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Yes. PayPal applied in December 2025 to establish PayPal Bank, a proposed Utah-chartered industrial loan company. It is not an operating bank: Utah still listed the application as pending in its August 21, 2026 update, and PayPal says any future deposits would qualify for FDIC insurance only if the proposal is approved.
What PayPal applied for—and what it has not received
On December 15, 2025, PayPal said it had applied to the Utah Department of Financial Institutions for a state industrial-bank charter and to the Federal Deposit Insurance Corporation (FDIC) for deposit insurance. The company calls the proposed institution PayPal Bank. These are applications, not approvals, and PayPal is not seeking the OCC national-bank charter in the announcement.
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Utah’s Department of Financial Institutions lists the PayPal Bank industrial-bank application as received December 15, 2025, with status “Pending” on a page last updated August 21, 2026. The FDIC’s new deposit-insurance application table also listed it as pending, but that table’s displayed data is as of April 14, 2026. The FDIC entry does not establish the application’s status after that date.
Utah Department of Financial Institutions application status · FDIC new deposit-insurance applications
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What PayPal says the bank could offer
Small-business lending
PayPal says the bank would let it provide U.S. small businesses with loans more efficiently and reduce its reliance on third parties. The company reported that, since 2013, it had provided access to more than $30 billion in loans and working capital to over 420,000 business accounts worldwide. That is PayPal’s cumulative company-reported figure, not an independently audited result.
PayPal president and CEO Alex Chriss said, “Securing capital remains a significant hurdle for small businesses striving to grow and scale.” The statement expresses the company’s rationale; it does not establish the terms, eligibility, or availability of any future PayPal Bank loan.
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- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
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Interest-bearing savings accounts
PayPal also says it expects the proposed bank to offer interest-bearing savings accounts. It has not established a live account, interest rate, fees, eligibility rules, or launch date in the announcement. Treat this as a proposed service, not an available place to open an account.
Direct card-network membership
The company says it would seek direct U.S. membership with card networks, complementing processing and settlement activity it already conducts through banking relationships. This, too, is a stated goal rather than a completed change.
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- This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
- Double check if the URL/website is genuine before entering card details online. Do not provide any gift card details (example: claim code) to someone you do not know or trust. There are a variety of scams in which fraudsters try to trick others into paying with gift cards.
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PayPal selected Mara McNeill as proposed bank president. The company said she had more than 25 years of financial-services experience and had previously been president and CEO of Toyota Financial Savings Bank; the role is part of PayPal’s proposed leadership plan.
PayPal’s announcement about the proposed bank
Would PayPal balances be FDIC-insured?
Not on the basis of this application. PayPal says deposits at PayPal Bank would be eligible for FDIC insurance if the bank is approved. That conditional statement does not mean existing PayPal balances are generally FDIC-insured, or that the proposed bank is open. The application alone does not confer deposit insurance.
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- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
Why a bank application involves more than one approval
Bank formation generally requires a charter and FDIC deposit-insurance approval, with additional Federal Reserve approval potentially required depending on the ownership and membership structure. The Federal Reserve’s general guidance says starting a bank can take a year or more; regulators assess such matters as the business plan, management, finances, capital adequacy, risk controls, safety, and soundness.
PayPal’s announcement concerns a Utah state-charter application and a separate FDIC insurance application. The OCC issues national-bank charters, but its national charter process is not the charter route PayPal announced. The Federal Reserve’s FAQ is general process guidance, last updated August 2, 2013, rather than a current prediction of how quickly this particular application will be decided.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
Federal Reserve: process for starting a bank · OCC de novo chartering information
What the Trump-era rules context does—and does not—show
The Washington Post placed PayPal’s application amid a broader Trump administration push to ease banking rules and reported preliminary OCC charter actions involving digital-asset firms. The OCC has also described a de novo chartering policy effort. That context does not show that a particular rule change caused PayPal to apply or that regulators will approve its application.
Experts quoted by the Washington Post differ on the implications. UC Berkeley finance professor Christine A. Parlour said a charter could reduce the chance of users losing payment balances through greater regulatory oversight. Boston College Law School professor Patricia McCoy said stricter banking regulation of firms such as PayPal is positive, while warning that deregulation could erode that benefit. Former Federal Reserve Bank of New York vice president Rod Garratt raised concerns about bringing more payments and crypto companies into federal banking regulation and increasing Federal Reserve exposure. These are attributed views, not findings about PayPal’s eventual approval or a guarantee of consumer outcomes.
Washington Post coverage of PayPal’s application and regulatory context
Quick Recap
What to watch next
- Whether Utah changes the application status from pending.
- Whether the FDIC publishes a newer status for the deposit-insurance application.
- Whether the applications are approved and, only then, whether PayPal announces actual account or lending terms.
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