PayPal now has instant deposit... 0

[Chip Cataldo]

For a 25 cent fee and with a connected debit card you can transfer funds into your bank account within 30 minutes. Uber had this when I drove for them and it's very convenient. It just started today as far as I can tell.

[nocutename]

I had to change my checking account with that Target fiasco several years ago.  I still haven't shared my new bank account with paypal and don't plan on doing it either.   When I do have money in the account that I didn't spend, I just do a check.  

[justafan]

just curious what is the appeal or advantage to this?  granted I'm not a high volume seller and rarely keep a balance on my paypal account so whenever I do get paid for something through ebay I usually just  do a transfer to my high yield bank account. maintaining a balance on paypal that doesn't pay over 1% interest doesn't appeal to me that much so I wonder what is the benefit of paying them to transfer my money quicker for a 25 cent fee. 

the only benefit I can see is if you took in a huge payment of $10k+ and would be losing 27 cents+ per day that the money wasn't in your high yield account that earns 1% or more that would justify the 25 cent fee. even then I wonder if those large transfers don't qualify for some type of bank hold.

is this supposed to possibly be the paypal equivalent of a wire transfer to a linked account?

[GM8]

40 minutes ago, justafan said:

just curious what is the appeal or advantage to this?  granted I'm not a high volume seller and rarely keep a balance on my paypal account so whenever I do get paid for something through ebay I usually just  do a transfer to my high yield bank account. maintaining a balance on paypal that doesn't pay over 1% interest doesn't appeal to me that much so I wonder what is the benefit of paying them to transfer my money quicker for a 25 cent fee. 

the only benefit I can see is if you took in a huge payment of $10k+ and would be losing 27 cents+ per day that the money wasn't in your high yield account that earns 1% or more that would justify the 25 cent fee. even then I wonder if those large transfers don't qualify for some type of bank hold.

is this supposed to possibly be the paypal equivalent of a wire transfer to a linked account?

I don't think the interest lost is the driver of any demand for this feature.  It's more about time.  While I don't see myself using it often, in a pinch if I needed money in my checking account quickly this would be nice and I would pay the relatively small fee.  For Paypal it's all about adding another "service" that is redundant but can add revenue from fees.

[F For Fake]

This showed up a few weeks ago for me. What's odd is that sometimes the option is there, and sometimes...it's not. So I'm not sure if they're still working it out or what. It's pretty handy. When I'm selling large batches of stuff on eBay, usually once I'm done with shipping and paying my ebay fees, I'll then transfer that balance to a checking account I have set up just for this sort of stuff. Depending on what time of day I make the transfer, it could take a couple of days for the money to actually hit my account. Like, say it's 11pm on a Thursday night (by the time I get home from work, have dinner, get done packing boxes) and I'm ready to transfer my balance to my bank account, it's possible that since it's so late in the day when I make the transfer, the money may not actually hit my checking account until Monday. Meanwhile, that weekend, maybe I ran across some stuff I wanted to pick up, but my cash is tied up in the transfer.

So, for 25 cents, I can avoid that hassle, and have the money instantly deposited. Not bad for a quarter. I won't use it every time, but I can see how it might be useful on occasion. 

Edited January 8, 2018 by F For Fake