posted on October 9, 2000 09:58:14 AM
If that does happen, I think there will be a lot of people who are quite surprised by the fact that the $100,000 in insurance for your Paypal account is worthless. The insurance is only against fraud and does not protect your account in case of failure, as FDIC insurance does.
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All rights reserved. All wrongs reversed.
posted on October 9, 2000 10:28:53 AM
Sent to Paypal on October 3, 2000:
(to Paypal) I cannot stand your methods of doing business. This subterfuge that you have used (and outright lying) are things that humankind should have left behind. Your greed and dishonesty should leave you poor and homeless.
I hope everyone gets the message and leaves your company until you see the truth and start behaving. For my part in this I will try to educate everyone regarding your methods. I will not lie, nor will I embellish the truth to suit my needs. However, I do know how to write and to use the computer quite well and will use these skills in all of my emails (the signature tool works well for this) to educate everyone I email. You have brought this on yourselves. I hope you reap what you sow.
From the desk of Thomas P. McKeon, President/CEO, Sitelayout, Inc.
Additional information as requested from an email acquaintance of mine:
Regarding Paypal deception, lies and greed
(email originally sent on October 5, 2000)
They have been advertising "always free" and have held to their promises until they have enough people suckered in to use them.
Now they are using strong-hand tactics to get people that already have been using them (since it is "always free" (yeah, right!)) to register (actually have a bank account and pay $12/mo. and credit card fees) with them. These tactics include an ominous warning to buyers that the paypal seller is "UNVERIFIED" in red bold type.
Paypal states to the buyer that they are not protected by using a credit card to pay an "UNVERIFIED" account. This is an outright lie. People don't give up their credit card protection rights. I have had several buyers that were "scared" to pay me thinking that somehow I was a risk because of this tactic. I can forward the email I had to send to that person to assuage their fears.
Also, on the introduction screen at one point, users were given only two choices...either become a "business account" (i.e., pay them a lot) or state that you are not a seller. This leaves out the selection for sellers that don't wish to pay Paypal (since it was supposed to be "ALWAYS FREE". Many people are not aware of all of this and Paypal is counting on the lack of knowledge to keep people from seeing the truth of what they are doing.
I was a strong supporter of them before and they have backhanded their initial supporters with their current behavior.
I am including detailed information on all of my outgoing mail to shine the spotlight on the lies, deception and greed of Paypal. This is my way of helping people "see the light". I hope there is a mass exodus of people from Paypal until they start behaving in an appropriate and honest manner.
posted on October 9, 2000 10:53:34 AM(to Paypal) I cannot stand your methods of doing business. This subterfuge that you have used (and outright lying) are things that humankind should have left behind. Your greed and dishonesty should leave you poor and homeless.
Yep, very professional. Left behind what? The door?
Thank you for posting what most will presume to be your own personal information. I guess that doesn't violate the CGs here; after all, it IS yours isn't it?
posted on October 9, 2000 11:32:44 AM
I just came across an article dated September 14 that states that X.com is getting ready for an IPO. I think this may explain some of the changes they're making, including their current search for a capable CEO.
http://www.ecommercetimes.com/news/articles2000/000914-7.shtml
It has been my experience that once a private company becomes public their focus changes from offering the best services to their customer base for a fair price to offering the most profits for their stockholders. Whether X.com folds or goes public really makes no difference to me. Either way, they have never earned my trust and never have had my business.
posted on October 9, 2000 12:04:09 PM
Nlanche: Thank YOU for sharing ths publically - that you NEVER joined paypal.
IMO, not only they were a parasitical PREDATOR upon eBay users, they instigated the most "eGREED-gious" obscene amount of SPAM in the entire history of the Internet to date. I loathe their deceptive tactics and consider them highly unprofessional, totally inexperienced, absolutely preposterous.
Don't hold back, now! How do you really feel about PayPal?
What is amusing to me is that every time PayPal steps in the stinky stuff, the ranks of the PayPal cheerleaders dwindles a little more. I was once a big PayPal cheerleader. I upgraded to a business account on the first day that the OPTION was available, because I really felt that the fees were more than reasonable. After all, we had international, shopping carts, and debit cards just around the corner. Well, I've walked all the way around the building many times and I haven't seen any of these goodies.
I even verified two bank accounts with PayPal on the first day that the OPTION was available. At that time I was naive enough to believe what PayPal (and Damon as their rep) said in their TOS and on these boards. Now, it turns out that their verification scheme is a sham, put into place not to protect the users but to protect PayPal at the expense of the users.
Always free! (until we decide to charge).
We will never access your bank account without your explicit permission! (unless it appears that we may lose money).
Well, needless to say, my high regard for PlayPal has dwindled to little more than tolerance. I still list PlayPal in my auction listings, but I don't even mention them in my EOAs. Instead, I push ExchangePath and PayDirect with excellent results so far. If a customer insists on paying with PlayPal, I'll accept it but lately these PlayPal-only customers have been very scarce. Most people just upgrade to ExchangePath or PayDirect and complete the transaction.
There are still a few die-hard PayPal cheerleaders on the sidelines, but the next time PayPal steps in the stinky stuff (won't be long) there will be a few less.
And the PayPal saga continues...
[ edited by abingdoncomputers on Oct 9, 2000 12:50 PM ]
posted on October 9, 2000 01:03:40 PM"There are still a few die-hard PayPal cheerleaders on the sidelines, but the next time PayPal steps in the stinky stuff (won't be long) there will be a few less"
I continue to use PayPal, when/if I feel they aren't acceptable I won't use them. If I choose not to use them that will be my doing based on personal experience or information off the news media, not anonymous posts. I'm not a cheerleader, nor am I prone to hysterics, the heart condition won't allow either.
posted on October 9, 2000 01:04:07 PMradh, I have NEVER signed up with PayPal and have no intentions of doing so. I agree with your synopsis and that's the main reason I never used their services. I feel very strongly that I'm working for myself and selling my product, NOT PayPal's product and I didn't feel like "prostituting" myself for a $5 referral fee for a company that I didn't respect.
I don't want to imply that I think everyone who uses PayPal is a "prostitute" (LOL) because that is not the case. It's just the way I would have felt had I decided to endorse them by signing up, taking their money and putting their logo on my auction page to encourage my customers to use their service.
Blanche
[ edited by bhearsch on Oct 9, 2000 01:05 PM ]
posted on October 9, 2000 06:47:00 PM
You don't have to worry about X.com/PayPal declaring bankrupcy. They have millions of users. Consequently there are several very rich financial institutions which would pay very serious money for the company for these customers. So X.com/PayPal would sell out before bankrupcy happened.
posted on October 9, 2000 06:58:00 PM
Whatever happens, X.Com accounts are FDIC insured so as long as you have less that $100,000 in your X.Com account you are as safe as the government of the US. TAG has always recommended that you regularly move any money you are not able to afford to lose, from your PayPal account to your X.Com account. You can then access your money. Using the two together gave you an internet based banking system seperate from your analog banking. You can continue to use PayPal and X.com in this manner, or if you don't have an X.Com account there are many many other FDIC insured banks online to pair up with any and all of the various third party money exchange systems (Paypal, PayDirect, ExchangePath etc etc). Use this system - keep your online and analog accounts seperate, and you will be able to sleep MUCH easier at night, and still take full advantage of these convenient systems. -Rosalinda
TAGnotes - daily email synopsis about the Online Auction Industry http://www.topica.com/lists/tagnotes
posted on October 9, 2000 07:16:33 PM
I agree I dont wory about X.com declaring bankruptcy for one thing bank deposit are sent to x.com but are deposited in frist western national bank. in which the funds are FDIC Insured up to 100 Thousand.
The only part you would lose is any fund investing They are not FDIC insured .
another missed service would be the X.com credit card payment Which are direct deposited and makes them FDIC insured to unlike paypal.
Only change X.com has made I dont like is the $12 account charge if you fall under $100 as of november 1, I ask my self is it worth $12 to have these guys take my money to the bank ??? I mean after all I live less then a mile away from a bank I can do online banking with and all I would need to have is a $200 balance for free checking if you fall under that I pay $5 for that month.
They offer a debit card $1000 LOC if you want it free direct deposit and 24 hours a day online banking services.
And I dont have to pay for more checks every time I need more deposit slips which I have just learned I will need to do to get more deposit slips from them that means inless I pay them $9.49 I cant make no more mail in deposits.
Any how my point was this X.com deposits to frist western national back are FDIC insured so deposits are garenteed.
. Many people are not aware of all of this and Paypal is counting on the lack of knowledge to keep people from seeing the truth of what they are doing.
