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Is your Pay Pal your friend?

Scott Wasson
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This Salon article about Pay Pal is worth a read. The Pay Pal service has come into wide use over the past year or so, but some folks are becoming disenchanted with it. What’s more, Pay Pal doesn’t have to comply with banking regulations, basically because the law hasn’t caught up with changes in technology. The company passes millions of dollars in transactions each day, but what if things go wrong?

“This is banking circa 1928,” says Tom McGrath, managing partner of Bank Earnings International (BEI), a banking consulting company. “It’s backwards. They could take all these customers’ dollars and misapply them, so the money isn’t available when the person wants it. They could be insolvent and no one would ever know.”

I’m not big on gummint regulaiton, but a certain level of transparency and public disclosure would seem warranted in this case. Don’t you think?

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