posted on January 27, 2002 01:50:32 PM new
PAYPAL PROCESSES ALL PAYMENTS VIA Electronic Payment Exchange, Inc., or EPX
For Visa transactions PAYPAL uses First Union National Bank
MasterCard, Discover and American Express transactions PAYPAL uses TheBancorp.com Bank
ON DEC 2001 Chase Merchant Services Chase Merchant Services retained approximately $12.0 million in settlement funds due to PAYPAL AND TERMINATED ITS RELATIONSHIP WITH PAYPAL!
ALL BANK TRANSACTIONS PAID WITH CHECK TO CHECK IS DONE WITH Wells Fargo AND PAYPAL IS REQUIRED TO KEEP $10 MILLION UP AS COLLATERAL.
Under the recently enacted International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, or IML Act, PAYPAL could be subject to federal civil and criminal penalties if THEY are deemed to be operating without an appropriate money transmitting license in a state where such operation is punishable as a misdemeanor or a felony under state law More than 40 states in the U.S. regulate bill payers, money transmitters, check sellers, issuers of payment instruments or similar non-bank payment businesses AND PAYPAL HAS NOT BEEN ISSUED ANY LICENSE EXCEPT IN OREGON AND W VIRGINIA.
WE ARE AWARE OF 4 STATES INCLUDING CA THAT HAS MADE THE POSITION THAT PAYPAL IS ACTING LIKE A BANK WITHOUT A LICENSE THE STATES ARE CA LA ID AND NY. NO RESOLUTIONS HAVE BEEN REACHED.
posted on January 27, 2002 11:51:47 PM new
Doe's that include all the people who fund online casino accounts illegally with credit card funds? Seems to me to be an easy way to avoid cash advance charges for gambling money.
