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A comment on Apple will now be treated like a bank. Parent comment

Re:Apple will now be treated like a bank by chii on Friday November 22, 2024 @05:49AM (#42212743)
but could paypal legally use the money you deposited inside your paypal account for some other purpose (of their choosing), provided they can front the money back if you ask for it?
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Re:Apple will now be treated like a bank by everfrustrated on Friday November 22, 2024 @06:32AM (#42212955)
In the UK no. This is reserved for Banks only. They can make money on the interest which I presume is why EBay UK has moved to a no-fees model but they now keep your money in a balance rather than paying out immediately.
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Re:Apple will now be treated like a bank by withinboredom on Friday November 22, 2024 @06:51AM (#42213049)
Under most US money transmitter laws, they can’t do that either, not even off the interest. (Hence why they charge fees to move money)
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