reason not to use paypal

[diablonhn]

"16. You acknowledge that (i) the PayPal? service and Confinity are not a bank (ii) PayPal? accounts are not insured by any government agency, (iii) the PayPal? service and Confinity are not subject to banking regulations and (iv) Confinity will invest in liquid assets and that interest earned on those assets will be the property of Confinity. "

NO GOVERNMENT PROTECTION, money used for private investments, etc etc, sounds like trouble in the future

 

[beat mania]

that's how they make money to stay in business.
I just keep a balance of $0 in there, and withdraw whenever someone sends me money.

 

[Sephiroth_IX]

Yeah, so the bank is obviously going to be trouble in the future.


They do the same fscking thing.

 

[diablonhn]

banks accounts are insured, meaning that if the bank goes under, the government will pay you, there are tons of regulations regulating what and how the money will be spent, while x-com/paypal.com is privately held, so sephiroth, in plain english so you can understand, is that the risk of putting money into paypal is NOT the same as putting your money into a bank account!

 

[diablonhn]

....want sephiroth to read this...........

 

[Mday]

FDIC is really meant to protect you when the physical bank gets robbed.

 

[diablonhn]

FDIC covers EVERYTHING, remember the good old depression days back in the 30's? well those bank accounts were not insured, people's savings went down along with the banks....still waiting for sephiroth to reply....

 

[Blain]

I use PayPal, and like it. I do let my balance stack up a little. That's just in case I run across something I want to buy. Just last week my balance got up to $170. So I figured it was time to call it home.
Everything that you do in life is a "calculated risk". From PayPal to just walking across the street. People drive drunk, and can swerve and hit you while you stand at the side of the street. But does the fact that "it CAN happen" stop you from walking around, No.
I'm not going to let my PayPal balance grow to more than $100 to $200. That's MY risk level. I understand that things CAN happen. But right now, the convenience of being able to buy and sell using a CC, outweighs the risk of loosing the cash.

 

[randomlinh]

that's pretty much the first thing ppl point out. and like you guys said, my balance is usually only 0. if i need to send money, charge the card.

 

[compuwiz1]

diablonhn, P@ypal was acquired by x-com,who's parent company is a bank by the name of First Western National Bank, from Colorado. There is recourse. I've been using the service for several months now and have now over 1000 transactions, with nothing but overall good service. Your negative speculations are ill founded. I am going to tell you a little secret, so please don't panic, but the world may also end someday.

 

[Livin4Real]

I'm using it.

 

[John]

I use both X.c0m and P@ypal now. When people want to P@ypal funds to me, I immediately wire the cash from P@ypal to my X.c0m account (First Western National Bank). I can then use my X.c0m Visa credit/debit card they sent me to pulse out the entire balance if I deem it necessary. I also have some X.c0m checks in case I forget the Visa.

 

[MadRat]

I won't ever use it when MO's and personal checks through the USPS are more of a garauntee against fraud.

 

[Auric]

MadRat, 'splain.

Sure a *USPS* MO is practically as good as cash (providing they have the cash on hand -bleargh) but personal checks aren't worth the paper they are printed on and waiting a week for a check to clear sucks. Sure, you can get the postal inspector on the case whenever you use USPS and something goes wrong but meanwhile you are left hanging.

 

[PCAddict]

After a few issues on E.B. I mostly use postal money orders now. A much larger can of whoop-ass can be opened on someone who screws you if you mail them payment, especially if it is a postal money order. However, I will use PayPal for special circumstances.

Edited for spelling.

 

[TheBigZ]

Last time I heard any formal stats, the FDIC had less than one penny for every dollar they "insure", so I wouldn't get too worked up about no FDIC protection.

 

[beat mania]

If you use USPS for your transaction you can file for mail fraud if the other side screws you (under certain circumstances).

 

[compuwiz1]

John, how long does the wire take from P@ypal to X-com? I've been trying to find a way for more immediate gratification, if you will.
When I wire from P@ypal to my regular bank account it's 2-3 business days.

 

[Russ]

I would point out that FDIC insurance only covers up to the first 100k in each account, so it's not as comforting as some might think.

Russ, NCNE

 

[compuwiz1]

Of course, Russ, a man of your stature would not be comfortable with all the money you have.
He sold over 20 Million 300a's and has world class status. His telephone had a direct link to the Intel fabs.

 

[bonkers325]

nice one wiz man
hehe

 

[WombatWoman]

You guys are welcome to test all your theories by sending money to me by any means. Consider it an investment in research: when I abscond with the boodle, you can check out all the options for legal redress while I loll in the sun sipping a frozen daiquiri in Rio de Janeiro, reading my email from a laptop held by a cute, eager cabana boy.

 

[Double Trouble]

The FDIC covers only up to $100,000 for any person or entity, regardless of how many different accounts you may have with FDIC insured entity's.

Of course paypal is not regulated like a bank, and of course you run the risk of something happening to them.... but it's not like you have your life savings invested in paypal (I hope!) It's a small risk I'd be more than willing to take if I did a lot of online trading.

 

[Dooling37]

I was under the impression that the FDIC insures multiple accounts for any person/entity. Meaning, if you have a million dollars you want to put in the bank, you get 10 accounts (may have to be different banks?) and the entire amount will be insured...

?

 

[frostgiant]

Why would you want to put money in PayPal anyway? All I do is let it charge whenever I purchase something. After you get some money wired to you, just request a check.