posted on November 13, 2000 05:43:26 AM new
What didn't we know before reading that article that we didn't know after using PayPal's TOS? This is from a banking industry site and simply states that these are uninsured moneys and the services are unregulated--all laid out clearly in PayPal's TOS. Good reason not to leave large balances in one's PayPal account, perhaps, but not necessarily a reason to stop using it.
always pickersangel everywhere
posted on November 13, 2000 06:29:30 AM new
Just a point of fact: Bankrate.com is not a banking industry site.
Bankrate.com is independent and is the web arm of Bankrate Monitor.
It reports ON the banking and financial industry, it does not report TO it.
posted on November 13, 2000 01:48:22 PM new
>>Good reason not to leave large balances in one's PayPal account, perhaps, but not necessarily a reason to stop using it.<<
Yes a reason to stop using it. A lot of folks are under the impression that Paypal is answerable to someone. I have seen all sorts of posts here about complaining to the Attorney General, Banking Commission, FTC, etc. This article makes it clear that these services are answerable to no one and make up the rules as they go. Just look at the sentence above that I am responding to. The writer thinks that emptying your Paypal account makes you safe. However, PP is no longer sending checks unless you provide a bank account or credit card. So even if your PP account is empty, they will take it out of your bank account or charge your credit card and their rules allow them to do this.
You want a reason to stop using Paypal? How about a few dozen? Just go to the URL shown and feel free to link to it and refer your customers to it.
