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Bancorp Using PayPal for Payments and Account-Opening Tech

A unit of Bancorp (TBBK) of Wilmington, Del., is working with PayPal to offer electronic person-to-person payments through its affinity relationships.

The Bancorp Bank will also offer PayPal's Instant Account Creation and Account Funding to its affinity customers in 2012, the $3 billion-asset company said Tuesday. Instant Account Creation allows customers to open an account for PayPal directly from Bancorp. PayPal is a unit of eBay (EBAY).

Account Funding allows the bank's customers to use their PayPal funding sources with new Bancorp accounts.

"We saw the market opportunity in P2P payment services and the benefits it could bring to our affinity customers and now we have the right partner," Pete Chiccino, Bancorp's executive vice president and chief innovations officer, said in a news release. "We're thrilled about our relationship with PayPal."

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This is some of the WORSE NEWS EVER for paypal! NOW U CANT WITHDRAW MONEY FOR FREE FROM CHASE ATM'S (with $1 paypal fee). NOW THEY CHARGE $4 EACH TIME YOU WITHDRAW 50 CENT, A DOLLAR OR 400 (max daily limit). They are doomed! Downplaying loosing JP MORGAN CHASE as the bank issuer over an unknown BANCORP no one wants. People are already talking about switching bank to money order (faster than waiting 4-6 days or paypals unpredictable transfer to bank account) or anything else. death to paypal! Google wallet needs to add more features and merge with google checkout and take payapl out! maybe work with square up 2
Posted by baalpeteor | Sunday, June 03 2012 at 10:35AM ET
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