Thread: Fees for using paypal?
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Old 23-08-2004, 15:42   #10
SMHarman
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Re: Fees for using paypal?
Quote:
Originally Posted by zoombini
So once I accept it then, thats a done deal & I have the money?

Can I safely leave it there & then spend it on something else myself?
PayPal is now a UK registered financial institution.

http://www.fsa.gov.uk/register/servl...asic&sid=99095

As it has a deposit-taking permission it should be a member of The Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £2,000 of a depositor's total deposits with the bank and 90% of the next £33,000 , resulting in a maximum payment of £31,700 . Most depositors, including individuals and small firms, are covered.

But it isn't

Quote:
Originally Posted by PayPal Website link follows
https://www.paypal.com/uk/cgi-bin/we...-ext&eloc=1127
PayPal members with a Personal account will be informed when their PayPal balance approaches £1,000. PayPal is required by law to inform members that the UK Financial Services Compensation Scheme does not apply to claims in respect of e-money issued by PayPal. Therefore, in the unlikely event that we become insolvent and the e-money balance in your account becomes unusable, you might lose your e-money. You would need to tick a box in a pop-up message to acknowledge that you understand this and are content for your balance at any time to exceed £1,000
However it is not likely to come to this as the FSA will be monitoring them to ensure that they remain solvent and do not upset the UK banking market.
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