Back To 1995

   Chapter 483

  The manager of Alliance Bank is trying to render PayPal an unsafe payment channel and platform. He can only keep accusing PayPal of failing to come up with a federally issued license and operating illegally.

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

   But at this time, the TV host suddenly asked his soul, "So, will Alliance Bank reduce transfer fees like PayPal?!"

As soon as this question came to mind, the manager of Alliance Bank was speechless for a while. He opened his mouth many times but couldn't speak. What is he here for today, not to boycott PayPal. If it is the same as PayPal, the procedures will be reduced. Fei, then what is he doing here?

Handling fees are the way for many small and medium-sized banks in America to survive. They do not have so many large customers and participate in so many investments. They can only live on transfer fees and credit card fees. If the handling fees are reduced, then they will It's not a question of whether to make money or not, but whether it will lose money or not.

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

   Hearing these alarmist remarks, the host of the program forced 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 the words of the manager of the Alliance Bank, reducing the handling fee, is to disrupt the order of the American banking industry, and it will have disastrous consequences for the American people. At that time, many people couldn't hold back at all, and they wouldn't make such a fool of themselves!

   "What do you think of the PayPal money market fund PMMF launched by PayPal, the interest it provides users now has exceeded 1.8%, and the size of the PMMF fund has exceeded $24 million today, making it the fastest growing money market fund in history!"

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

Because America's deposit and loan interest is not high, you can get some interest on the money on PayPal, and you can earn some money to buy burgers and coffee, plus PayPal's investment in the PMMF fund, there is no limit, as long as ten dollars. Being able to invest has made the scale of PayPal's Yu'e Bao PMMF fund soar like a snowball, from more than one million US dollars yesterday to more than 20 million US dollars today!

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

   The manager of Alliance Bank felt that PayPal was going to break the roots of small and medium-sized banks like Alliance and reduce transfer fees in order to prevent them from making US dollars.

Now they have launched a PMMF fund of this kind. Obviously, they are going to **** deposits from these banks. They will not let go of ten dollars. The food looks so ugly. If it goes on like this, who will go to their bank to deposit money? Go straight to the root of them!

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

The manager of Alliance Bank, with a serious face, said a long list of federal agencies' names to the camera. These federal agencies have the right to manage federal banks, investment banks, insurance and various financial institutions. Naturally Including PayPal, although the current federal law, it is not sure what PayPal, which mainly focuses on the Internet, is.

   This is Chi Guoguo's warning, the manager of Alliance Bank has already named it, just to see if these federal financial industry regulators are still pretending to be deaf and mute, and they won't clean up PayPal!

   Exited the studio of the TV station and went to a hotel next to the TV station. The manager of Alliance Bank entered a presidential suite in the hotel. There were already many people sitting there, whispering together.

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

   They all say that their peers are enemies. This is true. They are all small and medium-sized banks. The users who fight for each other on weekdays are those groups of people.

   But now, these former mortal enemies are now all gathered together.

   "How is it now, what are the attitudes of Goldman Sachs, Morgan, Wells Fargo, and Citibank?"

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

The bank managers who were asked shook their heads for a while, and the manager of Estor Bank scolded his teeth through gritted teeth, "I see that vampires wish we all went bankrupt, they are delicious, this time Goldman Sachs, Citigroup, etc. The bank ignored us, didn't even see Paulson and the others, saying they were busy with important things!"

The managers of Estor Bank, this time, I didn't see Paulson and other big figures on Wall Street at all, only to find out that Paulson and the others have important things to deal with, which made the managers of Estor Bank feel that Wall Street wants to see As they fell, they swallowed all these small and medium banks.

But this is wronging Paulson and the others. Paulson really can't care about this side at this time. They have decided to go to Asia. Wall Street really can't care about it, but for these small and medium-sized banks who don't know, It feels like I have been abandoned and become cannon fodder against PayPal!

"damn it!"

The person in charge from the Bank of Hawaii also scolded, "We applied to sanction PayPal in the state of Hawaii and terminate 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 this group of small and medium-sized banks. PayPal does not have offline business locations. At most, it relies on the business locations of the Bank of Comerica, Hawaii Bank, and Alliance Bank, which can make PayPal's business locations in Hawaii and Arizona close. Is it possible to keep users in these places off the Internet? !

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

While a group of bank managers and representatives were scolding PayPal in various ways, one bank manager was already wailing, "Your bank may also prohibit PayPal from doing business locally, but Prosperity Bank is a There is no way to avoid it. In two days, Prosperity Bank lost more than 800,000 users!"

Listening to this wailing sound, all the bank managers in the suite showed sympathy and helplessness towards the man. The manager of Allianz Bank couldn't help but cast a sympathetic look at the man after hearing the discussion of the people around him. Because Prosperity Bank is headquartered in Houston...

  PayPal's registered headquarters is in Houston, Texas, and they have already figured out who the big moneymaker behind PayPal is. It is Song Yang.

   Think about it, PayPal's sponsor is Song Yang, headquartered in Houston, and according to various sources, Houston's mayor, Adrian, has nothing to do with Song Yang, it is simply unnecessary to mention.

   Banks in other states can also scold PayPal a few times and try to prohibit PayPal from operating and soliciting customers locally, but Prosperity wants to ban PayPal in Houston?

It is estimated that the reverse is similar. In Houston, the Bank of Comerica, which has teamed up with PayPal, can’t be beaten, and it can’t avoid PayPal. For the annual revenue of one billion US dollars, the net profit is only 300 million US dollars. Prosperity Bank Said, I really can't think of a reason why it can compete with PayPal. Even if Liang Jingru is invited to sing "Courage" for it, it is probably a little difficult!

"No matter what the attitudes of the big banks like Goldman Sachs and Morgan are, we must ban PayPal, all the banks present must be prohibited from cooperating with PayPal, and the ABA Bank Association, the Currency Regulatory Authority and other institutions must sanction PayPal, and the Federal Reserve must be banned as soon as possible. Commission approves ban on PayPal!"

  The manager of Alliance Bank said in front of everyone that he knew that the most important thing was to let federal laws pass the prohibition, or at least the laws that restrict PayPal from making waves in the banking industry, otherwise it would not be able to stop PayPal at all.

  The emergence of PayPal has appeared in two different styles in America. Big banks and investment banks such as Wall Street have not made a sound yet. I don’t know if they care about it or don’t care. They have not made a statement about the appearance of PayPal.

   However, small and medium-sized banks in America are shouting and killing PayPal. The traditional financial and financial media in various states are also constantly questioning PayPal. They do not think that PayPal is a technology company, but more like a **** 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 this kind of public opinion, PayPal did not respond, but by continuously issuing or not issuing discount coupons, etc., it frantically attracted people to develop users.

   Five days after its launch, PayPal announced for the first time that there were more than 10 million registered users worldwide, opened business in 37 regions around the world, supported more than 40 languages, the daily turnover exceeded US$89 million, and the scale of PMMF funds exceeded US$50 million!

   As soon as the news came out, it was immediately frying in Silicon Valley, and at this time Enron started to assist, announcing that PayPal was valued at 6.4 billion US dollars for investment!

   (end of this chapter)