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Old 03-28-2010
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Default NYT: Hey, Paypal, Why Verify?

Article from the New York Times.

The Haggler - Why Does PayPal Need to ‘Verify’ My Bank Account? - NYTimes.com

It seems that this is all about profits, not fraud. The question is this: Why cant PayPal just come straight out and acknowledge to customers that the point of requesting their bank account information isnt to verify them, its to profit maximize them?

Too blunt? O.K., how about giving people the option to keep their bank information to themselves if they are willing to pay a modest sum for the service? PayPal is actually a terrific service and the Haggler, for one, would part with some money for it, if the price were right.

The Haggler shared these and other thoughts with Ms. Gorman, who certainly seemed to be listening attentively.

Its an interesting communication challenge, she said. Well see what we can do to be more frank.

She also said the company was testing functionality for customers who didnt want to share their bank account data. She declined to go into details. Which means they cant be verified.
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