I just meant PayPal. Due to the fact that they aren't a "bank" it seems unclear whether they are legally subject to the same regs. Either way, glad it was resolved, and my opinion of PayPal stands. Actually, no. It continues to sink. I think they're finally feeling it. They sent me an extensive survey for our business account the other day. First time I've seen one of those. Many of the Likert Scale follow ups were exactly complaints I had, so they're clearly aware.
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Dear Thief Who Emptied Our PayPal Account
- Thread starter theghostpepperstore
- Start date
I just meant PayPal. Due to the fact that they aren't a "bank" it seems unclear whether they are legally subject to the same regs. Either way, glad it was resolved, and my opinion of PayPal stands. Actually, no. It continues to sink. I think they're finally feeling it. They sent me an extensive survey for our business account the other day. First time I've seen one of those. Many of the Likert Scale follow ups were exactly complaints I had, so they're clearly aware.
I am fairly sure you are correct about PayPal voluntarily adhering to bank regulations. From what I understand they have never qualified as a "bank" and therefore are not subject to banking laws. This also explains why your PayPal account is not insured by the Fed like a normal bank account would be. They might have stepped over the line when they started issuing debit cards and lines of credit though. If I remember correctly, these are the reasons the Fed wants to step in and regulate them. Anything I buy with my PayPal debit card is protected by MasterCard, not PayPal, so PayPal is not even technically the "issuer".
It is all very interesting to me, how all of this worked and I am slightly torn on my opinion of PayPal as a "service". On the one hand, they took care of the issue very fast and had a very good customer service attitude. On the other hand, as a "seller" PayPal is usually not on my side for any dispute. Recently I had a dispute come up where I have taken all of the necessary steps that PayPal recommends to protect myself as a "seller" but PayPal would probably still find me at fault. The fact that PayPal holds a "Seller is guilty until proven innocent, and then is probably still guilty" mentality still irritates me.
It is all very interesting to me, how all of this worked and I am slightly torn on my opinion of PayPal as a "service". On the one hand, they took care of the issue very fast and had a very good customer service attitude. On the other hand, as a "seller" PayPal is usually not on my side for any dispute. Recently I had a dispute come up where I have taken all of the necessary steps that PayPal recommends to protect myself as a "seller" but PayPal would probably still find me at fault. The fact that PayPal holds a "Seller is guilty until proven innocent, and then is probably still guilty" mentality still irritates me.
They've always been a de facto bank, IMO, but continue to refuse to act like a responsible one. The fact that their service is a requirement for eBay transactions of the electronic nature, it also gets even dicier, weirder, and more gray.
But they're just like any extremely large corporation (eBay). There are huge benefits to smaller businesses (about the best per-dollar SEO you can buy in many industries) and all of the customer "service" nightmares and corporate bullying that come along with the territory.
Since I've been a small businessman (since '04), bankers and realtors have risen to take the place of lawyers as the primary residents in the lowest circles of hell (politicians and political GCs have a special hell all their own). At least with lawyers, you know what you're getting right up front. Bankers and realtors smile, have you sign and then rape you.
Interesting... my take on the article is that my PayPal account isn't actually insured by FDIC, but the bank account they use to hold the money is insured. That piece was written 10 years ago, so I wonder what the states and the fed have to say about it now?
I would agree though, for all intents and purposes, PayPal should be considered a bank and treated as such by law.
Glad you got your money back GPS, and it wasn't a headache in the process.
So glad to read you got your money back. It is a horrible thing to see someone lose their hard earned money to some theif.
Here in Australia, Paypal are advertising that they are safer then credit card. After reading this post I have serious doubts about paypal. As a buyer, if I'm defrauded with my credit card they will give me my money back.
I don't trust the operating systems on mobile phones. I will never use my samsung phone for banking. I use a paid version AVG to protect my computer . One thing I've learnt is don't rely on free virus scanner software, and that it is much better to stop a virus getting on your computer in the first place, then it is to try remove one.
Here in Australia, Paypal are advertising that they are safer then credit card. After reading this post I have serious doubts about paypal. As a buyer, if I'm defrauded with my credit card they will give me my money back.
I don't trust the operating systems on mobile phones. I will never use my samsung phone for banking. I use a paid version AVG to protect my computer . One thing I've learnt is don't rely on free virus scanner software, and that it is much better to stop a virus getting on your computer in the first place, then it is to try remove one.
It's been a long time since I was really into all the "Black Ops" stuff of online dealings but shouldn't there have been a Fire Wall between the hacker and the API? Just seems like a good strong Hard Wired Fire Wall, not a software one could have prevented them from even getting that far but llike I said, it's been a while since i used to play.
I keep 3 bank accounts here. One has maybe $10 in it right now.That's my PayPal-Amazon feeder account. If I order something from you and click PayPal. No money. I feed the feeder account the approximate amount I need to send you, Pay Now, You're paid. Balance back to $10 all in 5 minutes.
Same here, that's the safest way to go, how often do you read that MSFT or any other big company get's hacked. If they hack them and you have it linked to your bank account, I bet they'd get that info as well. This same thing happened to a good friend of mine but it was his main bank acc and luckily he caught it soon enough but a few thousand went to an offshore account and the bank lost even though they made good on the funds.
I had someone steal money through my checking account before. $750..and they bought software downloads so there was no phisical shipping address. My bank took care of it but my accounts were frozen for a week. Sucks when you use your debit card for everything and have no access to your money.
They didn't say it was a PP Pswrd. They were talking about a bank debit card....