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by iwasakabukiman 1616 days ago
As many others have pointed out, PayPal goes out of their way to make sure they are not a bank.
1 comments
politician 1616 days ago
It doesn’t matter. If they aren’t holding your deposits then the underlying bank would place the hold and they must follow the banking regulations.

If PayPal isn’t holding deposits and doesn’t forward the hold to the underlying bank, then go get your funds from the underlying bank or sue them.

FinTech is a stack of companies operating as veneers on the underlying, heavily regulated banks.

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oauea 1616 days ago
Good luck with that. Any links to stories of people who have successfully done that?
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politician 1616 days ago
https://www.paypalobjects.com/marketing/ua/pdf/US/en/synchro...

Look through the disclosures and agreements you signed on account opening and find out which banks PayPal is using for your account. The linked one above is for a deposit account at Synchrony Bank.

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oauea 1616 days ago
Never signed anything.
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politician 1616 days ago
Do you have a PayPal account? If so, I assure you that you signed an agreement. The complaint in this class action lawsuit says that the agreement is a 65-page PDF. You would likely have signed it electronically by clicking an “I agree” checkbox.
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