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Direct Deposit Please help

lowkeybrianaa
Contributor

Direct Deposit Please help

When setting up my direct deposit, under my account and routing number it it says "Your money will be held in a custodial account at Wells Fargo Bank, N.A.". What does this mean? I already have the PayPal mastercard and I've never done direct deposit with PayPal so I'm not sure if the money will go straight into my PayPal account balance or to the custodial account at that bank. If anyone knows about it please help, I'm trying to set up direct deposit with Etsy. 

14 REPLIES 14
Oregon11
Advisor

Re: Direct Deposit Please help

Hi @lowkeybrianaa,

 

The account at Wells Fargo is a custodial account that is linked directly to your PayPal account balance. The custodial account is able to accept employer and US Government benefits direct deposits. This is not an actual checking or savings account and it should not be used like one. If you do need an actual checking account with a debit card, this can be set up through a PayPal partner. This would be a different debit card than your Cash debit card which is linked to your PayPal balance.

 

Etsy payments should be able to be transferred directly into your PayPal balance. I'll link details.

 

https://help.etsy.com/hc/en-us/articles/115015438907

 

I hope this helps. If you have any questions, let us know.

lowkeybrianaa
Contributor

Re: Direct Deposit Please help

So if I were to use the checking and routing number now through Etsy, any money will go to my PayPal account? I don’t really need like a checking account with a debit card I just need to make sure that the money will show up on PayPal (I don’t have a bank at the moment). So would It work right away or do I definitely have to go set something up before I do it?
Oregon11
Advisor

Re: Direct Deposit Please help

@lowkeybrianaa

 

Hi,

 

It's not a real checking or savings account, so if anything goes wrong your funds may be stuck for awhile. This is the reason I would not use the direct deposit account for anything other than employer or government benefit deposits.

Joeylee8586
Contributor

Re: Direct Deposit Please help

I have a cash debit from pay pal and I can not use my card at all and I have my balance on there from the unemployment but it says do not honor at the atm and when I use it’s declining I can’t speak to anyone or whatever I’m so aggravated and it’s ridiculous
DopeyLionheart
Contributor

Re: Direct Deposit Please help

In regards to your Question I Just Signed up for This It’s a Account That has your Employer Or Government Or Retirement Or Tax Refund Direct Deposit With the Paypal Cash Debit MasterCard They Just made This available for this card unlike the Paypal Prepaid Debit MasterCard that is Sent to BanCorp Bank Yes If you Do want to get the Paypal Cash Debit MasterCard It’s actually Linked to your PayPal Balance and you Don’t have to Added It like the Paypal Prepaid MasterCard with the Paypal cash Debit MasterCard you can Add Money Like The prepaid one and It shows up in your Paypal Balance as for the prepaid one you can Only Transfer from your PayPal Balance Not into it So the Direct Deposit is Mainly from your Direct Deposits not for your Money you load from your Bank or from a credit card that still goes directly into your PayPal Account And you can use the Paypal Balance They Just Added that Direct Deposit For the New Card Not to change their original account process It’s Just for the people that want to get The Cash Debit MasterCard and be able to have a Debit card that is Able to have similar features to the Prepaid one but a Debit Card And Will Let you Go to MoneyPass Labeled ATM’s and Get Cash or If It does Accepting Cash Deposits That’s is how I was Told about the card They Sent me a mailer And Now I have the Direct Deposit and the Cash Card No more Transfering from a linking Bank Account or Linking a credit card Just Sit Back And let the Paypal Balance work and also your PayPal Balance you Don’t have to Use the Cash Debit card You still Just use your Balance Like you Are use to Hopefully this will help and by the way the Paypal Cash MasterCard Is chip enable and also you can Just touch it to the merchant Card reader or sliding it so unlike the prepaid card It’s more Safe enabled with the Smart chip Like the Big Banks Do Just With Out Real personal Checks With your account number so no Checkbook to lose or get Stolen and Paypal Keeps your Financial Information safe it’s all inside the Account you signed up for and The Cash Card Statements are your PayPal Balance History
eshopfriendly
Contributor

Re: Direct Deposit Please help

is that there is a solution when someone sends us the money the money is credited to our PayPal Account Balance instead  that this money is credited directly to our bank card ?

I have my paypal account which is attached to my bank card and every time someone sends me money this money credit directly on my bank card. I would like this money to be credited to PayPal Balance Wallet.

DopeyLionheart
Contributor

Re: Direct Deposit Please help

In regards to your Question I Just Signed up for This It’s a Account That has your Employer Or Government Or Retirement Or Tax Refund Direct Deposit With the Paypal Cash Debit MasterCard They Just made This available for this card unlike the Paypal Prepaid Debit MasterCard that is Sent to BanCorp Bank Yes If you Do want to get the Paypal Cash Debit MasterCard It’s actually Linked to your PayPal Balance and you Don’t have to Added It like the Paypal Prepaid MasterCard with the Paypal cash Debit MasterCard you can Add Money Like The prepaid one and It shows up in your Paypal Balance as for the prepaid one you can Only Transfer from your PayPal Balance Not into it So the Direct Deposit is Mainly from your Direct Deposits not for your Money you load from your Bank or from a credit card that still goes directly into your PayPal Account And you can use the Paypal Balance They Just Added that Direct Deposit For the New Card Not to change their original account process It’s Just for the people that want to get The Cash Debit MasterCard and be able to have a Debit card that is Able to have similar features to the Prepaid one but a Debit Card And Will Let you Go to MoneyPass Labeled ATM’s and Get Cash or If It does Accepting Cash Deposits That’s is how I was Told about the card They Sent me a mailer And Now I have the Direct Deposit and the Cash Card No more Transfering from a linking Bank Account or Linking a credit card Just Sit Back And let the Paypal Balance work and also your PayPal Balance you Don’t have to Use the Cash Debit card You still Just use your Balance Like you Are use to Hopefully this will help and by the way the Paypal Cash MasterCard Is chip enable and also you can Just touch it to the merchant Card reader or sliding it so unlike the prepaid card It’s more Safe enabled with the Smart chip Like the Big Banks Do Just With Out Real personal Checks With your account number so no Checkbook to lose or get Stolen and Paypal Keeps your Financial Information safe it’s all inside the Account you signed up for and The Cash Card Statements are your PayPal Balance History
MBSmith1488
Contributor

Re: Direct Deposit Please help

Has anyone received there money yet for this stimulus, my check was released to me on April 30th but I have yet to receive anything still to this day. Thanks in advance for anything that could maybe help me with this matter
MizzTodd30
Contributor

Re: Direct Deposit Please help

I also was told April 30th and i received an official mailed in statement that said my funds were released via direct deposit and nothing has shown up in my paypal and they keep generating crap answers saying its on the irs or it takes 3-5 days which were way past that. Seems to me an issue with paypal at this point because i have it officially in black and white that my money has been sent