Actually, PayPal went out of their way, when owned by Ebay, to say they are NOT a financial institution. In fact PayPal itself still is not a financial institution, but is BACKED by another financial institution. My problem with this, is the following, when I joined PayPal, I was not asked for either my SS# or Birthdate. Now, somehow, they say they have my SS# and I must verify my identity. Yea NO! And I can still continue doing business just the way I am, but instead of being able to transfer funds to others, I must transfer to MY ACTUAL FINANCIAL INSTITUTION! You know the one I actually gave all this information to, on purpose! Perfect...carry on.
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