances also become protected by Federal Deposit Insurance Corp (FDIC) insurance. Surprisingly, PayPal has found a way to do this without a U.S. banking license … The WSJ reports that it has partnered with a number of licensed banks whose own branding remains hidden....