I was wondering the same thing. I haven't had any Paypal problems either.
Whether or not banks are government regulated
doesn't seem to make much difference either.
Plenty of people have been screwed over by banks
over the years, including over credit cards.
Government regulation is a lowest common
denominator, last ditch, probably doesn't work
backstop. Unless your case is high profile and
likely to result in favorable publicity, ACCC or
ASIC won't be interested in you. Gotta keep the
publicity up to keep the bucks flowing in so
people who think the government cares about them
keep paying the taxes to fund them.
See also CASA/GFA.
Mike
At 04:54 PM 4/11/2016, you wrote:
Hi Justin
This is quite concerning as I use PayPal.
However I wonder, why did your friends had
entire sets of accounts registered with PayPal?
I operate a low ceiling credit card I use when
OS and for all Internet purchases, including
PayPal, however one has to link at least one
bank account as well. So I am very curious how
they could lock other bank accounts. So far I
had zero problems with PayPal over many years of
use, unlike my other( local) credit card
provider which allowed my credit card emptied
from some casino in Egypt. That was quite a few
years back though, I think they are far better
at monitoring unusual purchase patterns now.
Cheers
Paul
On Apr 11, 2016 04:57, "Justin Couch"
<<mailto:[email protected]>[email protected]> wrote:
On 11/04/2016 12:46 PM, DMcD wrote:
Absolutely atrocious company to deal with
Are they any worse than Ebay? Or Google? or Telstra.
Yes. (well Paypal used to be owned by eBay....)
Two friends had their entire set of bank
accounts and credit cards frozen by paypal and
given no reason why. I also had my own
sacrificial credit card locked by them as well.
They were not able to get anyone to answer, nor
get them unlocked for quite a few months causing
severe financial distress (house loan defaults
etc etc). They were eventually unlocked without
any hint of wording or why, nor any apology or
restitution for the financial problems caused.
If you don't mind having your entire financial
life screwed over, by all means make use of
them. They are completely unregulated because
"we are not a bank". At least
ebay/google/telstra etc are not capable of
causing that much damage to your life. My and my
friend's experience is very far from isolated case.
--
Justin
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