Think paypal will ever be treated as a bank?

[lightmaria]

Do you guys think in the future paypal and other online merchants will be treated as banks and run credit checks which will force us to provide SSN (for USA atleast) from the very start?

This has been something thats been making me a bit paranoid, I wanna see what you guys have to say on this o_o

[slim jim]

there is no point of paranoia. no one knows, probably not even paypal. if it does, it does and if it doesn't so be it. i personally do not think paypal will be allowed into the bank industry and they probably do not even want to be in it. they would not be allowed to hold money like they do now and i'm sure that makes them LOTS of $$$$$$$$

[Sandy D]

pp does not want to be.

Too many regulations on them would destroy them.

They would not be able to steal all the money and hold it like they do on so many accounts if they were.

Dont see it happening soon but with the way things go anymore you never know.

[unkown5454]

Ha, you really think PP would relinquish their power and become a lowly peon like the rest of us?

[Sandy D]

Originally Posted by unkown5454

Ha, you really think PP would relinquish their power and become a lowly peon like the rest of us?

I agree!

They hold millions of our dollars a day with phony reasons and if they were regulated that would stop.

Remember they had all those holds put into interest bearing accounts for years and finally it was stopped b/c of a lawsuit.

[Futuremogul888]

Even if Paypal decided to open a bank (I don't know why they would), they would do it as a separate wholly owned subsidiary. All banks who also do merchant services organize their companies as such because merchant services are not subject to the kind of regulation that banks are (this is why you see shady merchant services but not banks). That would mean Paypal as we use it for Ebay and websites would remain unchanged. We would still be able to open stealth accounts without an SS number, etc. The reason for this difference in regulation is because the government knows the end result for money passed through merchant services is a bank account anyway.

If you are asking if their would be legislation that would force Paypal to be classified as a bank, that is just ludicrous. It is about as likely as them passing such legislation that payday loan companies and check cashing businesses must be classified as a bank.

[Roscoe]

Originally Posted by Sandy D

pp does not want to be.

Too many regulations on them would destroy them.

They would not be able to steal all the money and hold it like they do on so many accounts if they were.

Dont see it happening soon but with the way things go anymore you never know.

100% correct. I just saw a documentary on Bloomberg TV about the origins of PayPal. The founders said they did everything in their power NOT to be a bank.

They would have gone under trying to comply with all the regulations in each state and every country.

PayPal almost never happened because VISA refused to process any credit cards. Paypal asked VISA to do a 1 year study to see if chargebacks would be any higher than normal retail sales.

It turned out not to be any higher online than it was offline (retail).



Thank your lucky stars PP is treated the same as McDonalds.

If we're lucky PP will stay the same. Be very thankful and pray for PP every night.

[rsot]

PP becoming a bank is counterproductive to their deceitful tactics plus they would lose a LOT of business - wont be happening.

[GreenBean]

Luckily not in our lifetime.

All paypal will do is attempt to tighten up their nefarious ways.

All we will do is plot the successful workarounds.

paypal nil

stealthers 100.

Onwards to more stealth accounts

[Stigger]

Originally Posted by GreenBean™

Luckily not in our lifetime.

All paypal will do is attempt to tighten up their nefarious ways.

All we will do is plot the successful workarounds.

paypal nil

stealthers 100.

Onwards to more stealth accounts

Its all a smoke screen, PP and EBY love stealth as much as us lot do, they just have to be seen doing something about it and weed out the crooks that out and out rob people.

its a win win situation, as much as pp hates to admit is

we sell more, they get fees

we get closed and open 100 more acct, pp gets to brag about number of users

we secretly love eachother