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Chapter 483
The manager of Alliance Bank wanted to render PayPal as an unsafe payment channel and platform, so he could only keep accusing PayPal of failing to obtain a license issued by the federal government and operating illegally.

As for the account security insurance provided by PayPal, they were also accused of having other purposes.

But at this time, the host of the TV station suddenly asked in his soul, "So, will Alliance Bank lower the transfer fee like PayPal?!"

As soon as this question got into my soul, the manager of the Alliance Bank was speechless for a while, and he opened his mouth many times but couldn’t speak. Why did he come here today? It’s not to boycott PayPal. If it’s the same as PayPal, lower the procedures Fei, then what else is he doing here?
Handling fees are the means by which many small and medium-sized banks in America depend on for their survival. They do not have so many large customers and participate in so many investments, so they can only live on transfer fees and credit card handling fees. If the handling fees are lowered, then they will It's not a question of whether to make money or not, but whether it will lose money and close the business.

After a long while, the manager of the Alliance Bank said, "PayPal is viciously competing. It is destroying the American banking industry, and it may cause unimaginable consequences in the end!"

Hearing these alarmist words, the show host suppressed a smile, and many people in front of the TV who saw this scene couldn't hold back their laughter.

Whether PayPal is a good bird, no one knows, but what the manager of the Alliance Bank said, lowering the handling fee is to destroy the order of the American banking industry, and it will have disastrous consequences for the American people. Hearing this At that time, many people couldn't hold it anymore, and they didn't even talk like this!
"What do you think of the PayPal money market fund PMMF launched by PayPal? It now provides users with an interest rate of more than 1.8%. The size of the PMMF fund has exceeded 2400 million dollars today, making it the fastest growing money market fund in history!"

The host asked the manager of the Alliance Bank in an exclamation tone, PayPal's PMMF fund is actually a replica of Yu'e Bao.

Because the deposit and loan interest in America is not high, you can get some interest if you put your money on PayPal, and you can earn some money to buy hamburgers and coffee. In addition, there is no limit to the investment amount of PayPal in PMMF funds, as long as ten dollars is enough. Being able to invest, the size of the PayPal version of Yu'E Bao PMMF began to snowball, from over US$100 million yesterday to over US$2000 million today!

After hearing about the size of PayPal's PMMF fund, the audience could clearly see the throbbing veins on the face of the manager of the Alliance Bank through the camera, and they were obviously extremely angry.

The manager of Alliance Bank feels that PayPal is trying to break the roots of small and medium-sized banks like Alliance and lower the transfer fee in order to prevent them from making money for these small and medium-sized banks.

Now that they have launched this kind of PMMF fund, it is obvious that they want to grab deposits from these banks, and they will not let go of ten dollars. Go straight to their roots!

"ABA Banking Association, Federal Reserve Board, Federal Office of the Comptroller of the Currency, Federal Financial Inspection Commission . . . "

The manager of the Alliance Bank, with a serious face, said the names of a large number of federal agencies to the camera. These federal agencies have the power to manage the Federal Bank, investment banks, insurance, and various financial institutions. Naturally It includes PayPal, although the current federal law is not sure what PayPal, which focuses on the Internet, is.

This is Chi Guoguo's warning. The manager of the Alliance Bank has already called their names. It is to see if these federal financial industry regulators are going to pretend to be deaf and dumb, and they still don't clean up PayPal!
After leaving the TV station's recording studio, he came to a hotel next to the TV station. The manager of the Alliance Bank entered a presidential suite in the hotel. There were already many people sitting inside, whispering together.

In the past, the manager of the Alliance Bank never thought that one day he would meet with so many people from banks, including Hudison Bank, Estor Bank, and First Horizon Bank.

It is said that peers are enemies. This is not false at all. They are all small and medium-sized banks. The users they compete for on weekdays are those people. If there is no friction and fight, it is all bullshit!
But now, these former enemies are all gathered together.

"How is it now? What is the attitude of Goldman Sachs, JP Morgan, Wells Fargo, and Citigroup?"

As soon as he came in, he poured a large glass of water and pulled off his tie. The manager of the Alliance Bank asked the bank managers in a room. They came to New York this time to stir up public opinion on the one hand, and the United Bank on the other hand. , jointly pack PayPal.

All the bank managers who were asked shook their heads, and the manager of Estor Bank gritted his teeth and scolded, "I see those vampires, I wish we all went bankrupt, and they have a good bite. This time, Goldman Sachs, Citigroup, etc. The bank ignored us, and didn't even see Paulson and the others, saying that they were busy with important matters!"

Estor Bank managers, this time they did not see Paulson and other Wall Street bigwigs at all. They only inquired that Paulson and the others had important matters to deal with. This made the Estor Bank managers feel that Wall Street wanted to see Then they fell and swallowed them, these small and medium-sized banks.

But this is wronging Paulson and the others. Paulson really doesn't care about this side at this time. They have decided to go to Asia, and Wall Street really doesn't care about it. It feels like I have been abandoned and become cannon fodder against PayPal!
"damn it!"

The person in charge of the Bank of Hawaii also scolded, "We have applied for sanctions against PayPal in the state of Hawaii and terminated PayPal's business in Hawaii, but if Wall Street does not support it, it will take at least half a year for the state of Hawaii to pass the proposal. The above time may not necessarily be used!"

This is the embarrassment of these small and medium-sized banks. PayPal has no offline business outlets. At most, it relies on the business outlets of the Bank of Comelica. Bank of Hawaii and Alliance Bank can close PayPal’s business outlets in Hawaii and Arizona. Is it possible to block users from these places from going online? !

It is true that Bank of Hawaii and Alliance Bank have considerable influence in various states and localities, but PayPal is on the Internet, and there is no federal law stipulating that it is illegal to conduct transfers, payments, and funds through the Internet. Even if you want to sue PayPal, you can't find a reason. It will take a lot of effort to get the local state to ban PayPal!

While a group of bank managers and representatives were yelling at PayPal, a bank manager was already wailing, "Your bank may also ban PayPal from doing business locally, but Prosperity Bank is There is no way to avoid it, and in two days, Prosperiti Bank lost more than 80 users!"

Hearing the wailing, all the bank managers in the suite showed sympathy and helplessness towards the man. After hearing the discussions from the people around him, the manager of the Alliance Bank couldn't help showing sympathy towards the man. Because the headquarters of Prosperity Bank is in Houston...

PayPal's registered headquarters is in Houston, Texas, and they have already found out who the big benefactor behind PayPal is, it is Song Yang.

Think about it, PayPal's patron is Song Yang, and its headquarters is in Houston. According to the news from various sources, what relationship does Houston's mayor, Adrian, have with Song Yang?

Banks in other states can still quarrel with PayPal, find a relationship and try to ban PayPal from operating locally, but Prosperity wants to ban PayPal in Houston?

It is estimated that the reverse is almost the same. In Houston, you can’t beat Comerica Bank, which is teamed up with PayPal, and you can’t avoid PayPal. For Prosperity Bank, which has an annual revenue of more than one billion dollars and a net profit of only [-] million dollars To be honest, I really can't think of a reason why it can challenge PayPal. Even if Liang Jingru is invited to sing "Courage" for it, it may be difficult!
"No matter what the big banks like Goldman Sachs and Morgan say, we must ban PayPal. All banks present must ban cooperation with PayPal. We must let the ABA Banking Association, the Office of the Regulatory Commission of the Currency and other institutions impose sanctions on PayPal, and let the Federal Reserve Commission passes PayPal ban!"

The manager of the Alliance Bank said to the crowd that he knew that the most important thing was to pass the federal law to prohibit, or at least restrict, PayPal from making waves in the banking industry, otherwise it would not be able to stop PayPal's footsteps.

With the emergence of PayPal, two different styles have appeared in America. Big banks and investment banks such as Wall Street have not made a sound yet. I don’t know whether they don’t care or don’t care. They have not expressed their position on the emergence of PayPal.

However, the small and medium-sized banks in America are shouting at PayPal, and the traditional financial and financial media in various states are also questioning PayPal. They do not think that PayPal is a technology company, but more like a shit stick.

On the other hand, ordinary users, especially companies engaged in e-commerce and cross-border trade, have a very high acceptance of PayPal.

In the midst of this kind of public opinion, PayPal did not respond, but relied on continuous distribution, discount coupons and other methods to frantically attract people to develop users.

Five days after its launch, PayPal announced for the first time that it had more than 1000 million registered users worldwide, opened business in 37 regions around the world, supported more than 40 languages, daily turnover exceeded 8900 million U.S. dollars, and the scale of PMMF funds exceeded 5000 million U.S. dollars!

As soon as the news came out, it was immediately fried in Silicon Valley, and at this time Enron began to assist, announcing that it would value PayPal at $64 billion for investment!

(End of this chapter)