(Topic ID: 59716)

paypal tapping accounts beware.

By lladnip

10 years ago


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  • Latest reply 10 years ago by Wolfmarsh
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    #20 10 years ago
    Quoted from lladnip:

    works awsome when it works i admit, fast and easy. ive done 240 trans since 04 but when it goes to crap- good luck.

    "In an advisory letter sent last month to PayPal concerning its use of customers' funds, the Federal Deposit Insurance Corporation said it does not consider the company to be a bank or savings association because it does not accept deposits as defined by federal law, which requires institutions to have a banking charter. PayPal doesn't have a charter, thus it is not a bank, the FDIC said. 'PayPal does not physically handle or hold funds placed into the PayPal service,' the FDIC said in its letter. PayPal representatives said the FDIC opinion should help the company stave off attempts by state and federal officials to regulate its business. 'As long as we continue doing what we are doing today, we won't be subject to Federal banking laws,' said PayPal Chief Executive Peter Thiel"

    Read more:

    http://www.ehow.com/about_7370598_paypal-safe-bank-account_.html

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