PayPal (PYPL) Stock Price - down 81% in last three years.
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I had two PayPal accounts. When PayPal made major changes to its terms, I closed them. What a hassle.
I am fine with them closing down.
Sorry for the confusion.
I do not use fin tech, so almost all of this information I am seeing for the first time.
Remember the old adage, “If it sounds too good to be true it probably IS too good to be true!”
The two words Finance and App in the same sentence give me the creeps.
The FDIC logo on the web sites looks a lot like consumer fraud to me.
Some folks belong in prison for this.
Well I still use PayPal, CashApp, and Venmo, but only sparingly. Sometimes people haven’t got cash on them and these are simple ways to get me the cash and vice versa.
I don’t do and will never accept large payouts or leave large amounts in them.
fintech fake “bank accounts” appealed mostly to the ignorant, the stupid, and/or the greedy ... one of their big appeals is you could play stupid games and win stupid prizes, and i’m not joking ... other than that, fintechs offered little of value over conventional FDIC-insured banks, but instead heaped massive unregulated liabilities on their customers ...
fintech “bank accounts” are constructed exactly like the customer accounts at sam bankman-fried’s FTX crypto exchange: customer money is not segregated into individual accounts, but is instead aggregated into common pools and displayed on the fintech website as if the money was in separate accounts ... fintechs actually deposit their aggregated pools into accounts in REAL banks, where said accounts are beneficially owned by the fintech itself and not owned by their customers ...
in some cases, the bank accounts were in banks that were FDIC insured, but the payees of said accounts were the fintechs and NOT their customers, and it was up to the fintechs to keep track of how much of the pooled money belonged to which of their customers, and if the fintech lost track of their customer accounts and/or themselves went bankrupt, their customers were SOOL ... and there would be NO regulatory agency for the customers to turn to to be made whole ......
a bankruptcy would make no difference one way or the other to the fintech’s FDIC bank account ...only the bankruptcy of the FDIC bank itself would affect the fintech’s account ...
and none of these shenanigans are regulated or disclosed to the fintech customers ...