Paypal stores your credit card information (if you want) and of course wants you to maintain +ve balances rather than move the funds back to your bank account. Possibly they have lots of money in those accounts which they can use to invest and which are not probably FDIC guaranteed.
>From my limited understanding FedNow is a messaging service which supports near instantaneous messages between two banks via the Federal Reserve. So a payment from a customer at Bank A goes to the FedNOW system, deducts that amount from the sending bank's Master account at the Fed and deposits that same amount into Bank B's Master account. Then a whole bunch of messages are exchanged to make sure both sides are correctly debited/credited. They are using ISO20020 message format so that is the extent of the information being sent from Bank A to Bank B. Seems like a great service if your bank or CU offers it. On Sat, Jul 22, 2023 at 4:07 PM Bob Bridges <robhbrid...@gmail.com> wrote: > I use PayPal all the time. I confess that it's main draw for me is that > I'm giving my banking information to one vendor rather than many, and I > haven't investigated carefully; but it always seemed to me that my payments > to others, and their payments to me, go through promptly. References? > > --- > Bob Bridges, robhbrid...@gmail.com, cell 336 382-7313 > > /* As a father, I have a vested interest in seeing my children do well in > school. If they don't, they won't graduate, and will probably wind up > living in my house until they are thirty years old. This will interfere > with my plan to reach retirement age without killing another human being. > -W Bruce Cameron, _Study Habits_ (2001) */ > > -----Original Message----- > From: IBM Mainframe Discussion List <IBM-MAIN@LISTSERV.UA.EDU> On Behalf > Of Bill Johnson > Sent: Friday, July 21, 2023 19:44 > > Puts a damper on apps like PayPal who holds onto your money for a period > of time. Plus major banks are FDIC protected unlike those fake banks. > > ---------------------------------------------------------------------- > For IBM-MAIN subscribe / signoff / archive access instructions, > send email to lists...@listserv.ua.edu with the message: INFO IBM-MAIN > ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to lists...@listserv.ua.edu with the message: INFO IBM-MAIN
