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UK PayPal Top-UP card... BEWARE

by KarlWarren
6 replies
If you are planning on getting a PP topup card, be mindful of the fact
that it is run by Royal Bank of Scotland - they are not likely to go
bust, but here's a recent news report:

BBC NEWS | Business | RBS has £691m loss in first half

Pay particular attention to this part of the terms and conditions of
the PP topup card:

We are required by our regulator to inform you that the Card is an electronic money product and as such, any claims relating to it will not be covered by the Financial Services Compensation Scheme. Nor does any other compensation scheme apply. Consequently, in the unlikely event that we become insolvent and are unable to satisfy any claims made against us for funds held on a PayPal Top Up Prepaid Card, these funds may become valueless and unusable and you may therefore lose this money.
I used to be employed in the Financial Services Industry so I am aware of how terms and conditions can affect people... I have mine, and I will be using it - I just wanted to ensure everyone is aware of the (albeit small) risk involved.
#beware #card #paypal #topup
  • Profile picture of the author Tony Dean
    but, any new owners of the Royal bank Of Scotland may not want to honour past debts.
    It's been talked about for years that the RBS would be sold off.
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    • Profile picture of the author KarlWarren
      Originally Posted by Tony Dean View Post

      but, any new owners of the Royal bank Of Scotland may not want to honour past debts.
      It's been talked about for years that the RBS would be sold off.
      I don't know what would happen if RBS was sold, I'm sure we'd be given enough notice to withdraw if the new buyers decided to discontinue the service. I would imagine that the service would be sold to a third party under those conditions.
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      eCoverNinja - Sales Page Graphics & Layout Specialist
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      • Profile picture of the author Steven Fullman
        Thanks for that, Karl.

        I was going to get me one of those until I saw that.

        Now I'm thinking twice...

        I've added to your green power

        Cheers,
        Steve
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        Not promoting right now

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        • Profile picture of the author KarlWarren
          If you read the full T&Cs, you'll notice that there's a max daily, monthly and annual transfer limit.

          You SHOULD be safe because the first two are fairly low.
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          eCoverNinja - Sales Page Graphics & Layout Specialist
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  • Profile picture of the author Tony Hetherington
    Is it like a mobile top up card? Put money on it and then use it as a credit card?
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    All You NEED To Make Money Online! - Lucrative Membership Site + 41 Traffic Methods + List building - $10

    Free e-course - build your list in 2 weeks.
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