If I am using my paypal cash plus account for my direct deposit information, what should I write when it asks for "Name of Bank" ? just paypal or ???

Forum|Forum|5 years ago
March 31, 2021
1 reply
5 views

I have the routing and account number for my direct deposit, its already set up and I have the debit card, however paypall uses wells fargo as simply a "holdings" entity so im not sure if i should just write paypal or if i should put wells fargo

Best answer by KrisD15

PayPal uses Wells Fargo as the bank name, so you should use that as well.

The link provided explains in greater detail:

PayPal link

ToddL99

Level 13

It is not clear that your "PayPal Cash Plus Account" operates in the same manner as a traditional bank account - you should to contact PayPal to verify their ability to accept and credit a direct deposit of your IRS refund.

As you stated, PayPal uses "Wells Fargo" as a "holdings account". It is unclear whether the ABA routing number and account number you have will, by themselves, be uniquely identified as belonging to you.

From the PayPal website:

"... funds held in U.S. Dollars (USD) in your PayPal Cash Plus balance will be deposited by PayPal into one or more custodial accounts that we have set up at FDIC-insured banks. Presently, we deposit all of those funds into an account at Wells Fargo Bank, N.A., but we can move the funds to custodial accounts at other FDIC-insured banks chosen by us at any time and without notice."

sami814410Author

Level 2

I currently receive my unemployment direct deposits to that same account and routing number, without issue, I'm not worried about if it will work, I just want to make sure I am putting the correct institutions name down for the name of the bank so as to avoid any payment delays.