Maybe if I boil the cushions I can make a stew...........
As another Lame Cherry exclusive in matter anti matter.
Maybe now the people who harped at me about Paypal, in this banking collapse and run, will remember like all of you are getting educated, in why this popular girl was operating out of necessity on Discover card and Paypal.
I am not saying that anything is safe from collapse, but I am telling you that Paypal is not a bank. It is like the safety of a local credit union, where you are a member in deposits. Remember George Bailey in "It's a Wonderful Life". Those were local people invested in their community and not buying crypto or worried about carbon farts.
I still need a bank to deal with Paypal for money transfers, but Paypal for all of this woke learning curve, along with Elon Musk inroads, has a secure deposit fund for those using it, meaning money there goes through the Paypal wall of security, in no one on the outside ever can get into your account or your credit card, bank routing numbers or the gemstone of Paypal they were sending out last year, their DEBIT CARD.
Paypal uses banks to issue it's credit cards, but the debit which is Mastercard seems to be in house. All that is auxiliary to Paypal, meaning a processing bank has nothing to do with Paypal, no more than it does LL Bean or some farm store.
So in this reality, while Paypal does not pay me for money deposited as numbers of banks do, and Paypal is not FDIC ensured to 250,000 dollars, these millionaires who are having to beg for their money and having to find a new bank, would have been much better off to use Paypal as their hub. Their employees would be getting their paychecks and if the company had it lined up for debit cards, they could be buying groceries by the bag full.
This is not an endorsement of Paypal. They are not paying me and this is a post about secure money flow in these monster banks are a real jeopardy to people. Paypal is not perfect, but the way Musk and Thiel set this system up, it is customer protective and it functions in chaos.
So I am not saying to open a Paypal account as your local bank and your insured 250,000 dollars is about as secure as anything. This though is what I attempted to educate you on, in more than one SECURE AVENUE of your ability to buy things.
I have never used our Paypal debit card. I forgot about it in fact until I was leafing through the cards we have. It is there though, and as long as any company the plastic tap for buying things like groceries, we are good to go with that, and our local bank and our other credit outlets.
Honestly if someone had donated as they could and should, I would have deposited money into as many banks as that 250,000 dollar insured FDIC limit was allowed, to keep all that money safe. I do not need 10 million dollars in a bank account to validate me. I would have invested in people, like a bakery as I like German pastries, where my partners would work and run it, an I would get free rolls.
No economics lesson at this as the poor like me are not involved in those sums, but this is about finding some other avenues to keep multiple payments an option, if you have that kind of money. Be warned though, from this point on, it is going to be hell opening accounts, you are going to have regulations in what you can spend your money on in the amounts as your local bank is going to protect their solvency first. So we are all hostage to what has taken place already. Things will be tighter now and the banks will be looking harder at your finances before letting you put deposits into them.
None of this is advice on what to do as they might tank Paypal in the coming time zones, but the reality is now proven what this popular girl stated, you really need multiple avenues for paying bills and to not over extend yourselves on some purchase which you do not need, and you can sit there and try and eat your new sofa, instead of a box of corn flakes.
Nuff Said
agtG
