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Old 08-26-2014
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Default Is Paypal is turning into a Bank ?

The more I'm realizing it... Paypal is like turning into a bank when it started to offer Paypal credit to shoppers. Is it possible for Paypal to become a bank and become all knowing and can track people's sensitive information like their real identity?
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

If PayPal turned into a bank then they would have to be regulated like a bank and wouldn't be able to get away with most of this **** they do at the moment. I can't see it happening.
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

Totally agree with Eezo here.

Very very unlikely to ever happen.
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

I had the PayPal credit card and it was actually issued by GE Money Bank.

PayPal would never become a bank voluntarily - too many rules and regulations. They would have to be audited by the FDIC and provide insurance for their accounts, be subject to depositor notifications, maintain a certain percentage of liquid assets, etc. Not to mention they would have to pay in to the FDIC. They would have to have an actual legally acceptable reason for closing accounts, they couldn't just say they deem the account to be a risk. They couldn't hold money for 180 days. They would have less control over their users' transactions and also whom they do business with.

I just can't see it happening, unless the US Government forces them to. And I really don't see that happening either.
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

Let's also not forget that if Paypal do become a bank, the days of stealth is over.
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

Not necessarily. I think we could figure a way out to still use business accounts. But I don't think that PayPal becoming a bank is a realistic scenario.
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

paypal will never be a bank with all the bad things they do to ppl. they would be SHUT DOWN IN 24 hours lol
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Old 08-26-2014
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Default re: Is Paypal is turning into a Bank ?

Quote:
Originally Posted by masimo View Post
The more I'm realizing it... Paypal is like turning into a bank when it started to offer Paypal credit to shoppers. Is it possible for Paypal to become a bank and become all knowing and can track people's sensitive information like their real identity?
Paypal is already a bank, they are based in Luxembourg, along with Amazon

"In 2007, PayPal Europe was granted a Luxembourg banking license, which, under European Union law, allows it to conduct banking business throughout the EU"

PayPal Obtains Bank Charter for European Union
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Old 08-26-2014
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Default Re: Is Paypal is turning into a Bank ?

Well, PART of PayPal is a bank. It sounds like they had to do that in order to expand in the EU. I don't think their eBay business is a part of that - But I COULD be wrong.

And every country has its own laws and banking regulations. I expect PayPal to do whatever is in their own best interests in each country. I still don't see it happening in the USA, at least not in the near future.
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