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Feds Rule PayPal Is Not A Bank

Posted by ryuzaki0 on from the repercussions dept.

dthable writes "CNet has posted an article update describing the Feds latest ruling - PayPal is not considered a bank. The article describes the effects of not being a bank which includes the lack of government regulations."

1 of 228 comments (clear)

  1. Re:PayPal should be considered . . . by Paradise+Pete · · Score: 1, Troll
    You are right that the FDIC does not insure PayPal, just many of the individual bigger PayPal accounts.


    No, it doesn't even do that. It insures the accounts into which PayPal deposits the money. That means that PayPal can collect if that bank goes under. It says nothing about you in turn being able to collect from PayPal.