Anyone heard if paypal will be following the new euro regulation?

isitworththestress · #1 08-14-2011

Heard on the radio the other day that banks are going to have to start making bank transfers only take a working day.

So money transfers have to be there by the next working day.

I just wonder if paypal will be removing their charge for the same thing and upping their game?

rsot · #2 08-15-2011

Remember that pa yp al - no matter how much they wish to be - are NOT a bank and hence avoid many of so-called "bank regulations". Don't expect much from them.

oompaloompa · #3 08-15-2011

probably, pp is a bank , it has european banking license and is regulated by uk and euro banking law.....

isitworththestress · #4 08-15-2011

I just think it should be interesting to see how they deal with this with the amount of times they harp on about regulations from europe that they have to follow

Sandy D · #5 08-15-2011

Thinking pp will find a way around this as they make tons of money holding our money.

Its pp.

One day when a law is a benefit they are a bank, the next day when the law goes against their agenda they are not a bank.

Will be interesting to see how this plays out.

unkown5454 · #6 08-15-2011

Quote:

Originally Posted by oompaloompa

probably, pp is a bank , it has european banking license and is regulated by uk and euro banking law.....

If they were a bank, how could they be so shady?

I thought everything in their TOS screams, "we are not a bank".

oompaloompa · #7 08-15-2011

in US they are NOT a bank, just Europe ( you know the place that makes cheese and cuckoo clocks)

unkown5454 · #8 08-15-2011

Quote:

Originally Posted by oompaloompa

in US they are NOT a bank, just Europe ( you know the place that makes cheese and cuckoo clocks)

Haha, I figured it was a continental difference. Apologies.

ensignia · #9 08-16-2011

PayPal (in the UK anyway) are most definitely not a bank. They're registered as a payment processor I think.

They used to be regulated by the FSA (Financial Services Authority) in the UK, but now are hiding behind the laws of Luxembourg to carry out their more 'unsavoury' business practices. If they were regulated by the FSA they would not get away with half the ****e they do.

isitworththestress · #10 08-17-2011

This is European regulation so if they are registered in europe as a bank then they will have to follow it or find a way out of it.

oompaloompa · #11 08-17-2011

its a bit of a mishmash as you know with regards to UK and Europe, we are governed by euro laws as well as our own. lets see, its not clear-cut...

GreenBean · #12 08-17-2011

Quote:

Originally Posted by isitworththestress

Heard on the radio the other day that banks are going to have to start making bank transfers only take a working day.

So money transfers have to be there by the next working day.

I just wonder if paypal will be removing their charge for the same thing and upping their game?

Doubt it. And they will have the hide to say they take time to do transfers to protect their users.

UK banks would lose far too much 'interest' to allow a working day transfer. It's to their shareholders advantage to take longer to complete transactions.

isitworththestress · #13 08-17-2011

That is apparently why the regulation is coming in, I think it was after things like the bank holiday fiasco, where people were not going to see any money from a cheque for something like twenty one days.

And they have been wanting to pull the UK in line with banks in the rest of europe for a long time, as it was thanks to the UK that paypal got a hold in europe in the first place with our draconian banking system, which has probably cost banks a lot of money one way or another.

stealthmaster · #14 08-18-2011

PayPal is just a private entity not a Bank

NightStalker · #15 08-18-2011

Quote:

Originally Posted by stealthmaster

PayPal is just a private entity not a Bank

Paypal is registered as a bank in Luxembourg under the legal name PayPal (Europe) Sàrl et Cie SCA

100% a european bank regulated by the CSSF instead if the FSA.

before that they where registered in the u.k as a payment processor under Paypal.ltd but moved in 2007

eBay King · #16 08-24-2011

This immediate bank transfer system that the original question was about only relates to banks in the UK.

I think the question is relating to FPS (Faster Payment Service).

Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks' customer accounts from three working days using the long-established BACS system, to near real time. CHAPS already provides limited faster-than-BACS service (by close of business that day) for 'high value' transactions, while FPS is focused on the much larger number of payments of smaller values (the actual limits depend on the individual banks, with some allowing individual Faster Payments up to the value of £20,000 and £100,000 for standing orders).

I use this system all the time between UK banks and it is perfect. PP will NEVER allow this system into their operation. They have written terms which increase transfer times to allow for risk, etc...

PP will also not have to incorporate this system ever either because they are not a UK bank and never have been.

PP never claim to be a bank and never will. They avoid many legal regulation as others have said that way. Besides, I like their shady operation. If they were regulated properly, you and I would never get away with having "stealth" PP's. We are all genuine sellers, but they forced us to have more accounts due to their bullsh*t practices. PP also "like" genuine sellers with multiple accounts (off the record), because they get increased profit.

If PP were truly genuine, there is loads of ways all this stealth stuff would not work and many ways to increase their security. But it is not good for them and us alike. I like the nice shady PP we have now.

Just ask yourself a silly question, "oh I think I'll bank with PayPal". Sorry you can't because they are NOT a bank.

NightStalker · #17 08-25-2011

Quote:

Originally Posted by eBay King

This immediate bank transfer system that the original question was about only relates to banks in the UK.

I think the question is relating to FPS (Faster Payment Service).

Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks' customer accounts from three working days using the long-established BACS system, to near real time. CHAPS already provides limited faster-than-BACS service (by close of business that day) for 'high value' transactions, while FPS is focused on the much larger number of payments of smaller values (the actual limits depend on the individual banks, with some allowing individual Faster Payments up to the value of £20,000 and £100,000 for standing orders).

I use this system all the time between UK banks and it is perfect. PP will NEVER allow this system into their operation. They have written terms which increase transfer times to allow for risk, etc...

PP will also not have to incorporate this system ever either because they are not a UK bank and never have been.

PP never claim to be a bank and never will. They avoid many legal regulation as others have said that way. Besides, I like their shady operation. If they were regulated properly, you and I would never get away with having "stealth" PP's. We are all genuine sellers, but they forced us to have more accounts due to their bullsh*t practices. PP also "like" genuine sellers with multiple accounts (off the record), because they get increased profit.

If PP were truly genuine, there is loads of ways all this stealth stuff would not work and many ways to increase their security. But it is not good for them and us alike. I like the nice shady PP we have now.

Just ask yourself a silly question, "oh I think I'll bank with PayPal". Sorry you can't because they are NOT a bank.

there not in the u.k but they are 100% a bank

PayPal - Wikipedia, the free encyclopedia

scroll down to the regulation bit and read it for yourself.

eBay King · #18 08-25-2011

PP are "regulated as a bank" by the CSSF in Europe, but are not actually a bank, whereby you can make deposits and make savings. Regulated as a bank does not equal that they are an actual bank.

Even Peter Thiel, the founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional-reserve banking.

Does anyone know also why if PP are supposedly a bank, it is JP Morgan Chase who are paying sellers' the withdrawl deposits in the UK, rather than "Bank of PP"...

Maybe it could be that PP are not a bank and need their American "friends" over at JP Morgan to actually pay the deposits. JP Morgan - a real bank.