PayPal Launches Instant Transfer to Bank Feature

NBC - PayPal is now giving consumers faster access to their money.

PayPall is rolling out an instant transfer option in the US that sends money directly to your bank account and not just to your debit card.

The payment service is partnering with JP Morgan Chase to enable the instant transfer to bank feature.

Transfers typically occur within minutes but may vary by bank.
Instant transfer to bank carries a 1-percent transaction fee capped at $10.

The standard transfer that takes one business day is free.

PayPal says it expects to roll out the instant transfer to bank option to US businesses in the coming weeks.