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COVID-19 FINANCIAL LOCKDOWN: Can PAYPAL Be Trusted to Handle US $1200 Stimulus Payments?

Politics / Coronavirus Depression Apr 02, 2020 - 01:31 PM GMT

By: N_Walayat

Politics

Paypal are seeing an opportunity in a crisis, one of wanting to manage the US Governments distribution of $1200 Coronavirus stimulus to every adult American who earns under $75,000 per year and $500 for each child.

However, there is a fly in the ointment as $360 billion would be a lot of money to be potentially parked in Paypal's coffers! That's before any transaction fees are applied. Therefore, there is a high risk of corporations such as Paypal seeing such a vast sums of funds as an opportunity to capitalise upon through limiting account holders access to stimulus funds.


FINANCIAL LOCKDOWN!

This is not idle speculation but rather something that is ALREADY happening right now as Paypal starts to freeze access to funds for several months!

Therefore recipients of government stimulus funds should ensure that the funds are not delivered via or parked in Paypal accounts.

Furthermore, it would be wise that if you are considering access to any funds on your paypal account then it is better to act sooner rather than later, else face the potential of being locked out of access to your funds for 6 months due to a PAYPAL Financial Lockdown.

What's even more alarming is that many small business who are already crippled by the Coronavirus crisis are facing this grab for cash freezing out of funds on account as being the final nail in their coffin courtesy of mega-corp that whilst publishes Covid-19 press releases, inset ad in reality the opposite is true.

Take this as a warning to Act Now before PAYPAL prevents you from accessing your funds!

And the US government would be well advised to avoid using third parties such as PAYPAL, Venmo and the rest, instead mail stimulus checks directly to recipients.

By N Walayat

http://www.marketoracle.co.uk

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.


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