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