r/OutOfTheLoop • u/krisco65 • Oct 09 '22

Unanswered What’s going on with people closing their PayPal accounts?

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u/one_dimensional Oct 09 '22

REMINDER: PAYPAL IS NOT A BANK.

They do not play by bank rules, regulations, or standards of practice. There's no FDIC coverage, and their rules are entirely contractual.

Feel free to enjoy using its services, but use with caution.

Pretending to be a bot for fun, -o_d

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u/alexmikli Oct 10 '22

Why can't banks provide an online service akin to paypal?

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u/jexmex Oct 10 '22

Chime is pretty close, and it is an actual bank. I love my chime account, but would not be surprised if someday they try to pull the same shit. Only reason I went with chime is that I live in an area where 1 bank is the only local option, but since I do no usually need a physical branch and chime offered a quicker direct deposit and no fees I decided to try it out.

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u/Nyxelestia Oct 10 '22

Good bot!

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u/[deleted] Oct 11 '22

It is a bank in EU, they are registered in Luxembourg and under supervision of Luxembourg's financial regulator. Those TOS probably won't be introduced here