PayPal is not a bank because it does not engage in fractional-reserve banking. In the United States, PayPal is licensed as a money transmitter, on a state-by-state basis. PayPal makes online purchases safer by providing a payment method that does not require the credit card or bank account numbers to make the payments. Though it's safe and secured, PayPal recommends that users check their accounts regularly in case any unauthorized activity occurs in your account.
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