I have had a Paypal account for more than five years. Apart from a couple of untimely requests for more information ( they should do all their verification in the beginnimg rather than wait for you to get some cash in the account then freeze it) I find it the most convenient way to pay and be paid. I have over 2,000 purchases and sales on FeeBay and on the few occasions where there has been a dispute, Paypal have refunded me very quickly. Great service.
Hi Regards Verification and the AML(anti-money Laundering) I refer to the EU Regulation 2005/60/EC Article 8. 1.Customer due diligence measures shall compose.(a) Identifying the customer and verifying the customers identity on the basis of documents,data or information obtained from reliable and independant source. 9 (5) Member States shall require that,where the institution or person concerned is unable to comply with points (a),(b) and (c) of Article 8(1),it may NOT carry out a transaction through a bank account,establish a business relationship or carry out the transaction,I would then go onto the latest E-Monet Directive(2009/110/EC) which came into force in the UK on the 9th February 2011 and across the EU 30 April 2011. Article 11. Issuance and redeemabilty.2.Member States shall ENSURE that,upon request by the electronic money holder,electronic money issuers redeem,at ANY moment and at par value,the monetary value of the electronic money held.. 3. The contract between the electronic money issuer and the electronic money holder shall Clearly and Prominently STATE the conditions of redeemption,including any fees relating thereto,and the electronic money holder shall be informed of those conditions BEFORE being bound by Any contract or offer. So Why is PayPal Allowed to Ignore those Regulations? some for years?
Comment
I have had a Paypal account for more than five years.
Apart from a couple of untimely requests for more information ( they should do all their verification in the beginnimg rather than wait for you to get some cash in the account then freeze it) I find it the most convenient way to pay and be paid. I have over 2,000 purchases and sales on FeeBay and on the few occasions where there has been a dispute, Paypal have refunded me very quickly. Great service.
Can only speak as I find.
GP
Replies
Thank you! That's really valuable feedback.
Hi Regards Verification and the AML(anti-money Laundering) I refer to the EU Regulation 2005/60/EC Article 8. 1.Customer due diligence measures shall compose.(a) Identifying the customer and verifying the customers identity on the basis of documents,data or information obtained from reliable and independant source. 9 (5) Member States shall require that,where the institution or person concerned is unable to comply with points (a),(b) and (c) of Article 8(1),it may NOT carry out a transaction through a bank account,establish a business relationship or carry out the transaction,I would then go onto the latest E-Monet Directive(2009/110/EC) which came into force in the UK on the 9th February 2011 and across the EU 30 April 2011. Article 11. Issuance and redeemabilty.2.Member States shall ENSURE that,upon request by the electronic money holder,electronic money issuers redeem,at ANY moment and at par value,the monetary value of the electronic money held..
3. The contract between the electronic money issuer and the electronic money holder shall Clearly and Prominently STATE the conditions of redeemption,including any fees relating thereto,and the electronic money holder shall be informed of those conditions BEFORE being bound by Any contract or offer. So Why is PayPal Allowed to Ignore those Regulations? some for years?