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  #1  
Old 03-21-2019
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Default 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?
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  #2  
Old 03-21-2019
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Default Re: PayPal Instant Transfer to Bank Account




Looks like I'm still stuck on this view, but I don't doubt you. Maybe they're working in Zelle.
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Old 03-21-2019
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by phaz0rz View Post
[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.
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Old 03-21-2019
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Default 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.
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Old 03-21-2019
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Default Re: PayPal Instant Transfer to Bank Account

https://ibb.co/89gYt1x

Here is what one of my accounts is showing.
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Old 03-21-2019
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Default 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
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Old 03-21-2019
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Default 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.
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Old 03-21-2019
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Default Re: PayPal Instant Transfer to Bank Account

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Originally Posted by nickopedia View Post
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.
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Default Re: PayPal Instant Transfer to Bank Account

My debit card of wells fargo withdrawal within one second
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  #10  
Old 03-22-2019
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Default 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)
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by btcworld7589 View Post
My debit card of wells fargo withdrawal within one second
Oh great, we have yet another one of "those guys".
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  #12  
Old 03-22-2019
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Default 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.
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  #13  
Old 03-22-2019
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by phaz0rz View Post
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.
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Old 03-22-2019
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by btcworld7589 View Post
My debit card of wells fargo withdrawal within one second
Congrats btcworld7589
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Default Re: PayPal Instant Transfer to Bank Account

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Originally Posted by rsot View Post
Congrats btcworld7589
Don't encourage him.
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Default 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?
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Old 03-22-2019
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by supernova View Post
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.
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  #18  
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by phaz0rz View Post
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 :(
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Old 03-22-2019
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Default 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.
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Default 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..
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Old 03-22-2019
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by supernova View Post
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.
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Default Re: PayPal Instant Transfer to Bank Account

Quote:
Originally Posted by yankee View Post
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
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