Attention Hukilau Attendees -- Important!!! - General Tiki

BVT Baron von Tiki Member Wichita KS Joined: Mar 09, 2010 Posts: 86	BVT Baron von Tiki Posted posted on Sun, Jul 11, 2010 6:05 PM Incidents like this are the reason I refuse to use PayPal. And as a result of eBay's acquisition of PayPal, and their insistence that PayPal be used for auction payments, I refuse to use eBay as well. According to PayPalSucks.com, in the past PayPal was sued by four attorneys general in four states for acting as a banking institution when they had no license to act as one. These days PayPal admits they are not a bank but merely a "payment service provider" (whatever that means.) As such, they've avoided all the consumer protections afforded by banking regulations and are NOT FDIC insured. I've gone to http://www.PayPalSucks.com and read the user stories. And I was astonished by some of the terms found deep in their Terms of Service agreement. In my opinion, the convenience of PayPal isn't worth the burden of risk that their Terms of Service places on the user. [ Edited by: Baron von Tiki 2010-07-11 18:10 ]

Incidents like this are the reason I refuse to use PayPal. And as a result of eBay's acquisition of PayPal, and their insistence that PayPal be used for auction payments, I refuse to use eBay as well.

According to PayPalSucks.com, in the past PayPal was sued by four attorneys general in four states for acting as a banking institution when they had no license to act as one. These days PayPal admits they are not a bank but merely a "payment service provider" (whatever that means.) As such, they've avoided all the consumer protections afforded by banking regulations and are NOT FDIC insured.

I've gone to http://www.PayPalSucks.com and read the user stories. And I was astonished by some of the terms found deep in their Terms of Service agreement. In my opinion, the convenience of PayPal isn't worth the burden of risk that their Terms of Service places on the user.

[ Edited by: Baron von Tiki 2010-07-11 18:10 ]

Post #541840 by Baron von Tiki on Sun, Jul 11, 2010 6:05 PM