Heard of or use RevolutionMoneyExchange - anti-paypal?

I was trying to buy something from a forum and the guy sent me the information for this revolutionmoneyexchange thing instead of using paypal.

My initial reaction was SCAM, but I did a little research and it seems legit, just in a Beta stage.

Here's my take so far:

• New company to compete with Paypal to send money and not charge fees/transaction.

• I won't use it because of the SSN requirement (supposedly for FDIC insurance).

• So far, no buyer protection element like paypal has. I'll pay a few bucks for that peace of mind (but somewhat inneffective from what I hear)

• The fine print says they can collect all your info you give and give it to others, third parties etc (name address, ssn, phone, bank account balances credit info) It's a no-go for me. Sounds like selling lists is how they plan to fund it all.

So anyone use/experience it? Does it really seem worth it?

Of course the guy tried to leverage his paypal fee requirement into the deal, use RME or pay the $X amount + paypal fee to him.

Scam. SSN is not needed for FDIC AND FDIC is not needed for money transfer. RUN away!

Google Checkout is the only legit PayPal competitor right now.

What legit sites can I go to to learn about this thing? I know there are some scam alert sites out there.

Never heard of it, fine print is fishy, and as always when any company asks for your SSN, you should tell them to go berkeley themselves...I wouldn't use it.

I wouldn't use paypal either.

Have him send you a cashier's check. That's the ONLY way I sell stuff online.

I dunno. It seems legit. They advertise on Google, and there seems to be a lot of positive stuff coming up on a google of their name. I don't see "SCAM" coming up. I'm very leary of giving out numbers or other personal information as well. I'd wait a bit and see what happens with them.

In your case, if I really wanted the item, I'd consider the paypal fee to part of the price and if it was worth it, proceed with paypal, which I know, rather than RME, which I don't.

I haven't read that it's a scam either, but don't want to find out the hard way. I think I'll leave it alone for now.