Date: Mon, 31 Dec 2001 10:57:07 -0800 From: Terry Lambert <tlambert2@mindspring.com> To: Brett Glass <brett@lariat.org> Cc: chat@FreeBSD.ORG Subject: Re: Confirm Your PayPal Membership Message-ID: <3C30B503.54AEF8B7@mindspring.com> References: <4.3.2.7.2.20011226145226.021974b0@localhost> <4.3.2.7.2.20011227092550.01c87ae0@localhost> <4.3.2.7.2.20011231011757.01d72730@localhost>
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Brett Glass wrote: > At 07:16 PM 12/30/2001, Terry Lambert wrote: > >The PayPal approach is very similar to any company that provides > >factor financing services, or any other service resulting in a > >rediscounting of the paper: they take the float in exchange for > >their service. > > "Float" is one thing. Forcibly tying up people's money without > their consent is quite another. Read the "terms of service"; you gave your consent. Also, as was noted, the same is true of gas station credit card purchases, and the "tie up" is transient. In the PayPal case, you *can* get the money released, so it's not "forcibly tying up", it's just a royal pain. > I suspect that if there were ever a "run" on PayPal's accounts > it would be discovered that it did not have the funds to cover > what it owed. They aren't a bank; they don't lend; and they are legally prevented from touching the principle for operating costs (they can only have the interest on the float). You need to become a little better acquainted with the rules that govern the financial services industry in the U.S., I think (I have relatives in this industry, and have helped with analysis of packages). -- Terry To Unsubscribe: send mail to majordomo@FreeBSD.org with "unsubscribe freebsd-chat" in the body of the message
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