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PayPal Experiments With More Traditional Banking Services

Source: Justin Sullivan / Getty

If you had reservations about getting a proper bank account, PayPal may have a solution for you. According to The Wall Street Journal, the digital payment giant is about to start offering their users debit cards to withdraw cash from ATMs as well other banking services.

Entrepreneurs rejoice.

On top of ATM withdrawals, customers will also gain the ability to instantly deposit checks to their accounts by taking a photo and have your job direct deposit your paychecks. PayPal has been testing these new options for months and thanks to them teaming up with small banks this is all becoming possible. PayPal’s debit cards are being issued by a Delaware bank, a bank in Georgia will be handling the photos of deposited checks and a Utah bank will be in charge of handing out the cash for personal and small business loans.

According to PayPal’s COO Bill Ready, their target for their new banking options is the “unbanked” who happen to a spend a good amount of their money paying off interest and fees from lenders. Ready also added in a statement, “we want to give them something so they’re not turning to prepaid cards, check cashiers and payday lenders.”

Nothing wrong with having new banking options, especially since these banks love charging an arm and a leg to hold onto your money.

Photo: Justin Sullivan / Getty

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