The PayPal Prepaid MasterCard is issued by The Bancorp Bank and it should be noted that residents in the state of Vermont are not allowed to obtain an account. When ordering a card online the cardholder will not be charged a purchase fee BUT a $4.95 monthly fee will be charged for unlimited purchase transactions.
PayPal Prepaid Notes
- Cards will be mailed the next business day after sign up
- The PayPal Prepaid MasterCard can be used to make payment via a smart phone
- Offers a “no-cost direct deposit” that allows a card holder to receive money up to 2 days faster (vs traditonal banks)
- Money can be trasnfered from the members PayPal Account to the card and vice versa
- Add money to the card via a NetSpend Reload Network (over 100,000 locations across the US)
- The PayPal Prepaid MasterCard allows for tax refunds to be deposited on the account
- The PayPal Prepaid mobile app are only available on the iPhone and Android Operating Systems at this time
- Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically
- Transfers are limited to $300 a day for security purposes and cannot be reversed or cancelled once set in motion
The PayPal Prepaid card offers an option savings account program through the Bancorp Bank who is Member FDIC. The savings account program is ideal for members who keep a large amount of money in their PayPall accounts and would like to earn interest on this money. Members will earn a 4% to 5% yield on all savings up to $5,000.00 (anything over $5000 will earn 0.49%.
Any questions about the PayPal Prepaid MasterCard can be directed to 1-866-753-6440 or by mail at PayPal Prepaid Card PO Box 2136, Austin, TX.