[s-cars] Fw: Paypal

[QSHIPQ at aol.com]

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Brett:
If C2it makes you feel better, go get it.  Anyone that takes the time to
research Citibank's holdings might smile at the thought that FDIC would cover
a Citibank closure.  Me, I'm a antifee kinda guy.  Grassroots, Paypal is a
great system, and since it is consumer based (buyer and seller agree on all
conversion rates, and who pays the nominal fee), your risk may be higher, but
your fee isn't.

Citibank is one of the biggest (if not the) banking institutions in the
world.  Putting FDIC insurance behind a fee based transaction doesn't make me
feel better (YMMV).  Remember, this is the same institution that would charge
you the 40+USD for a wire transaction to the same ebay seller.  They have put
the big guns behind marketing the "better paypal", that doesn't make it
better.

You feel "exposed" keep a minimum balance.  The rest of the concept is all
gravy.

my /02
SJ


In a message dated 5/2/02 3:39:55 PM Central Daylight Time, brett at cloud9.net
writes:


   At least when a bank shuts down, your deposits are insured AND it's
YOUR account, not a pooled account that belongs to someone else(who
no longer exists or is being pursued by creditors, etc)...with a
private company, all bets are off; sure, they might break laws and
get caught, but you'd never see your money again.

Brett
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