| Posted by: SFeagle at March 3, 2002, 12:22 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
You are absolutely right. Paypal is insured by Travelers against unauthorized withdrawals from an account. However, I still do not believe that this is in any way related to PayPal going out of business. Since they are not a bank, if they go out of business, I am sure it is just to bad for you.
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| Posted by: slotski at March 3, 2002, 9:15 am | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
Gambler 45 said:
Pay Pal is registered with the (FIC) (i think that's what it's called) and works like a regular bank. i.e. If paypal goes out of business, they will insure you to up to $100,000 US.
SFeagle said:
You are mistaken. Paypal is NOT a bank and therefore is not insured by the FDIC
Following is what they really offer regarding insuring your funds:
(From their website)
Is my PayPal account insured?
Yes. Through Travelers Insurance, you are protected against unauthorized withdrawals from your PayPal account, including unauthorized withdrawals from any bank account you may have linked to PayPal, up to $100,000.
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| Posted by: scaven at March 3, 2002, 7:50 am | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
just checked out paypal sucks.com, wow, those sites have some serious stuff on them, still , I have never had any problems with paypal. it seems that all of those problems are ebay related , dealing with someone sending a payment and then requesting a refund after they get the merchandise, so the account gets locked.
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| Posted by: slotski at March 3, 2002, 7:31 am | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
I am pretty new to Paypal, but so far i like it much better than using credit cards (which dont work much anymore).
There is at least one other site www.paypalsucks.com or something like that that has scary stuff on it but until i see it happen i am cool with Paypal.
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| Posted by: antoine at March 3, 2002, 3:05 am | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
I know from an internet business owner standpoint, pay-pay has been a blessing. Not only have they revolutionized the payment industry, allowing me to accept credit card payment for auctions and websites, but they have done so in the most courteous and friendly manner.
When i go to my bank i'm treated with disrecpect. It took a financial statement and a 30 page business plan that was written up especially for them, for the bank to realize that they dont do internet sales.
Anyone who is not a resident of the USA will know instantly what i mean, paypal has allowed numerous businesses to operate, and has allowed individuals the freedom of accepting and sending payment. If you're not in the states, it's nearly impossible to do business online without paypal.
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| Posted by: gambler45 at March 2, 2002, 10:41 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
Hi,
Well that must suck..i am sorry to hear about all the lossses out there. I know one thing, for my $100-200 internet gambling winnings they're great.
gm45
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| Posted by: tkf18ny at March 2, 2002, 9:49 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
gambler45 you are dead wrong
i oost 600 dollars by shipping 2 systems to people who used stolen credit cards
paypal reversed these charges 3 months after the money went into my bank account
they really aid credit card fraud and im sure criminals love them
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| Posted by: Gamerz at March 2, 2002, 9:29 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
I have thousands of transactions with paypal, although most of them are business related. I've yet to have one problem, and have followed their TOS to a tee.
I really suspect that the ones who did have problems are just whiners, who broke the TOS in some regard, and now don't want to be accountable for their own stupidity.
The worlds full of em, just look at the people who lose, then want to do a chargeback. I suspect same deluded types of thinking on the part of those who are against paypal.
[This message has been edited by Gamerz (edited 03-02-2002).]
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| Posted by: SFeagle at March 2, 2002, 3:54 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
Actually, I have only had a couple of small problems with PayPal. But to say that most of the people having problems are those "stealing" is pretty reckless. I happen to know of a long-time seller on ebay who had their account frozen with 20 grand in it. It took her 5 months and an attorney to get her money back with a letter of apology. I think that PayPal does great for some things, but they have made their mistakes too.
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| Posted by: eek at March 2, 2002, 3:29 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
I've never had a prob with paypal either.
Its the US banking systems' own fault.
They made payments to and from the US really difficult and opening a personal bank account irtually impossible for someone who doesn't go to the US.
Paypal solutioned that problem.
Apple made things difficult for open systems with computers. And paid the price. Things move on and organisations that dont adapt get left behind.
[This message has been edited by eek (edited 03-03-2002).]
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| Posted by: damiandunlap at March 2, 2002, 1:48 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
I have been using paypal for a while, they do just fine, way better than my bank, that has lost my checks and over charge me many times.
The people that do the most complaing are the people stealing
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| Posted by: SFeagle at March 2, 2002, 1:28 pm | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
You are mistaken. Paypal is NOT a bank and therefore is not insured by the FDIC. Most of Paypal's problems they have brought upon themselves. As a matter of fact, Louisiana has already banned them until they acquire a license to conduct banking business in the state. California, New York and several other states have lawsuits against Paypal alleging that they are acting as a bank without the proper authority or licensing. Paypal HAS been known to lock accounts for absolutely no reason whatsoever. I wouldnt touch them with a ten-foot pole.
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| Posted by: gambler45 at March 2, 2002, 10:50 am | | Topic: WWW.Paypalwarning.COM Forum: Winner Online |
Hi,
With regards to the people out there who complain about Pay Pal: They have all tried some sort of sneaky act. For the most part these are people trying to get free Cash Advances (against T.O.S.) and receiving money from people and then not giving them the product purchased. Pay Pal is registered with the (FIC) (i think that's what it's called) and works like a regular bank. i.e. If paypal goes out of business, they will insure you to up to $100,000 US. (just like a charterred bank). If your going to screw around with a bank, you'd expect they'd get pissed off. People take advantage of paypal and they wont put up with it.
Well that's my two cents at least. I'm probably wrong but thats what I think.
Thanks,
G45
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