| Edit: I meant to reply to https://news.ycombinator.com/item?id=43981648 Maybe it’s the way I was raised and socialized to the world, but I’ve never really trusted these fintech and money transfer services that aren’t regulated as banks. I read the Terms for anything that touches either my money or my business, and there’s so much ambiguity that it’s never sat right with me. I do use PayPal personally, but only as a money transfer service. I also tend to use a credit card with PayPal rather than a debit card, and I won’t link my bank account to anything that doesn’t support micro deposit verification. I’m in the fortunate position of not being un(der)banked. All my personal and business money lives exclusively at actual banks that have to adhere to actual regulations with actual teeth, and who I can sue in court or file complaints about with state and federal regulators, with some realistic hope of resolution. Functionally, I can also walk into a branch and do business with a human. I don’t have to deal with ridiculous chat bots and unempowered “support” reps. I can speak face to face with someone who can actually solve an issue or give me information that’s actionable. In another life I was a nonprofit administrator. We had an annual event which was ticketed (and brought in the vast majority of income). The organization’s founder LOVED PayPal, and didn’t really care about keeping money there. As someone who had daily responsibility for financials, that terrified me. I could never get them to understand the risk that storing half the organization’s working capital at PayPal represented. They just willfully ignored that PayPal was not a bank, because it was “easier” than credit cards or checks. |