Defending the Truth

PayPal receives banking licence - Wikinews

The online payment service PayPal has received a banking licence in Luxembourg, promoting it to the status of a bank. As a consequence PayPal will move their headquarters to Luxembourg.

Since 2004 PayPal had the status of an Electronic Money Issuer supervised by the U.K. Financial Services Authority. Having an official bank status opens new prospects for the company: "This will allow us to actively scout retailers in different European countries. With our British licence, we could only do that in the U.K. itself, and in other countries we could only react to requests of the retailers themselves," Christopher Coonen, General Manager of PayPal Southern Europe and Benelux, explained.

PayPal is really moving up now.

Such a smart idea that has really innovated the transfer of money over the web..

But being so small is what made them so unique. Now that they are considered a Bank they transfer money around like anyother so they lost their individuality.

They were never really small, they are owned by E-bay... I just hope that their new status as a bank will help them clean up many of their shady practices.

It is a great idea, but they've done some really crappy things in the past. I know all companies have, I just hope PayPal improves.

They were owned by E-Bay? Huh...didnt know that, didnt know about their 'crappy things in the past' too. What happened?

They ARE owned by eBay!

According to PayPal accepting their ToS (Terms of Service) in effect means you waive your rights to credit card consumer protection laws if you want to use their service, and that you may not issue a chargeback for unauthorized use of your credit card and PayPal account, or if you do, then they have the right to limit your account. Is this legal?

Paypal's fees for NON-credit card funding are the same as for credit cards! This is the single biggest rippoff on their site.

And there have been Numerous instances of PayPal refusing to give people the money in their PayPal account, or of them taking too much out of their checking account...

I do use PayPal... But sparingly...

Ya sry meant to say "They are owned by E-Bay?"
Yikes, thank god I dont use PayPal

Actually they were small once but when they really took off eBay bought them. (2002) By that time they were a 1.5 billion dollar company.

If you think they do crappy things you should check out the BidPay & Western Union do with their online businesses.

As a small eBay seller/buyer I refuse to use either BidPay or West. Union. They are just too expensive and/or unreliable.

Oh yeah, as an eBay seller myself, I only accept PayPal, Money Orders or Certified Checks.