Explainer: PayPal Debit Card

Approval contingent on ID verification. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents. Terms apply. See Cardholder Agreement for details.

The PayPal Debit Mastercard^® is issued by The Bancorp Bank, N.A. pursuant to a license by Mastercard International Incorporated. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. This is a debit card linked to your PayPal Balance account and is not a credit card. Card may be used everywhere Mastercard is accepted. The Bancorp Bank, N.A. is issuer of the Card only and not responsible for the associated accounts or other products, services or offers from PayPal.

If you have opened a PayPal Debit Card Mastercard^® account, enrolled in Direct Deposit, or bought or received cryptocurrency with your personal PayPal Balance account, we will place your U.S. dollar PayPal Balance funds in one or more Program Banks, where they will, subject to certain conditions, be eligible for pass-through FDIC insurance, up to applicable limits. FDIC insurance protects you against the failure of a Program Bank, not the failure of PayPal. PayPal is not a bank, does not take deposits and is not FDIC insured. Any other balance funds and all cryptocurrencies are not held in FDIC-insured bank deposits. Cryptocurrencies may lose value. See PayPal Balance Terms and Conditions.