Pay Pal: Turning into a bank

[Fonejacker]

I just heared it on the news, thought i would share as alot of people on the forum use it

[xBenxx.]

Paypal is turning into a bank :o

Ive never heard of that..

i think its the right move for paypal since this bank should be brought in we should be able to withdraw our paypal money! yay!

[:Hazel]

we should be able to withdraw our paypal money! yay!

now that would be good :P

[Y!]

Oh god I hate all these American corperations, I hope they don't open a stupid bank in the UK I ain't joining it I'm happy with my current banks.

[FlyingJesus]

They'd need to up the security a lot, they have so many complaints and scams going on through PayPal.

[VPSwow]

I hope that happenes. Withdrawing money would be so easier.

[Elastic.]

Yes but Its a US based company so wouldnt it take time to make banks in the UK as they would want them in the US first, unless there are some in the US now as we speak. Though it would be a good idea if we could just acess our Paypal accounts and withdraw money, Though people who are under age with paypal accounts might find it abit difficult.

[gtavc1210]

paypal sent an email today


We would like to announce important developments affecting all PayPal accounts in the European Union (the "EU").

No action is required on your part, and you will be able to continue using PayPal with no changes.

Currently, PayPal (Europe) Ltd. is the service provider for PayPal in the EU. PayPal (Europe) Ltd. is a UK company regulated and authorised by the Financial Services Authority (FSA) in the UK as an electronic money institution. This authorisation enables PayPal to provide its service throughout the EU.

From 2 July 2007, a new PayPal company, PayPal (Europe) S.à r.l. & Cie, S.C.A. (PayPal Luxembourg), will become the service provider for PayPal in the EU. This is a Luxembourg entity regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA. PayPal Luxembourg will provide the PayPal service throughout the EU.

Your customer relationship with PayPal
On 2 July 2007, your customer relationship will be automatically transferred from PayPal (Europe) Ltd. to PayPal Luxembourg. This includes your customer relationship as governed by the terms of the PayPal User Agreement and, for applicable UK merchants, the PayPal Website Payments Pro Agreement (collectively, the "Agreements").

To summarise, from 2 July 2007, PayPal (Europe) Ltd. will assign to PayPal Luxembourg all of its right, title, interest, and benefit in and to the Agreements.

New User Agreement and Privacy Policy
We are also pleased to announce that from 2 July 2007, PayPal Luxembourg will issue a new form of the PayPal User Agreement and Privacy Policy. This new version of the User Agreement will be presented in a much more user-friendly manner, and many of the policies currently accessed by hyperlinks, will now form part of the main text of the User Agreement.

Also, the Privacy Policy will reflect that PayPal Luxembourg will be the data controller of your personal information from 2 July 2007 and set out further details of the third parties to whom PayPal Luxembourg will disclose your personal and account information.

For more information about the transition to PayPal (Europe) S.à r.l. & Cie, S.C.A. click here.

If you do not wish to continue your relationship with PayPal, you may close your account at any time by logging in to your account, clicking Profile, and following the instructions from the "Close Account" link. You should make sure you first withdraw the outstanding PayPal balance to your bank account.

Yours sincerely,

PayPal (Europe) Ltd.



No where in that does it say they are becoming a bank :S just moving to Luxembourg

[FlyingJesus]

LUXEMBOURG IS A BANK

[alexxxxx]

Is Luxembourg in the EU? If not, i'm not sure i'm totally sure I want to keep on using it. There has to be some reason for moving to Luxembourg.

Edit: It is.

[Papershop]

They'd need to up the security a lot, they have so many complaints and scams going on through PayPal.

I wouldn't say chip and pin was high security, and thats in everybank you go to.

[24]

Even if it did become a bank it would be a seperate area of the company. So technically it wouldnt affect the online payment system as thats online payments and i doubt with this in mind that withdrawing would be any quicker. Slower the transfer the more money the banks make. Not that its going to happen now.

[Fonejacker]

yeah well i saw it on the news in the morning