PayPal & Direct Deposit - Revisited

eks1910
Contributor
Contributor

On 2-14-2011 PayPal_Adrian posted the following response to PayPal & Direct Deposit -
"At this time, direct deposit into PayPal is not available. You would want to have it routed to your regular bank account. You could then have that bank account on PayPal and use it for purchases - there's no need to add funds first!"

So 4+ years later and still PayPal doesn't have away for members to direct deposit into their PayPal account, even though Adrain implied in his comment (see above) that at the time they didn't which leads one to believe that PayPal is going to come out with this information so member can use direct deposit to add funds to their PayPal accounts.
Since it was sort of implied by Adrian the question still remains, how and when can I start direct deposits into my PayPal account?

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2 REPLIES 2

wtpm
Contributor
Contributor

Unfortunately what i have learned in my time handling business transactions, generic statements like "At this time", and other statements of this type are a way of saying "At this time (today) we don't offer this, we might at some time in the future (future being, as soon as tomorrow but we don't want anyone to know before then, and 99 years from now, but we want you to stay interested so we are not going to tell you it might be that long. Besides, we don't know if or when, we are going to or not going to, and if we say we will never, and then we do, we lied, if we say we are and don't we lied. By saying "at this time" we haven't lied, we just don't tell you everything that we do or do not know"). 

 

I'm not a PayPal employee, but none of them can be this honest, without getting fired. Sorry.  I'm not trying to be sarcastic or rude, I just don't want you holding your breath. 

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mvanzyl
Contributor
Contributor

Paypal is not considered a bank in the US.

 

Because of this fact they do not have their own routing/account numbers like a traditional financial institutuion would.

 

They can offer direct deposit with their prepaid card because these are offered in partnership with a banking entity that is considered a bank and does have routing/account numbers.

 

Because of the legal requirements for captial reserves and other regulations, it is doubtful that PayPal will ever want to be considered a banking instutition and will most likely never offer traditional direct deposit unless legislation changes in the future in a way that makes this more beneficial for them as a company.

 

cheers, i guess...  Smiley Frustrated

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