PayPal to offer bank accounts

RustyShackelford · #1 04-17-2018

https://www.engadget.com/2018/04/10/paypal-traditional-banking-services/

Maybe this is why all the changes lately

slokor · #2 04-17-2018

Couldn't help but laugh at that.
Sure. Ill trust paypal with my paycheck. LOL!!!

GreenBean · #3 04-17-2018

Quote:

Originally Posted by slokor

Couldn't help but laugh at that.
Sure. Ill trust paypal with my paycheck. LOL!!!

But I love paypal.

Agreed though.

A giant AS IF.

Play · #4 04-17-2018

An interesting read. Seems like everyone is being dished out licenses to make their own bank. Amazon is doing something similar, and now PayPal is following in their footsteps.

I just feel like its a catastrophe waiting to happen, and the number of users on this forum is about to surge, with threads like "My salary has been frozen, and PayPal won't release it for 180 days! Help!!!! my mortgage is due!!!!"

jporter396 · #5 04-17-2018

I'd trust a homeless person to hold my cash over paypal

RustyShackelford · #6 04-17-2018

It seems as if they are using other banks to handle different aspects for them. As for freezing the accounts they can’t. Banks have standard rules. Can’t wait to see them get slammed with fines if they try any funny business.

phaz0rz · #7 04-18-2018

I suspected they would move more into traditional banking when the TOS update was announced last month.

BUT, after looking over the article I'm not really seeing anything new. Paypal has always partnered with banks to offer financial products. The bank in Utah the article mentions is the same bank who's always done their working capital loans. What's new here? I was expecting to see something about Paypal becoming an FDIC insured bank.

e2free · #8 04-18-2018

Nothing seems to be New

They already offering these services

Working capital

Access cards etc

**SaiJin** · #9 04-18-2018

well, thing is most people who do not know better see paypal as a very safe place to do a financial transaction.

But yea, there'll be a surge of people coming to the forum because of this.

phaz0rz · #10 04-18-2018

Quote:

Originally Posted by SaiJin

But yea, there'll be a surge of people coming to the forum because of this.

Why do you think that?