Paypal no longer in uk!

[midge61]

Hi all

I had the following e-mail from paypal today explaining that they are moving their operations to Luxemburg and will no longer be regulated by the FSA.

 

 

We would like to announce important developments affecting all PayPal accounts in the European Union (the "EU").

 

No action is required on your part, and you will be able to continue using PayPal with no changes.

 

Currently, PayPal (Europe) Ltd. is the service provider for PayPal in the EU. PayPal (Europe) Ltd. is a UK company regulated and authorised by the Financial Services Authority (FSA) in the UK as an electronic money institution. This authorisation enables PayPal to provide its service throughout the EU.

 

From 2 July 2007, a new PayPal company, PayPal (Europe) S.à r.l. & Cie, S.C.A. (PayPal Luxembourg), will become the service provider for PayPal in the EU. This is a Luxembourg entity regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA. PayPal Luxembourg will provide the PayPal service throughout the EU.

 

Your customer relationship with PayPal

On 2 July 2007, your customer relationship will be automatically transferred from PayPal (Europe) Ltd. to PayPal Luxembourg. This includes your customer relationship as governed by the terms of the PayPal User Agreement and, for applicable UK merchants, the PayPal Website Payments Pro Agreement (collectively, the "Agreements").

 

To summarise, from 2 July 2007, PayPal (Europe) Ltd. will assign to PayPal Luxembourg all of its right, title, interest, and benefit in and to the Agreements.

 

New User Agreement and Privacy Policy

We are also pleased to announce that from 2 July 2007, PayPal Luxembourg will issue a new form of the PayPal User Agreement and Privacy Policy. This new version of the User Agreement will be presented in a much more user-friendly manner, and many of the policies currently accessed by hyperlinks, will now form part of the main text of the User Agreement.

 

Also, the Privacy Policy will reflect that PayPal Luxembourg will be the data controller of your personal information from 2 July 2007 and set out further details of the third parties to whom PayPal Luxembourg will disclose your personal and account information.

 

For more information about the transition to PayPal (Europe) S.à r.l. & Cie, S.C.A. click here.

 

If you do not wish to continue your relationship with PayPal, you may close your account at any time by logging in to your account, clicking Profile, and following the instructions from the "Close Account" link. You should make sure you first withdraw the outstanding PayPal balance to your bank account.

 

Yours sincerely,

 

PayPal (Europe) Ltd.

 

So how easy will it be to deal with them now!!!!!!!!

Midge

[CAGisforME]

I read my paypal email with the same feelings.

 

Obviously they don't like/want to have to adhere to UK Law, so it should not really be a suprise to anyone that they would rather be subject to the "Luxembourgian" version of the FSA, the the UK FSA.

 

I guess it's down to paypal (and ebay) users to read through the rules for financial institutions in Luxembourg, but ultimately accept that, whether we like it or not, Paypal is a necessary evil of trading on ebay.

 

[Spiceskull]

I got the same email, and at first I thought it was spam. However, the interesting thing is that they will send you the new Ts&Cs AFTER tranferring all your data to the new PayPal arrangement - something I find a bit strange.

 

If you find that the new arrangement is unacceptable, or even unlawful, it would be too late by then to do anything about it. I am minded to email back, and ask for a copy of the Ts&Cs in advance of the changeover. That way if there is anything I do not agree with I can cancel my account and ensure that my personal data is not transferred to a third party.

 

Any one else have similar thoughts on this?

[bp]

I got one of those emails as well, and my thoughts are along the same line, i will email them today and ask for a copy before agreeing to anything.

[enaid]

Can I ask if you do, will you put it in laymens terms on here please. I do tend to get a bit lost with all the legal jargon. Thanks.

[demon_x_slash]

I've got a similar-ish thing with Barclays at the moment. They've consumed the Woolwich, and so my old savings account with the WW will be converted into a new Barclays account. The letter I received telling me this was so patronising that I started fuming. THEN I read a little lower, and guess what? My new account will have completely different T&Cs to my old account, and if I don't like this imposition, I can basically b****r off. So now I'm going to have to go to all the trouble of closing this old account, that I've had since birth (it was a birthday/Xmas/kiddie money acc), and find somewhere new to put the money (I've never trusted Barclods and I'm rapidly losing faith in shAbbey), all because Barclods suddenly decide that they're hungry and want to chow down on yet another building society. I don't have time for this!

[CAGisforME]

I'm awaiting my Paypal Terms and Conditions, before considering my options, however, as an ebay trader, I can't see as I have much choice.

 

I WISH the Competition Commission would look at ebay/paypal and their recent removal of Buyer Protection for any other payment source other than Paypal and their blatent lies about how "unsafe" other methods such as Bank Transfer are.

 

 

Demon - Just a little aside - Barclays took the Woolwich over a couple of years ago, so, presumably you have had a fair bit of notice that this was likely to happen.

 

Whilst I appreciate that you don't like the imposition I can't see what you want Barclays to do? They can't keep the original Ts & Cs for Woolwich, as this will cease to exist as a Company, so they have to impose new T's and Cs to previously Woolwich customers.

 

It's easy to tar all banks with the same brush, but I can't see the T's and C's of ANY bank differing in any great detail from another.

 

Of course it's your right to move your money, but I was just trying to understand what you wanted Barclays to do.

 

[demon_x_slash]

It's an account that my parents still have the running of (Squawking: "It's for emergencies!") so no, I wasn't aware that they'd taken over. It was more the way in which the letter seemed to assume that I was automatically happy with all the changes, that this and that will apply, that this and that will happen, that if they don't hear from me then they'll assume I agree to the T&Cs - what if I was on holiday for a month? Or ill in hospital and unable to get to my mail? It's the sheer facelessness that creeps me out, that raises my hackles, the 'sausage factory' mentality. I'm (sometimes unfortunately) a very stubborn person by nature, and resent being Told What Is going to happen to me; perhaps it was the tone of the letter that peed me off so much.

 

That and the inconvenience of having to close everything and move money, cut up cards, etc.. Baaaaa.

[CAGisforME]

I can appreciate your frustration and your reaction to being "told" what you will do is exactly the reason I object to paypal/ebay's monopoly.

 

I appreciate it's a pain to move, but I would consider it carefully, before you do.

 

Now, I am NOT Barclays greatest fan as I am still "technically" a member of staff, (not for much longer with a bit of luck) but just a little bit of advice from me.

 

If this is an account your parents run for you "for emergencies" then I strongly suggest you look at the Barclays Regular Saver. You are only allowed to have one and you have to pay in a minimum of £25 per month, however at the end of 12 months you will get 10% interest. If you withdraw during the 12 months you won't get any more than if it was an ordinary savings account.

 

This account is generally not advertised, it's considered a "loss leader", however, as far as I am aware you should be entitled to one and, despite the change in T's and C's it may be helpful to build up those "emergency" savings!

 

It might be worth moving that money after all.........

[CAGisforME]

Apologies for the Thread Hijack.

 

Will return to my sick-bed now!

[demon_x_slash]

lol And I shall return to my - ugh - Renaissance essay. Damn you, Consumer Action Group! *shakes fist*

 

Hijack over.

[sortingitout]

Will my protections change?

No. PayPal Luxembourg will be regulated to the same standard as all major European banks. Banking laws and standards in the European Union ensure that customers are just as protected by a Luxembourg bank as by a UK, French, or German bank. Regardless of where you live in the European Union, you will still be able to address disputes through the UK Financial Ombudsman Service if you are unable to resolve them directly with PayPal.

[CAGisforME]

mmmmm, except Paypal aren't a bank are they?

 

They are a money processing company.

 

I could be wrong, but that's my understanding of it.

[sortingitout]

Its a licensed bank now.

 

PayPal becomes a Bank, no longer under FSA : TameBay

[CAGisforME]

Very interesting - thanks sio

[bp]

Got a reply to my email. NO i CAN'T have a copy of the new T&Cs till when my details get transferred on the 2nd.

 

"Paypal accs will not be transferred to Luxembourg, it will only be the governing bank. This will not affect the features of paypal accs"

 

So there you go, you are going to have new t&cs but we can't give them to you till its too late!

[RETURNED TO SENDER]

Have paypal given reasons for going to Luxumbourg ?

[Zimmie]

Well this is a reply I received to a query about a refund I'd been given by a seller but couldn't find it! Maybe this will, to some degree, explain why Paypal are off to Luxembourg!

 

Dear Zimmie,

 

Thank you for contacting PayPal my name is Artemus and I would be

willing to assist you any way that I can.

 

Upon checking my resources, the £x.xx refund did not push through at

all. It did not went to your Paypal account or your Bank account at all.

I could see that on March 13th, 2007 this amount was removed by payPal

however, I could not tell to you the real reason why it was removed as

this would be a third party information. If you would wish to know the

reason why, you would need to email the recipient and have them explain

the situation for you. They still owe your £x.xx

 

Thank you very much for giving way to our letter.

 

P.S. Can anyone explain this to me in English

[demon_x_slash]

Can anyone explain this to me in English

 

Guhhhhhh... *scratches head* He's trying to tell you he's a babelfish bot?

[Zimmie]

Sounds more like an Engrish bot...lol!

Maybe someone from Luxembourg is around and can translate!

[buzby]

Luxembourg has a VAT rate of 15% - one of the, if not THE lowest in the EU. Dont knock it, it keeps the fees down for non-VAT registered users..

[jampot]

Luxembourg has a VAT rate of 15% - one of the, if not THE lowest in the EU. Dont knock it, it keeps the fees down for non-VAT registered users..

 

...and that 2.5% makes all the difference, does it?

 

I'd rather pay the extra and deal with a UK company.

[Rhino69]

Paypal have made it clear in their T&C's - if you don't agree to their terms or let them give your personal info to whomever they want, you can cancel your agreement. Not much of a choice Eh?

 

Both ebay and Paypal have got just as greedy as the Banks, thinking that they can act like a cartel to the detriment of their customers!

 

Ebay also recently made it difficult for UK sellers to have their items viewed on ebay.com in the US unless searches included title and content. Simple searcges did not show UK items and most sellers have recorded up to 90% loss of sales!!!

[sortingitout]

Paypal have made it clear in their T&C's - if you don't agree to their terms or let them give your personal info to whomever they want, you can cancel your agreement. Not much of a choice Eh?

 

I have read the T&Cs, but did not read any thing like the above. Could you tell me which bit you refer to.