It’s 2018 and non-traditional banking is the norm, but as good as those alternatives can be, a lot of them still leave something to be desired. PayPal recognizes this and is in the process of taking steps to become a more traditional banking outlet. ATM-compatible debit cards, direct deposit, and FDIC insurance are all becoming part of the PayPal experience.

Here’s the fun part: PayPal doesn’t actually have a banking license in the US, meaning they can’t legally do any of these things. They’re getting around this annoyance by partnering with small banks across the country who can actually provide these services. A bank in Delaware handles the debit cards, a bank in Georgia deposits the checks, and banks in Utah offer loans.

These features are all rolling out and are currently only available to a handful of customers. There’s no monthly free or minimum balance to use the new bank-like PayPal, though ATM fees still apply at machines not in the appropriate network and a 1-percent fee will be charged towards any check deposited through the camera system.

PayPal isn’t looking to replace traditional bank accounts, only to offer some of these services to customers who otherwise don’t have them. They’re perfectly honest in saying that the new accounts offer nothing of value to customers who already have standard bank accounts.

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