Butterfly Chic Boutique Blog

I keep getting this question… a LOT. People have been emailing and convoing me out of the blue to ask about it.

So, so that I don’t have to keep hunting it down in my “view topics you have posted in” on Etsy, I thought, hey silly girl, post it on your blog!

Here is a post I had wrote about RME. They aren’t doing the $25 for signup anymore, but I do think you still get the $10 for referring someone.

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Love it! Cause I researched it before signing up

I’ve been using them for a while and have had no problems. I’ve bought, sold, requested a check and transfered money into my bank account 3 times so far :0)
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The main problems seem to be:
A) it asked for my SSN
B) it is still in Beta
C) Why no fees AND a $25 sign up bonus AND $10 referral bonus?

So I did a little research before signing up…

http://blog.washingtonpost.com/washbizblog/2007/09/steve_case_launced_revolution.html
http://www.usatoday.com/money/industries/technology/2007-11-06-ted-leonis-steve-case_N.htm
http://www.readwriteweb.com/archives/revolution_money_to_take_on_pa.php
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atelniGmEhgM
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9045860&intsrc=hm_list
http://www.revolutionmoney.com/PressUpdates/SteveCaseBacksNewInternet-BasedCreditCard.pdf
http://www.profy.com/2008/02/14/moneyexchange/
http://geek-news.net/2008/02/revolution-money-exchange.html

why does Revolution Money need my social security number? I do not remember giving my SSN to PayPal. Revolution’s FAQ gives this answer:

“You might wonder why we ask for certain pieces of information that you may be nervous to share, such as your Social Security Number. We would not ask for any information that was not necessary to enable the security we promise to you. Also, to help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.With identity theft on the rise, we use your Social Security Number to confirm your identity by cross referencing it against other personal data you provide. This way, if someone were to get a hold of your Social Security Number, a MoneyExchange account could not be set up in your name without knowing your other personal information. So, sometimes it may seem as if you have to share more information about yourself, but in the end it actually protects your financial information to an even greater degree.”

How do I know that Revolution Money is not going to lose my information making me vulnerable to identity theft? I found this answer on their website:

“Your MoneyExchange account is held at First Bank & Trust in Brookings, SD (Member FDIC). Protecting your information is our highest priority.”
(PayPal is NOT FDIC insured, paypal answers to no one, RME answers to the FDIC)

Why no fees AND a $25 sign up bonus AND $10 referral bonus?

In truth, Revolution Money sees MoneyExchange as a loss leader for its real business, which is the RevolutionCard, its credit card that undercuts Visa and Mastercard. It has no intention of making money off of MoneyExchange by charging for transactions because in its eyes the online payment service is just a way to build up a valuable network of potential credit card customers. You can be sure that every MoneyExchange member will get an offer for the RevolutionCard. Steve Case is just seeding the market.

http://www.revolutionmoney.com/revcard.aspx?id=revcard

Contact me if you would like a referral

Please feel free to email or convo me with any questions about anything!