Re:Brex Lays Off 62 Employees
by closeparen on Sunday May 31, 2020 @11:00PM
(#23375129)
Is the zero fraud liability policy normal in business banking? AFAIK it's a consumer thing.
I'm not an expert in this, but I imagine a clause such as this is pretty standard in banking. The reason being that it waives _the company_ of fraud liability. Consumer banking offers protections, but the company is not held liable for the fraud.
For example, imagine that American Express be held liable because your card was stolen. That doesn't make much sense, thus they want to protect themselves against those claims.
> It's like a bank, but without the safety and security.
Like Paypal.
PayPal has a very customer friendly dispute process, and what's wrong with their security?
"Customer friendly", yes. "Correct" or "Fair" to merchants? Maybe not.
> PayPal has a very customer friendly dispute process,
Ha ha ha.
> and what's wrong with their security?
Paypal balances are not FDIC insured. They're vaguely moving in this direction (it's in "beta"). But they've been in operating without FDIC-insured deposits for the last 20+ years.
Re:Brex Lays Off 62 Employees
by dianastamm on Monday June 01, 2020 @04:35AM
(#23376414)
I agree
Regulations. They're good for you.
Re:Brex Lays Off 62 Employees
by sushshshsh on Sunday May 31, 2020 @10:34PM
(#23375019)
So is discretion. Nobody ever held a gun to my head telling me to deal with Brex.
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