By browsing this website, you consent to the use of cookies. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. However, when opening my account I was surprised to see Wells Fargo will hold my money in a "Custodial Account". You are viewing the PayPal Community Archives. Normally, when one opens a regular PayPal Account, they link and confirm a bank account and credit card and their account is verified and good to go. Universal HealthSharefor Medical Providers With Universal HealthShare, a community of individual members funds the payment of medical needs to providers rather than an insurance company or employer benefit plan. Sharing is an affordable solution for family medical expenses Learn MoreHealth care sharing can lower monthly paymentsSharing can help business employees who don't have health benefitsLearn More Previous Next When Sharing is Caring. It can also be a retirement account handled for eligible employees by a custodian. And if you already have a credit, debit card, and/or bank account linked, you don't necessarily need to add cash to PayPal balance first to pay with PayPal, just select the linked funding source during checkout. Maybe some one else has some insight. Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. Leave the Archive. So I understand that Wells Fargo holds a custodial account for my PayPal once I set up for direct deposit my question is am I able to directly deposit funds into those accounts and eventually have them show up in my PayPal I understand it won't show up immediately but I'm okay with that I just need the funds to be eventually available and I don't like having to pay $4 every time I want to deposit money into my PayPal account, I'm sorry this does not answer my question my question is if I walk into Wells Fargo and deposit money into the account number given to me by the direct deposit will it show up on my balance and if it does how long does the process usually take, How long do it take for your money to show up, Making a deposit into the custodial account. In a custodial account, approval from the custodian is mandatory for a minor to transact securities. Then, if you have your own separate bank account linked to your PayPal account, you can withdraw the PayPal Cash balance funds for free directly to that bank account or withdraw to your bank's debit card for a 1% fee. If you go to settings on our account, then go to direct deposits, it says account # and routing # anf down the bottom it says "money will be held in a custodial account at Wells Fargo" . If you have one of the other PayPal products like the Prepaid Debit Mastercard, you can setup a direct deposit for your pay check, etc. however, it did not effect my selling or buying on ebay , or my ability to accept paypal payments at all. You are viewing the PayPal Community Archives. I am new to this, so any clarification will be appreciated. A custodial account is a savings account accessible through a financial institution, mutual fund company or brokerage firm that an adult controls for a minor under the age of 18, depending on state laws. I will close my acccount if Wells Fargo gets a hold of my money. however, i didn't do much business to have ton of money to . As far as a "Custodial Account" - that's a different animal. Universal HealthShare works with a third-party . I am not planning to do direct deposit, but I am curious to see how the system works. Wells Fargo card purchases also are protected by Zero Liability, which means customers are not responsible for promptly reporting unauthorized transactions. Things can change and do from time to time but, have not heard about this. This content may be old or outdated. Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. So I seem to be missing something here - sorry. 1999-2022 PayPal, Inc. All rights reserved. yes i have and had a paypal account and have been selling on ebay since about 1995. i didn't have to list the paypal account because it was empty and any "cards" were just automatically closed when i filed since i listed them. Leave the Archive. Or does it mean any money that hits my Paypal account will be held by Wells Fargo? Perhaps customer service has an explanation. There's no direct deposit setup in the process. By browsing this website, you consent to the use of cookies. Then, if you have your own separate bank account linked to your PayPal account, you can withdraw the PayPal Cash balance fundsfor free directly to that bank account or withdraw to your bank's debit card for a 1% fee. Universal HealthShare programs are health care cost sharing programs from Universal Health Fellowship. 1999-2022 PayPal, Inc. All rights reserved. This content may be old or outdated. Our programs are faith-based and inclusive, and are built All PayPal Direct Deposit (ed) funds or payments received from other PayPal accounts show up in your PayPal Cash balance account. I am hoping someone knows about this. Thanks again. A custodial account is a savings account accessible through a financial institution, mutual fund company or brokerage firm that an adult controls for a minor under the age of 18, depending on state laws. This is only thing I can dig up concerning Wells Fargo and PayPal: If you have a Wells Fargo card linked to your PayPal Account and make a payment with that card your transaction is monitored by Wells Fargo risk and fraud detection systems. My problem is that when I opened the new Paypal account, Paypal was the one who assigned a Wells Fargo account for direct deposit (custodial account) meaning Wells Fargo will hold my money. I dont know if it is just for direct deposits which I am not intending to do or is it for any money I put into Paypal account? It can also be a retirement account handled for eligible employees by a custodian. If that amkes sense. Does this mean is it just for direct deposits that Wells Fargo will hold my money? Program members make voluntary monthly contributions, and those funds are used to help with members' eligible medical expenses. Thanks for the reply. To be clear, this happened when you opened a Personal Account. I have no clue, I have both a personal and business and nothing like that happened. One of the reasons I set up Paypal account was to avoid the big commercial banks everyone knows. All PayPal Direct Deposit(ed) funds or payments received from other PayPal accounts show up in your PayPal Cash balance account. 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