PayPal applies to become a US bank — filings with FDIC and Utah regulators
PayPal applies to become a US bank — filings with the FDIC and Utah PayPal has submitted applications to form a U.S. bank, filing with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI). The move would establish "PayPal Bank" (chartered in Utah if approved) and allow the company to offer interest‑bearing savings accounts and other banking services. The company says it has provided more than $30 billion in loans and working capital to over 420,000 business accounts globally and frames the bank application as a way to improve access to capital for small businesses. PayPal already operates as a bank in Europe (Luxembourg), but a U.S. charter would broaden its ability to take deposits and offer bank products directly. Why PayPal wants a bank…
