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-   -   PayPal Instant Transfer to Bank Account (https://www.aspkin.com/forums/paypal-talk/124878-paypal-instant-transfer-bank-account.html)

nickopedia 03-21-2019 12:40 AM

PayPal Instant Transfer to Bank Account
 
Today I noticed a couple of my PayPal's had a new option to instantly transfer to a BANK ACCOUNT in addition to the usual debit card for 1% fee.

On one of my personal accounts, the option exists for Wells Fargo, Bank of America, and Citibank. Two of these accounts DO NOT have any debit card associated with them.

It seems that PayPal has now enabled this ability on some accounts. Has anyone else noticed this?

phaz0rz 03-21-2019 06:49 AM

Re: PayPal Instant Transfer to Bank Account
 
https://i.postimg.cc/7hBt1WGf/Untitled.png


Looks like I'm still stuck on this view, but I don't doubt you. Maybe they're working in Zelle.

ebaystealth1974 03-21-2019 07:50 AM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by phaz0rz (Post 987741)
[IMG]https://i.postimg.cc/7hBt1WGf/Untitled.png[IMG]


Looks like I'm still stuck on this view, but I don't doubt you. Maybe they're working in Zelle.


Same here. Phaz, you have two banks account to transfer to on one PP account? I need to do that to make things simpler, sometimes.

phaz0rz 03-21-2019 08:00 AM

Re: PayPal Instant Transfer to Bank Account
 
Nahhh. I see it as a waste of a bank account and I only have it setup that way bc the original BoA account on there was closed years ago. Adding the WF account was a lack of options and not a choice, lol.

Still though that's the standard view for accounts with VBA's that also have a functioning BA added.

nickopedia 03-21-2019 11:05 AM

Re: PayPal Instant Transfer to Bank Account
 
https://ibb.co/89gYt1x

Here is what one of my accounts is showing.

agent006140 03-21-2019 11:39 AM

Re: PayPal Instant Transfer to Bank Account
 
It maybe the new Federal Reserve Bank policy,it has been working on faster clearance,there are at least 4 levels,the lowest one is free but slowest.
Bigger banks may have opted into faster transfer for a fee.fee they paid to the Fed but free to you

nickopedia 03-21-2019 12:08 PM

Re: PayPal Instant Transfer to Bank Account
 
I think PayPal is likely using Zelle for the ability to push out payments instantly. Any Zelle member participating bank would have this capability.

phaz0rz 03-21-2019 12:46 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by nickopedia (Post 987805)
I think PayPal is likely using Zelle for the ability to push out payments instantly. Any Zelle member participating bank would have this capability.

Same underlying platform, at least. That's what it sounded like to me. :coffee:

btcworld7589 03-21-2019 05:51 PM

Re: PayPal Instant Transfer to Bank Account
 
My debit card of wells fargo withdrawal within one second

agent006140 03-22-2019 06:43 AM

Re: PayPal Instant Transfer to Bank Account
 
here is more information on ZELLe,WHICH Competes with Paypal's Venmo.
I have doubts Paypal is using its competitor ?
https://en.wikipedia.org/wiki/Zelle_(payment_service)

parsierngue 03-22-2019 06:46 AM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by btcworld7589 (Post 987877)
My debit card of wells fargo withdrawal within one second

Oh great, we have yet another one of "those guys".

phaz0rz 03-22-2019 06:49 AM

Re: PayPal Instant Transfer to Bank Account
 
They're hardly competitors since Zelle is owned a series of large banks and Paypal/Venmo is still refusing to call themselves a bank.

Zelle is a free transfer from one FDIC insured bank account to another. Venmo/Paypal is a not-free transfer between two non-FDIC insured pseudo bank accounts, where you still rely on a bank account at some point.

Maybe they've realized they need to work together since they're offering different products. I don't think PP is using "Zelle" by name but I have a good feeling the banks are processing these instant withdrawals with the same technology that runs Zelle.

degsey69 03-22-2019 09:55 AM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by phaz0rz (Post 987960)
They're hardly competitors since Zelle is owned a series of large banks and Paypal/Venmo is still refusing to call themselves a bank.

Zelle is a free transfer from one FDIC insured bank account to another. Venmo/Paypal is a not-free transfer between two non-FDIC insured pseudo bank accounts, where you still rely on a bank account at some point.

Maybe they've realized they need to work together since they're offering different products. I don't think PP is using "Zelle" by name but I have a good feeling the banks are processing these instant withdrawals with the same technology that runs Zelle.


Correction, Venmo transfers from a registered non FDIC account ( such as PayPal) to to either FDIC bank accounts or non FDIC accounts.

rsot 03-22-2019 12:03 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by btcworld7589 (Post 987877)
My debit card of wells fargo withdrawal within one second

Congrats btcworld7589

parsierngue 03-22-2019 12:05 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by rsot (Post 988025)
Congrats btcworld7589

Don't encourage him.

supernova 03-22-2019 01:16 PM

Re: PayPal Instant Transfer to Bank Account
 
I tried the new instant transfer to my bank yesterday and it came back declined.. any reason for this?

phaz0rz 03-22-2019 01:18 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by supernova (Post 988053)
I tried the new instant transfer to my bank yesterday and it came back declined.. any reason for this?

Maybe the name mismatch caused it, if there was one.

And if that's the case, I would guess they start phasing out the old 1-2 day bank withdrawals that mostly permit mismatches.

supernova 03-22-2019 01:28 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by phaz0rz (Post 988054)
Maybe the name mismatch caused it, if there was one.

And if that's the case, I would guess they start phasing out the old 1-2 day bank withdrawals that mostly permit mismatches.


Wow this is very bad if thats the case :(

yankee 03-22-2019 01:52 PM

Re: PayPal Instant Transfer to Bank Account
 
I cashed out two limited paypal accounts to BofA, same checking account but adding 01 02 in front of them yesterday. Long story short, They wanted to charge a fee or standard for waiting. I dont mind waiting. Both deposits were within an hour using standard 1-3 day.

supernova 03-22-2019 01:59 PM

Re: PayPal Instant Transfer to Bank Account
 
Ok I called paypal (I know bad idea) and they said the reason it was declined was because i didnt verify my bank which is odd cause i never do, I just add them and withdraw immediately..

yankee 03-22-2019 02:01 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by supernova (Post 988064)
Ok I called paypal (I know bad idea) and they said the reason it was declined was because i didnt verify my bank which is odd cause i never do, I just add them and withdraw immediately..

Why would calling in be bad? I never understand why people think it is bad. Calling in to fix problems is the easiest and most logical method. Guessing and waiting is not.

supernova 03-22-2019 02:06 PM

Re: PayPal Instant Transfer to Bank Account
 
Quote:

Originally Posted by yankee (Post 988065)
Why would calling in be bad? I never understand why people think it is bad. Calling in to fix problems is the easiest and most logical method. Guessing and waiting is not.

It's bad cause you can get a nosy american that has all the time in the world to REALLY look into your account instead of fixing anything.. I just hang up when I hear an american :thumb:


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