Last Update: September 19, 2022.
If you have or use one or more of the offerings described below, your eligible funds will be placed by PayPal, as your agent and custodian, in one or more of the following banks insured by the Federal Deposit Insurance Corporation (FDIC) that we choose in our discretion (“Program Banks”) where they are eligible for FDIC pass-through insurance:
- The Bancorp Bank
- Goldman Sachs Bank USA
- Wells Fargo Bank, N.A.
Those funds are eligible for FDIC pass-through insurance against bank failure up to applicable limits.
We may add or remove a Program Bank at any time and without notice.
- PayPal is not a bank and does not itself take deposits.
- You will not receive any interest, credit, or other earnings on the funds in your PayPal Balance account or Venmo account.
- FDIC insurance does not protect you against the failure of PayPal or Venmo.
If you have a PayPal Debit Mastercard® (PayPal Debit Card), have enrolled in Direct Deposit, or have bought or received cryptocurrency, we will place your personal U.S. dollar PayPal Balance funds at one or more Program Banks. Any cryptocurrencies you hold in your account, non-U.S. dollar currencies, or funds you hold in a business account are NOT eligible for FDIC pass-through insurance.
See the PayPal Balance Terms and Conditions.
If you have added money to your Venmo account using Direct Deposit or the cash a check feature, or have bought cryptocurrency, we will place your U.S. dollar Venmo account funds at one or more Program Banks.
Any cryptocurrencies you hold in your account are NOT eligible for FDIC pass-through insurance.
See the Venmo User Agreement.