Nov 03.22: PayPal's user agreement includes fines of USD 2,500 debited to your account
Using PayPal is consent.
If PayPal gets away with it so will others
October 7, 2022, PayPal issued a new user agreement that included fining users $2,500 for “misinformation” or material “unfit for publication.” The determination of what could be deemed “misinformation” was to be at the sole discretion of PayPal, and the fine was to be “debited directly from your PayPal account”
The updated terms of service resulted in thousands of users swiftly closing their accounts and taking their outrage to social media. PayPal’s former president, David Marcus, referred to the new terms as “Insanity,” and company stocks tanked nearly 12%.
The ultimate goal is total control
On October 8, a Paypal spokesperson explained to the National Review that the user policy notice shared wildly on Twitter and publications, was a mistake.
“An AUP notice recently went out in error that included incorrect information,” the Paypal spokesperson insisted.
“Paypal is not fining people for misinformation and this language was never intended to be inserted in our policy.
Our teams are working to correct our policy pages. We’re sorry for the confusion this has caused.”
“... PayPal’s Acceptable Use Policy already includes a claim that if you violate its policy they can take $2,500 from your account. While PayPal walked back some of these newly announced changes, the policy about the $2,500 has existed for at least a year.
Here’s the policy I just grabbed from their website, showing it was last updated on September 20, 2021, with the $2,500 ‘liquidated damages’ clause in there:
... Lots of sites reported that PayPal had retracted its plan to fine people $2,500 for misinformation, but the $2,500 amount is still in the policy. It’s just that the misinformation part is not going live — yet.
“Paypal’s policy of charging $2,500 for spreading ‘inaccurate or misleading information’ has been reinstated as outlined in the Restricted Activities under the User Agreement ...
Starting November 3, 2022, PayPal is expanding the existing list of prohibited activities to include the sending, posting, or publication of messages, content, or materials under its Acceptable Use Policy.
‘Violation of this Acceptable Use Policy constitutes a violation of the PayPal User Agreement and may subject you to damages, including liquidated damages of $2,500.00 U.S. dollars per violation, which may be debited directly from your PayPal account(s) as outlined in the User Agreement,’ said PayPal.
Users will be subject to a financial penalty if they violate the revised policy in any way, including by spreading false information, engaging in discrimination against the LGBTQ community, posing a risk to user safety, and so on .
To use or not use PayPal
429 million PayPal users. Do the math.
Some people were unable to close their PayPal account. If you choose to close your PayPal account, you can transfer your PayPal balance to your bank account. When the $ is transferred, you can try to close your account.
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Doreen A Agostino
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