The top guide at the time of writing is about Paypal. I thought I'd add my comment to the debate and try and clear up some problems.

Ask yourself the following questions and then read on:  

1) What institution do I use to receive my wages?   

2) What organisation is involved in the payment of all/most of my bills?   

3) Where could I put my money and know that it is safe and secure?

If your answer to the above questions is the bank, read on and find out why not to use Paypal.

Sorry to ask such basic questions but they are important. The reason we can trust the bank and why we use it is because it's safe and secure. Why is it safe and sucure because it is regulated by the Financial Services Authority (FSA) and has to abide by banking legisation or it will lose it's right to trade. Here's my point, Paypal is a private company and is not answerable to the FSA or any other banking law. In conversations I have had with representatives of Paypal, they strongly contest that they are not a banking organisation. They do this because they would not be able to conduct business in the contriversal way they do if they had to abide by banking legislation or the banking rules of the FSA. At the very least some of their policies would be considered sharp practice.

In summary, Paypal act like a bank for millions of ebay users and they conduct their affairs like a bank but they have no rules under which they must trade. We trust them with our money and the truth is they can do what they like with it. Do we have any recourse against them other than the courts? NO! These guys can act as they please, charge what they like, take your money at any point without any justifacation and there's NOTHING, YES NOTHING you can do about it. If you want any proof of this just check out some of the other guides about Paypal.

I believe that Paypal should do the right thing and declare themselves as a bank. They should be regulated as a bank and we, their customers, should have recourse against them. Please vote for this guide and show Paypal that we want them regulated and we want them to conduct business in a fair and trust worthy manner.

Just as an after thought. Paypal trade on ebay so why don't they have a feedback score? Don't we deserve the right to comment on how they conduct their business?

Thanks for reading my guide and allowing me to share my thoughts with you.

Tanya

PS. Don't forget to vote!