Paypal

[CreditCuriosity]

Interesting news about TOS of paypal in day/days although rescinded back on their policy after backlash; interesting indeed.  Please use caution on posting your comments to not violate TOS of forum.  

https://news.yahoo.com/paypal-policy-permits-company-fine-143946902.html

[M_Smart007]

Seems to be some very happy PayPal customers?

https://www.trustpilot.com/review/www.paypal.com

I have heard many horror stories about PayPal. (Mostly eBay sellers having their funds held for ransom)

I personally use them sparingly. and I would never keep $0.01 cent in their account.

[CreditCuriosity]

Personally chose to close my business account of 25 years and personal account due to announcement although taken back.  They said the announcement was a mistake, but don't personally believe them.  Even if mistake releasing it there were the lawyers that drafted it and thought of it being policy, etc.  likely the backlash that is all over social media/media is what caused policy to be reversed.  Closed my venmo as well as owned by paypal.  The stock will tank monday, should be some interesting reading.  Like anything it will survive as no real competition, but certainly opens up a door now for some.  Just got to stick by what i personally believed in.  

[805orbust]

@M_Smart007  and @CreditCuriosity  I've been tryna tell people this for years.  I had a buddy who they seized $20,000 from for 9 months. They are NOT a bank, I repeat, NOT a bank and as such aren't subject to FDIC rules or any of the others that govern the behavior of banks. I keep ZERO in there, and have my PayPal Credit account for convenience only.  Same with Venmo. Most I ever have in that is $60, and only because i forget.

It's ridiculous 

[Anonymalous]

This reminds me a bit of the history of the credit bureaus. Specifically, things like how Equifax credit reports used to include feedback from the Welcome Wagon hostesses who greeted new residents with a basket of fruit, as an excuse for judging them based on their furniture and clothing.

[805orbust]

Whoa... @Anonymalous is that true?  That's crazy.

[Anonymalous]

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@805orbust wrote:

Whoa... @Anonymalous is that true?  That's crazy.

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https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-History-of-Credit/td-p/19935

[pizzadude]

Well they're certainly coming up with creative new ways to monetize their user base.   I can only imagine their internal discussions that led up to this.  Assuming that they wouldn't have kicked people out of the platform anymore if they could just arbitrarily hit them with recurring $2.5K penalties. 

[805orbust]

@Anonymalous dude thats crazy. Had no clue.  Not surprised tho in the least. And @pizzadude I was literally stupefied, however everyone's gotta know that's where it's going. Honestly o wonder how stupid we are posting on this site once they drill down on the qhole social credit score thing. PayPal is already doing this, how long before theyre all sharing their data across social media, credit bureaus, municipal databases... 

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[Anonymalous]

PayPal's stock dropped about 6% on the first trading day after the "mistake". The S&P was down as well, though only 1%. Overall, PayPal is down 55% year to date, due to slowing growth. According to Google Trends, searches for "delete PayPal" jumped 15-fold.

https://news.yahoo.com/paypal-stock-plummets-controversy-over-165237797.html

https://www.msn.com/en-us/news/politics/searches-for-delete-paypal-spike-as-shares-plummet-amid-misi...

https://www.msn.com/en-us/money/topstocks/why-paypal-stock-was-down-this-afternoon/ar-AA12NrhK