PayPal Notice of Policy Updates July 27, 2017 Reg. Debit Card Withdrwals

[nate]

- We are adding terms for a new faster withdrawal option. If your debit card is eligible to receive faster withdrawals from your PP account, you will be provided the option to use it when you transfer money out of your PP balance. The transfer will be subject to a $0.25 fee, which will be deducted from the amount of the withdrawal.

Has anyone figured out what debit cards this would apply to?

[BiN4RY]

This is probably an early notification. I'm guessing once the feature has been implemented into Paypal's production environment, they'll provide more information.

[bjammin]

This is for US paypal?

[slokor]

Originally Posted by bjammin

This is for US paypal?

Would love to know that myself.
If so this is pretty big news.

[MM78]

One thing missing is the following words: "PayPal Credit" which I assume means that the policy may be for those with PayPal debit Cards.

[Jingling2017]

Originally Posted by MM78

One thing missing is the following words: "PayPal Credit" which I assume means that the policy may be for those with PayPal debit Cards.

Agreed. They would never do anything that favors the stealth community without the greed factor for themselves.

[slokor]

This has nothing to do with the 'stealth community'. I dont think stealth accounts make up such a large portion of the paypal business.
And I doubt this has anything to do with the paypal debit card. It doesnt make much sense cause those with the debit cards already have the ability to pull the funds from an ATM using that debit card.
This clearly speaks of something different.
Guess we will wait and see.

[dallis]

It says there'll be a $.25 fee, that's why it's in their interest. Millions of transactions a day * $.25 adds up fast. Or they're going to push the 'faster' bit.

Perhaps it is intended to accommodate prepaid cards as opposed to a debit card on a regular bank account.

[Bomberman]

Hopefully it's similar to services like Google Wallet/Square cash etc where you can instantly transfer money to your bank account via your debit card. Square charges a 1% fee

[gofetchfido]

Originally Posted by MM78

One thing missing is the following words: "PayPal Credit" which I assume means that the policy may be for those with PayPal debit Cards.

Sorry I'm being optimistic and going on limb here that is definitely not the case, PP is going to capitalize on the $0.25 fee that they will get times xxxxx! This is great news has nothing to do with "PayPal debit card" that feature has already been implemented.



and will become effective July 27, 2017 for all U.S. customers

[slokor]

Originally Posted by nate

- If your debit card is eligible to receive faster withdrawals from your PP account, you will be provided the option to use it when you transfer money out of your PP balance.

Wondering which debit cards will be eligible.
Also, it only says debit cards. Does this mean no credit cards are included in this option?
Guess we'll find out soon enough...

[gofetchfido]

Originally Posted by slokor

Wondering which debit cards will be eligible.
Also, it only says debit cards. Does this mean no credit cards are included in this option?
Guess we'll find out soon enough...

The anticipation of what this can evolve to as far as a new withdrawal .... either way this is huge news for US based ppl....

[miketyson]

*****EXAMPLE******




Debit Card Requirements:

To use your debit card must be issued in the United States. Pre-paid cards aren't eligible won't work without a valid debit card. If an transfer fails, we'll ask you to update your debit card.


Here are the most common reasons you don't see your deposit yet:

Your bank is still processing the transaction. Some banks take more time to process deposits, like if your bank doesn't process payments on weekends or holidays for example.
Your debit card or account info isn’t current or valid. Learn to update it here.
Your account or card is canceled. Learn how to add a new card.
Your bank doesn't support immediate transfers. Tap here to see a partial list of these banks.


Banks without immediate transfer

If your bank doesn't support immediate transfers, we'll include earnings in your weekly deposit as usual. Your earnings should take about 3-5 business days to appear in your account.

Below is a partial list of banks that don't support immediate transfers. If your bank isn't listed here, contact the local branch to check whether they support immediate transfers.

Amegy Bank National Association | Astoria Federal Savings and Loan Association | The Bank of New York Mellon | BOKF, National Association | BNY Mellon, National Association | Citizens Bank of Pennsylvania | Commerce Bank, National Association | Deutsche Bank Trust Company Americas | E*TRADE Bank | Fifth Third Bank | FirstBank | First National Bank of Omaha | GE Money Bank | Goldman Sachs Bank USA | HSBC Bank USA, National Association | Huntington National Bank | Manufacturers and Traders Trust Company |
Northern Trust, National Association | The PrivateBank and Trust Company | RBS Citizens, National Association | Signature Bank | Silicon Valley Bank | State Street Bank and Trust Company | Susquehanna Bank | TCF National Bank | Toledo | UBS Bank USA | Umpqua Bank | Webster Bank, National Association