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  #1  
Old 08-12-2015
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Default Paypal is NOT a bank!

Interesting

"FDIC up to $100K per person"

Feds: PayPal not a bank - CNET
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  #2  
Old 08-12-2015
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Default Re: Paypal is NOT a bank!

2002 dam
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  #3  
Old 08-12-2015
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Default Re: Paypal is NOT a bank!

PayPal is NOT a bank, but they could probably BECOME one if they wanted to. For PayPal, there would be positives and negatives. But I don't think they want to be REGULATED as a bank. Because if they were a bank, there would be no more 180 day holds on money, they could not just automatically side with the buyer in disputes, they would have to send money to your account in a timely manner - all sorts of things they would probably rather avoid.

For US, there would ALSO be positives and negatives. They wouldn't work for stealth, because then PayPal would officially be a financial institution and would be REQUIRED to get your SSN by law. But, they would probably end up being more fair in the treatment of their customers.
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Old 08-12-2015
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Default Re: Paypal is NOT a bank!

When paypal decided to get into the lending game a couple years ago they did it the right way and partnered with a bank. Paypal does the work and the bank does the "banking" win win and paypal keeps its freedom.
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Old 08-12-2015
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Default Re: Paypal is NOT a bank!

Quote:
Originally Posted by jeffweico View Post
PayPal is NOT a bank, but they could probably BECOME one if they wanted to.
Wouldn't it contradict their whole sales pitch as a service?

I agree they could but it wouldn't make sense
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Old 08-12-2015
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Default Re: Paypal is NOT a bank!

I hear Paypal is a bank in UK? Is this true?
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  #7  
Old 08-12-2015
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Default Re: Paypal is NOT a bank!

Quote:
Originally Posted by yankee View Post
When paypal decided to get into the lending game a couple years ago they did it the right way and partnered with a bank. Paypal does the work and the bank does the "banking" win win and paypal keeps its freedom.
Oddly enough, I still have a line of credit from my original ebay/paypal combo. They killed the selling, but left the lending on the Paypal side. It is I believe GE bank behind them I know it's Synchrony with Amazon.
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Old 08-12-2015
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Default Re: Paypal is NOT a bank!

Paypal would not and could not be a bank for the simple reason they operate internationally yet they are a US based company. With the Patriot Act and the kind of information banks are required to collect and verify before opening an account for anyone there is no way paypal could comply given that a major part of their operation is internationally based.
Somehow I dont see Paypal giving up millions of accounts because the US government tells them they cannot have them as costumers because theyre not US citizens thus they do not meet with the regulations set out in the Patriot Act.
The way Paypal currently operate means they get to eat their cake and keep it too. They enjoy the best of all worlds and I dont see how they would possibly justify giving it up and losing a major portion of their operation. The board of directors and their stock holders would never allow it.
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Old 08-13-2015
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Default Re: Paypal is NOT a bank!

Quote:
Originally Posted by slokor View Post
Paypal would not and could not be a bank for the simple reason they operate internationally yet they are a US based company. With the Patriot Act and the kind of information banks are required to collect and verify before opening an account for anyone there is no way paypal could comply given that a major part of their operation is internationally based.
Somehow I dont see Paypal giving up millions of accounts because the US government tells them they cannot have them as costumers because theyre not US citizens thus they do not meet with the regulations set out in the Patriot Act.
The way Paypal currently operate means they get to eat their cake and keep it too. They enjoy the best of all worlds and I dont see how they would possibly justify giving it up and losing a major portion of their operation. The board of directors and their stock holders would never allow it.
Very good point about being international along with Patriot Act
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Old 08-13-2015
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Default Re: Paypal is NOT a bank!

Quote:
Originally Posted by slokor View Post
Paypal would not and could not be a bank for the simple reason they operate internationally yet they are a US based company. With the Patriot Act and the kind of information banks are required to collect and verify before opening an account for anyone there is no way paypal could comply given that a major part of their operation is internationally based.
Somehow I dont see Paypal giving up millions of accounts because the US government tells them they cannot have them as costumers because theyre not US citizens thus they do not meet with the regulations set out in the Patriot Act.
The way Paypal currently operate means they get to eat their cake and keep it too. They enjoy the best of all worlds and I dont see how they would possibly justify giving it up and losing a major portion of their operation. The board of directors and their stock holders would never allow it.


good points but hey this is random slokor but I noticed this is like the third time in different posts you spell customers as costumers...
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Old 08-13-2015
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Default Re: Paypal is NOT a bank!

Costumers definition, a person who makes, sells, or rents costumes, as for theatrical productions
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  #12  
Old 08-13-2015
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Default Re: Paypal is NOT a bank!

I dont rent out my costums - I only sell them.
They seem to do the trick for people trying to dress up as someone else when it comes to ebay and paypal
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  #13  
Old 08-13-2015
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Default Re: Paypal is NOT a bank!

Quote:
Originally Posted by empirestate View Post
I hear Paypal is a bank in UK? Is this true?
Not from the sources I see
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  #14  
Old 08-13-2015
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Default Re: Paypal is NOT a bank!

Nope, they say they are a bank but they are NOT
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Old 08-13-2015
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Default Re: Paypal is NOT a bank!

The Patriot's Act is a good point, hopefully we never have to worry about them actually becoming a bank, overall i dont think it would ever happen
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