Is Paypal registered as a real bank? Is it FDIC insured?
PayPal itself is not a bank, so, if you are leaving money in your PayPal account, that money is not FDIC insured in the same way it would be in a bank account. If you want FDIC insurance for your PayPal balance, your best option is to request (and receive) a PayPal Cash Card.
What bank is associated with PayPal?
Wells Fargo Bank, N.A.
PayPal will deposit your funds into one or more custodial accounts we maintain for the benefit of PayPal account holders at one or more FDIC-insured banks (currently Wells Fargo Bank, N.A.).
What are the disadvantages of using PayPal?
Drawbacks to using PayPal
- High chargeback fees.
- Higher fees than a typical merchant (credit card processing) account.
- Account suspension for terms and conditions (T&C) violations that can freeze your funds for months.
- May take 2 business days to get your money.
- Customer service can be hard to reach.
How do I get my money back from PayPal after being scammed?
“I Got Scammed on PayPal”: How to Use Purchase Protection
- Open the Resolution Center.
- Log in to your PayPal account.
- Select Report a Problem.
- Select the transaction that you want to dispute.
- Provide a reason for the dispute.
- Open a dispute.