Setting up Direct Deposit with your PayPal Debit Card is a convenient way to manage your finances. If you’re looking to have your paycheck, government benefits, or other payments deposited directly into your PayPal Balance account, you’ll need to provide your payer with certain banking details. One common question that arises during this process is: What is my Paypal Bank Name?
While PayPal itself is a financial technology company and not a bank, the PayPal Debit Mastercard® is issued by The Bancorp Bank, N.A. This means that for direct deposit purposes, Bancorp Bank is the financial institution associated with your PayPal Debit Card and Direct Deposit service.
To easily access your Direct Deposit information, including what you might consider your “PayPal bank name,” routing number, and account number, follow these simple steps within your PayPal account:
- Navigate to Settings: Look for the Settings icon, typically a gear symbol, within your PayPal account dashboard.
- Find Direct Deposit Info: Within the settings menu, locate and click on View your Direct Deposit info. This option will lead you to the necessary details for setting up direct deposit.
- Identify Your Employer: Click on Find your employer. PayPal provides a search function to help locate your employer, government agency, or payroll provider within their system.
- Search or Copy Details: Search for your payer’s name. If you can’t find them listed, don’t worry. You can simply copy your Direct Deposit numbers (routing and account number) provided by PayPal and manually give these details to your payer.
- Confirm and Enter Information: Follow the on-screen instructions to confirm your identity and finalize the process of obtaining your Direct Deposit information.
Keep these important points in mind when setting up PayPal Direct Deposit:
- PayPal Balance Account Requirement: Direct Deposit is exclusively available for PayPal Balance accounts. It is not currently an option for PayPal Business accounts.
- US-Based Payers Only: Your payer must be located within the United States. Transactions originating from outside the US will not be processed.
- Payer Forms: Your payer may require you to complete their specific direct deposit form in addition to providing your PayPal Direct Deposit details.
Understanding that Bancorp Bank is the issuing bank behind the PayPal Debit Mastercard® and Direct Deposit feature clarifies the “PayPal bank name” question. By following the outlined steps in your PayPal account, you can easily retrieve all the necessary banking information to set up direct deposit and enjoy seamless access to your funds within your PayPal Balance.
Remember, the PayPal Debit Mastercard® is issued by The Bancorp Bank, N.A. (“Bancorp”) pursuant to a license by Mastercard International Incorporated. Bancorp is solely the card issuer and not responsible for other PayPal services. PayPal operates as a financial technology company, partnering with banks like Bancorp to provide certain financial services. Always refer to the PayPal Balance Terms and Conditions for complete details regarding your account.
