At 06:10 PM 10/8/2002 -0700, Steve Schear wrote: >Not entirely true. Its possible for non-financial institutions to receive >FDIC protection through what's called pass-through. It mainly requires >the funds are deposited in a U.S. bank account eligible for FDIC >insurance. That's what PayPay recently did.
True. However, that presumes that each ATM card holder has a separate account with that bank in order to obtain the full FDIC insurance. If the funds are lumped together in one account and accounted for by the ATM provider, then the total amount of coverage is only $200k. And, since those cards are anonymous, it is presumed that there will only be one bank account and the individual accounts will be accounted for by the provider of the ATM. George _______________________________________________________ George Matyjewicz, Chief Global Strategist GAP Enterprises, Ltd. http://www.gapent.com/ Book Author and Doctoral Candidate in Training Moderator of E-Tailer's Digest http://www.etailersdigest.com/ Automated Press Releases http://www.automatedpr.com/ Board Member AIB #34 http://www.aib-world.org/ --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
