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At this point I'm just wondering why PayPal isn't regulated as a bank. Functionally they're a bank, but on paper they're still a tech company.
by entropicdrifter 6y ago
At this point I'm just wondering why PayPal isn't regulated as a bank. Functionally they're a bank, but on paper they're still a tech company.
- AviationAtom 6y agoGet your money transmitter designation and Uncle Sam leaves you alone
- coolspot 6y agoWhat part of bank regulations you think PayPal is not compliant with? They are registered money transfer business. When they give out loans they use Synchrony bank for that.
- entropicdrifter 6y agoIf they close your account, which they can do at any time for any reason, they do not have to refund you your balance. They're not a bank but they can functionally act like one if you don't transfer your balance(s) out of your account(s).