Paypoo account limited

eBayRipOff

stevew8975 wrote: »

Fact, or opinion? This is often banded about, but nobody ever backs up the claim...

They have the money, FACT!
Do you think Paypal keep the money under the bed in a tin box?
No they don't, FACT!

Do they keep it with some financial institution?
Yes, FACT! Highly likely.

Will they provided some interest for keeping billions with this financial institution, letting billions pass by them in one year?
Yes, highly likely FACT, as nobody does anything for free these days!

No you might want to believe they just put all these millions in a tin box, and then run quickly to the PC when they want to send you something, or you might not be so ignorant and see the reality and the writing on the wall, that this is the only way they would be able to arrange all this monetary transactions world wide.

Than again, I could be wrong, maybe go and check under Paypals bed??:T

eBayRipOff

Paypal is not a UK registered company, Luxembourg have some very great deals for people who wash a lot of money!

RFW

eBayRipOff wrote: »

Paypal is not a UK registered company, Luxembourg have some very great deals for people who wash a lot of money!

They operate within the UK and have agreed to be bound by the rules set out by the FSA who have their own Paypal department and offer rulings on their decisions which they abide by. I believe Steve was asking for facts regarding them earning interest. Given they are a public company if they did within the UK, someone would be able to provide that information. Given that they operate in ever European country and that Luxembourg is one of the financial centres of Europe I've never really understood why many think that this is somehow underhand

It's difficult to accept balanced arguments from "ebayripoff" and people referring to "paypoo", even if there were any facts to back them up.

eBayRipOff

It is amazing, what ever is said and presented in front of them, some people will ALWAYS be in denial of the facts.

The Paypal money is held somewhere, after it has been held, and either released or refunded, neither the buyer or the seller has ever seen any interest being paid to them for this!

Maybe this tells you a bit more why"

Moreover, the Luxembourgish government has tried to attract internet start-ups. Skype and Amazon are two of the many internet companies that have shifted their regional headquarters to Luxembourg.

Concern about Luxembourg's banking secrecy laws, and its reputation as a tax haven, led in April 2009 to it being added to a "grey list" of nations with questionable banking arrangements by the G20. Luxembourg adapted some months later the OECD standards on exchange of information and moved into the category of 'Jurisdictions that have substantially implemented the internationally agreed tax standard.'[22][23] In March 2010, the Sunday Telegraph reported that most of Kim Jong-Il's $4bn in secret accounts is in Luxembourg banks.[24]"

Of course Paypal is the good fairy mother, they don't try to do anything to fiddle with our money! zzzzzzzzzzzzzzzzzzzzzz

It might not be an official policy, but the money has to be stored somewhere, and who knows what it has been defined as, might be defined as something else than interest, as long as Paypal makes the percentage profit, of the money stored in their accounts, that will be a lot.

In the old days it would take 7 - 9 days to move the money to our bank accounts, now it only takes 3 - 4 days, that itself is a massive interest accumulated profit that nobody seems to think about.

Believe what you do with the governments restrictions and EU law blah blah - how it is enforced, how it is done and made practical is a different story!

eBayRipOff

Peter Thiel, the founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional-reserve banking.[51] Rather, PayPal's funds that have not been disbursed are kept in commercial interest-bearing checking accounts.[52]
In the United States, PayPal is licensed as a money transmitter on a state-by-state basis.[53] PayPal is not classified as a bank in the United States, though the company is subject to some of the rules and regulations governing the financial industry including Regulation E consumer protections and the USA PATRIOT Act.[54]
In 2007, PayPal Europe was granted a European Union banking license, and is regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF)

RFW

So presumably you also don't believe that they redistribute the interest in the US where they do earn it? I've never thought Paypal was some altruistic body, I know they earn money. The belief that they only hold funds on some accounts so they can earn interest on it is erroneous.

Banks/financial institutions earning interest misunderstands how they operate, if you think interest is just earnt by having money lying around then you probably need some lessons in finance and economics.

I'm not sure how bringing Kim Jong Il having money in a Luxembourg bank helps with an argument against an open and documented European company keeping funds there. I think we've all learnt in the past few years that big business, banks and financial institutions don't always do as they say, all that was asked was for any knowledge that Ebay and Paypal have done anything similar, writing "highly likely!" does not make a fact even if you write "fact" after it;)

eBayRipOff

http://money.cnn.com/2008/02/26/smbusiness/paypal_float.fsb/

Any funds PayPal holds for dispersal are automatically deposited in a corporate bank account, which earns interest, according to Paypal representative Amanda Pires. The money is kept there until it's ready for distribution. PayPal, which processes payments for eBay auctions as well as e-commerce transactions from elsewhere on the Internet, counts interest payments on those funds as one of its revenue streams.

There will always be loopholes around this, even if they have an official story that seems different, that's the way it is!

Only if it gets expose will we ever find out about it, likelihood of that with Luxembourg involved is ZERO to ZERO!

eBayRipOff

Ok, the statements was facts, and it is highly likely that Paypal are earning money on our money, but I believe it has been much more covered up now!

The deals that are struck behind closed doors are not the same as we get to read and see, they present us with things they want us to know!

alykatz

eBayRipOff wrote: »

The deals that are struck behind closed doors are not the same as we get to read and see, they present us with things they want us to know!

roflmao,so because you cannot provide factual solid proof to back up your statements, you state its because things are done behind closed doors....

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

RFW

eBayRipOff wrote: »

http://money.cnn.com/2008/02/26/smbusiness/paypal_float.fsb/

Any funds PayPal holds for dispersal are automatically deposited in a corporate bank account, which earns interest, according to Paypal representative Amanda Pires. The money is kept there until it's ready for distribution. PayPal, which processes payments for eBay auctions as well as e-commerce transactions from elsewhere on the Internet, counts interest payments on those funds as one of its revenue streams.

There will always be loopholes around this, even if they have an official story that seems different, that's the way it is!

Only if it gets expose will we ever find out about it, likelihood of that with Luxembourg involved is ZERO to ZERO!

That 'evidence' is in the US which I already mentioned.

It's pretty easy to expose them, if there is anything to expose, their accounts are all in the public domain, and if it were the case, they could just say so as they do in the US (where the interest is redistributed to customers).

To say that Paypal work from Luxembourg for "dodgy" purposes and then quote how they work in the US to back up that argument is futile.