The PROBLEM with PayPal

In the last couple of decades we've seen startups such as Stripe, Venmo, Wise, and (of course) PayPal emerge as a response to the dependence on traditional banking systems. What we're wondering is: Do they actually do what they promise?

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For further reading, check out the sources for this video here:

Script: Holly Maley
Editor: Reid Valaitis + Kirsten Stanley
Project Manager: Lurana McClure Rodríguez
Host: Levi Hildebrand

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[FutureProofTV]

Hey, everyone. We've accidentally used the logo from the Swift programming language at 1:51 instead of the payments system, sorry about that! Hope you still enjoy the video, big thanks to everybody who let us know ✨

[nahom]

PayPal froze the account of my small business and when I asked them what i did wrong so that i can correct it, they said that they have the right to not disclose their reasons. So it remains frozen along with all the money. I hate PayPal.

[vladrazym]

The main problem is an enormous fees and possibility to be blocked at any moment

[cmul]

Recently PayPal tried to implement a $2500 "fine" to its users for "misinformation", they've also closed accounts for similar reasons, they haven't done anything illegal. Companies shouldn't have the power to cut off finance to people just because they don't like what people say.

[MrDDiRusso]

A LIGHT YEAR IS A MEASUREMENT OF DISTANCE, NOT TIME. IT IS THEREFORE INCORRECT TO COMPARE WAIT TIMES FOR TRANSACTIONS TO A UNIT OF DISTANCE.

[UninsuredDriver]

I’ve been working for big banks and credit unions for years, as a banker it’s all the same. Bankers hear every complaint 1000 times, I’m actually happy when someone’s mad at me/us with something I haven’t heard before

[baluza]

I give +1 to Wise. Super transparent and not expensive. Easy to use, great website and app. Support for multiple currencies and international transactions. They even have a card that works in ATMs from multiple countries like any other local card. You can even have your salary directly deposited in Wise.

[dimaua]

I gotta say, I really like Wise when travelling and sending money abroad. Their fees transparency and transaction times are great. One important thing to mention is foreign exchange fee that is hidden in exchange rate on top of all the visible fees -usually 1.5-2.5%. People seem to have difficulty understanding this.

[doncristianugalde]

I find funny how you used Swift (programming language) as the icon for S.W.I.F.T 😂 great video as always!

[cakemnstr]

That bird logo you've been using is from the Swift programming language, not the payments system.
Also, a lightyear is a measure of distance, not time.

[tihruytssgjjvsavcxtbvhj]

PayPal now has a $2500 fine in their terms of service. If you are "spreading misinformation" or "hate speech", they can take $2500 from you.

[hatless_spider]

Riding that paypal 2500 dollar misinformation fee controversy algorithm
I respect that grind

[tvuser]

The issues with banking described here is not applicable in the UK, or potentially in the EU. Banks easily talk to each other.

[Autistic_Goblin]

5:07 "which is a weird and terrible name"

Hi I'm from the future and this is correct. 😂

[stryhx]

This is why UPI system in India is so Almost every reatailer and e-commerce supports it and there is no fees because its just a normal transacation

[warw]

You accidentally used the logo of the swift programming language around 1:50(the bird) no worries just in case you feel the need to correct it. Great vid as always

[Ahsannnn]

The logo you are using in this video is swift programming language not the banking system.

[SamRocher]

PayPal froze my personal and business accounts a few months after I started my online business, and then they stole the frozen money after 6 months, all the while not even telling me why they did so. I'm glad to be away from that corrupt company now, but it does make it harder to send money due to how much of a monopoly that PayPal has online.

[-kathryn]

PayPal has been on my mind recently because I got hacked last month. I had an individual account and the leech made my account into a business account. The individual/leech set up a fake address of a closed business... (ridiculous) Google Maps and other mapping service should make it a priority that a business is wiped from records if it's deemed 'dead'. I'm glad PayPal is working on my case but this system is kinda messed up right now.

[nonnobissolum]

Governments love digital banking, fintech, etc, it makes it easier for them to control, tax, and for them to see even the most minute of transactions.