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Large Bank Realizes Kickstarters Are Unsafe

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06 May 2016 09:31 #227088 by SuperflyPete
www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full

In related news, PayPal has likened the potential chance to be scammed by and/or not get your products from Kickstarter project managers Government agencies, gambling establishments, and any activity with a fee and prize (Sweepstakes).


TL;DR: If you get fucked on Kickstarter, you did it to yourself and we're not giving you your money back.

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06 May 2016 12:31 #227113 by Legomancer
Am I missing something? PayPal isn't a bank.
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06 May 2016 13:18 #227116 by Jackwraith
Paypal is not a bank, per se, but is subject to many of the same regulations (including consumer protection regulations) that banks are because it is a "money transmitter" and retains non-disbursed funds in interest-bearing commercial accounts. It actually does have a banking license in Europe and is considered one in the EU.

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06 May 2016 13:26 #227117 by ThirstyMan
Just a shout out here.

I'd like to thank Loter for refunding my money for the (effectively) failed Glamazons project. It was refunded within 24hrs of asking for it. It's not often you can say that Kickstarter guys are stand up guys but I certainly will in this case.
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06 May 2016 14:56 - 06 May 2016 14:58 #227135 by SuperflyPete
I'm still holding out hope that it will get made, but more for Matt's sake than anything. I figure for all the entertainment he's provided us all over the years, if it never comes to light, it's not so much a loss as it is an investment.

@Dave: It's not a bank per their CEO and it's not a bank per FDIC, but many states are looking at regulating them for transactions in their own state; many, many regulators are looking at them as either an unlicensed bank (as I do) or an unlicensed money transfer operation. So, I could've renamed the thread "Unlicensed Bank..." or "Pseudobank"...

The only thing they don't do is issue loans through fractional reserve banking; that said, money in your PayPal account is physically (digitally) sitting in an actual, licensed bank, in a retail, interest-bearing account where it IS loaned via fractional reserve banking. The long-and-short is that PayPal is avoiding regulation by doing what a bank does through a third party bank.

Jackwraith wrote: Paypal is not a bank, per se, but is subject to many of the same regulations (including consumer protection regulations) that banks are because it is a "money transmitter" and retains non-disbursed funds in interest-bearing commercial accounts. It actually does have a banking license in Europe and is considered one in the EU.


And as JW pointed out, it Europe, it actually IS a bank.
Last edit: 06 May 2016 14:58 by SuperflyPete.

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06 May 2016 15:33 #227144 by boothwah
From my 25 years in banking - There is an enormous lobby from regional and local banks to get companies like paypal, businesses like payday lenders, and broken cheating loopholes like credit unions to have to try to play by the same rules and deal with the regulatory burdens that banks do. Also they want the megabanks like Goldman and BofA to have to play by the same rules too, but they are bigger, have better lawyers, and keep finding ways to take your money that you are putting in low risk low reward accounts and leverage it into investment in subsidiaries that can do all kinds of crazy shit.

But that's not what Pete's post was about. Pete's post was saying that Kickstarter has the same risk profile that a bunch of shit fringe enterprises have.
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