No matter what you might have thought or what you've heard, PayPal is not a bank. It's not a credit card merchant, a credit union or even a financial institution. PayPal is nothing more than a very successful and popular e-commerce business that allows its customers to make payments and to transfer money from one user's account to another. They are a payment processing company.
To most people there is no real distinction between being a payment processing company and being an actual bank, but for those of us who make our living online, it is vital to know the difference between the two and what it means to protect ourselves for our businesses to continue profiting.
PayPal is able to do what they want, when they want, with few regulating organizations to account for their actions. Since they aren't a bank, PayPal doesn't need to follow any US Federal or State, or International, banking regulations.
Despite attempts to reign them in, PayPal still maintains totally control over your money. You have no say over any aspects of your account and your account can be shut down instantly with no chance of an appeal.
Doing Business With PayPal Will Help You...
- Protect Yourself From PayPal Fraud!
- Safeguard Your Account From Being Shutdown!
- Understand PayPal's Unique Security Procedures!
- Defend Yourself Against A Threatening Attack!
- Use PayPal To Your Advantage!
- Find An Alternative If You've Just Had Enough!
; "Doing Business With Paypal (MRR)")
;)