Paypal becomes a bank in Luxembourg

8
Found 15th May 2007
telegraph.co.uk/mon…xmltelegraph.co.uk/mon…xml

Oh lordy, I just know it's gonna be worse.

I like this bit from their new T&C which you get when you log in to your paypal account.

"Under the Privacy Policy, PayPal Luxembourg will be the data controller of
your personal information as of 2 July 2007. In addition, it will provide
more details about the third parties to whom PayPal Luxembourg will disclose
your personal and account information. "


Fantastic, I would just love my bank account details and trading information sold, sorry disclosed to third parties.

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9 Comments

Hello Google! ;-)

Apart from moving away from the grip of FSA, how can PayPal challenge Google by becoming a bank ?

What I posted somewhere else and forgot to post here:

I think that part of the decision to up sticks is also due to the complaints procedure The FSA charges banks/organisations for each registered complaint regardless of fault. Banks get charged £400 per complaint. And I suspect that PayPal has more than it's fair share of complaints with their irksome unilateral actions. By moving registration to Luxembourg it may be harder for UK residents to complain effectively.

I get the feeling that PayPal will want to expand it's financial services and this is a step in this direction.

Banned

edi

Apart from moving away from the grip of FSA, how can PayPal challenge … Apart from moving away from the grip of FSA, how can PayPal challenge Google by becoming a bank ?



I believe he was suggesting that users would turn to google's new 'Google Chekout', but as I believe that it is only for merchants currently I can't see it happening. If he was suggesting paypal will challenge google, I reckon he would hve said, "Goodbye, Google.".

So Paypal will be run by a bunch of Bankers, no change there then:thinking:

lol

vikingaero

Banks get charged £400 per complaint.



Do you have any proof of this?

gary_rip

Do you have any proof of this?



Well I work for a bank!

The FSA charges the institution a fee of £400 per complaint. This fee is payable whether the complaint is upheld or not.

Page 2 Gary.

financial-ombudsman.org.uk/pub…pdf

Forgot to mention that the first 2 cases are non-chargeable.

See on the same page under:

does a business pay a case fee if the complaint is dismissed without consideration of its merits?
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