If for any reason paypal closes, what about our money ? How can we prove our rights ? Don't tell me that it will never happen because no body thought big banks can close and it happened lately so there is nothing predictable in this world.
Well we got to make sure that we don't keep too much money in our paypal accounts so even if it closes we won't be affected that much.
So we put the money there hoping we can get it back or use it? I wonder how much balance in all paypal accounts by the end of every 24 hours but I'm sure such money can change the fate of a miserable country.
Ebay will have to close itself up before that...or else it will have tough time doing its business....with so many paypal customers breathing down its neck protesting.... Regards, RightMan
Well, as far as I know, paypal don't make investments like banks do and they also don't offer interest for having money deposited there so...Paypal should be ok. As long as world wide users don't want to withdrawn all money from there in the same day. lol
Paypal makes money on the fees. It's not set up to be a bank as far I know. There is a paypal money market fund. Perhaps the money is safer there. https://www.paypal.com/us/cgi-bin/webscr?cmd=_upgrade-interest-marcom&outside=1
i never keep more than a few hundred in my PP at anyone time. Its not a safe place for you $$ at all!
The problem with Paypal is that they have a habit of freezing accounts, sometimes for months, and always ones with money in. See the Paypal Sucks site for details of thousands of people affected by their policies. Never keep too much money in Paypal, sweep it out often. We never keep more than £100 in it. That said, Paypal is a necessary evil. Americans trust it and it is convenient, so you must try to work with their obscure rules. As for their solvency, as they are tied to eBay etc, they are part of a large group that charge high fees overall and little in the way of physical overheads (no retail outlets for example), so they have a reasonable chance of remaining solvent through the recession.
They should payout all of my money before they close . I agree with Maslova . They charge high fee and will remain solvent even in the recession .
comparing big banks and paypal isnt sensible coz , paypal is just like a third party which only takes care of transaction charges , where as banks do lend huge amomunts of momney to the borrowers thus are in a state of risk. .
I don't think the money is insured just like banks, so it's best to keep the amount to minimum level. I can never imagine the chaos that follow if it does closes down.
It will be very difficult for net earners like us. Because many of us have account in Pay pal. What we can do is to transfer money to our bank account or we may have to find some other online money transfer company if we have to save our money. But why there are so much doubts about paypal is it really in danger or it is just a panic button trigger on?
We will lose the money kept with PayPal.........and after some months, some new service will come up to take the advantage. However, I highly doubt this will happen as PayPal users keeps growing and PayPal keeps making money on fees. They have the option to raise fees in order to raise money, if there is a need.
I never keep lot of money in my paypal so no huge losses for me And if paypal closes i'll switch over to another payment processor. DON.
I'm not talking about future transactions since there are many paypal alternatives starting with moneybookers which is a lot cheaper but talking about our existing balance.
There is a possibility that this thing can happen anytime considering financial crises in US. The only solution to this is that we don't keep much money in our PayPal accounts, so that even if it is closed we should not be affected. I don't keep more then $100 in my accounts.
I believe if Paypal decide to close their business, they will inform all their users first before doing it. So we have time to draw the money from our accounts.