PayPal turning into 'virtual bank' as it offers debit card, check deposit & loans

PayPal is quietly rolling out basic banking services to some of its U.S. customers, which include a debit card, the ability to deposit checks and even take out a loan. For customers who accept, their PayPal balances also become protected by Federal Deposit Insurance Corp (FDIC) insurance. Surprisingly, PayPal has found a way to do this without a U.S. banking license … more…