While PayPal is not a bank itself, it partners with banks like Bancorp Bank to offer certain banking services, including direct deposit for PayPal Debit Card holders. PayPal operates as a financial technology company, providing a digital wallet and payment platform. Understanding this distinction is key when utilizing features like direct deposit linked to your PayPal Debit Mastercard®.
Setting up Direct Deposit with your PayPal Debit Card is a straightforward process, allowing you to receive payments directly into your PayPal Balance account. Here are two simple methods to get started:
- Using the Pre-Printed Form: Locate the pre-printed direct deposit form that accompanied your PayPal Debit Card. Provide this form to your payer, whether it’s your employer, a government agency, or your payroll provider.
- Setting Up Direct Deposit Online: Alternatively, you can easily set up direct deposit through your PayPal Profile online. This method is convenient and provides immediate access to your direct deposit information.
To set up Direct Deposit through your PayPal Profile, follow these steps:
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Navigate to your Profile Settings. Look for the Settings icon, usually represented by a gear symbol, within your PayPal account dashboard.
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Find Direct Deposit Information. Once in your settings, locate and click on the option labeled View your Direct Deposit info. This section will provide you with the necessary details for setting up direct deposit.
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Search for Your Payer. Click on Find your employer. In the search bar, type the name of your employer, government agency, or payroll provider. If your payer is listed, select them from the options. If you cannot find your payer in the search, proceed to the next step to use your Direct Deposit numbers directly.
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Provide Direct Deposit Numbers. If your payer is not found, you will need to copy your Direct Deposit numbers (routing and account number) provided by PayPal. Share these numbers directly with your payer.
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Confirm Identity and Information. Follow the on-screen instructions to verify your identity and finalize the direct deposit setup process by entering your Direct Deposit information as prompted.
Important Tips to Consider:
- PayPal Balance Account Requirement: Direct Deposit is exclusively available for PayPal Balance accounts. It is not currently an option for 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 and will fail.
- Payer Forms: Be aware that your payer might require you to complete their own direct deposit form in addition to the PayPal setup.
It’s important to remember that when you are approved for a PayPal Debit Mastercard®, you are automatically provided with Direct Deposit account and routing numbers. This simplifies the process of funding your PayPal Balance through direct deposits.
The PayPal Debit Mastercard is issued by The Bancorp Bank, N.A. (“Bancorp”) under a license from Mastercard International Incorporated. While the card is widely accepted wherever Mastercard is accepted, remember that Bancorp is the card issuer and not responsible for the PayPal accounts or other services offered by PayPal. PayPal remains a financial technology company, and your Debit Card is linked to your PayPal Balance account, governed by the PayPal Balance Terms and Conditions.
