PayPal has always sought to compete with traditional banking, but now they have wanted to go a step further by offering debit cards with which to withdraw money from ATMs.
In addition, they also make it possible take a photo of a check and have the money instantly appear in your account and they also offer deposit insurance that protects any amount in your PayPal account.
Small bank agreements
The company He has been testing these new services for several months and now they have started to offer them to the public, having reached an agreement with some small banks in the United States.
PayPal has had to reach such agreements because it does not have a banking license in the United States. In order to issue cards or secure deposits, you have to do so through traditional banks.
PayPal does not have a banking license in the United States, so they have had to partner with small banks.
Using the ATMs in the PayPal network will be completely free, but a commission will have to be paid in those entities with which there is no agreement.
It is not the first time that PayPal has opted for physical cards, since for several years you can have access to a prepaid card (which does not need to be linked to a bank account and can be recharged in different ways).
This service may not be of interest to those users who already have a bank account, and that is why the PayPal CCO (Bill Ready) has indicated that they are targeting those who still do not have an agreement with a bank.
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