4 ms·
In the US, it's not usually the government that is the problem. It is the banks (or PayPal). Ever had your PayPal account frozen for an unknown or arbitrary r
by deweller 9y ago
In the US, it's not usually the government that is the problem. It is the banks (or PayPal).
Ever had your PayPal account frozen for an unknown or arbitrary reason? It happens and it is scary and frustrating.
- jacquesm 9y agoPayPal only does that because if it didn't it would end up being regulated like every other bank. In Europe this is already the case.
- geggam 9y agoWhen you give a bank your money you become an unsecured creditor to the bank. It really isnt your money at that point. Talk to the folks in Cyprus who had 10% taken off the top
- jacquesm 9y ago> When you give a bank your money you become an unsecured creditor to the bank. In quite a few places there are central bank guarantees against bank failures. Usually with some kind of cap, 100K or thereabouts.
- geggam 9y agoAs a follow up here check the solvency of the FDIC... .250k per account and the highest number of accounts it insured that it can cover was 1.5% according to what I can find The other 98.5% are out of luck... great guarantee