Change in paypal policy

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carmachu ( 686 )
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Change in paypal policy

Post by carmachu »

Got this email today:
PayPal recently posted a new Policy Update which includes changes to the PayPal User Agreement. The update to the User Agreement is effective November 1, 2012 and contains several changes, including changes that affect how claims you and PayPal have against each other are resolved. You will, with limited exception, be required to submit claims you have against PayPal to binding and final arbitration, unless you opt out of the Agreement to Arbitrate (Section 14.3) by December 1, 2012. Unless you opt out: (1) you will only be permitted to pursue claims against PayPal on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.

You can view this Policy Update by logging in to your PayPal account. To log in to your account, go to https://www.paypal.com and enter your member log in information. Once you are logged in, look at the Notifications section on the top right side of the page for the latest Policy Updates. We encourage you to review the Policy Update to familiarize yourself with all of the changes that have been made.

If you need help logging in, go to our Help Center by clicking the Help link located in the upper right-hand corner of any PayPal page.

Sincerely,

PayPal
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Imaginos ( 470 )
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Re: Change in paypal policy

Post by Imaginos »

So if I'm reading it right, you can still file a claim or whatnot against paypal (including a credit card chargeback), you just cant do it as part of a class action lawsuit. Is that what you're getting from this too?
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s_o_r_r_o_w ( 312 )
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Re: Change in paypal policy

Post by s_o_r_r_o_w »

I don't see any advantage in not opting-out.
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carmachu ( 686 )
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Re: Change in paypal policy

Post by carmachu »

s_o_r_r_o_w wrote:I don't see any advantage in not opting-out.
The problem is I cant find where to opt out. Anyone know where?
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Imaginos ( 470 )
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Re: Change in paypal policy

Post by Imaginos »

I just logged into my paypal and didn't have anything show up. Wonder if they are rolling this out through October.
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kturock ( 590 )
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Re: Change in paypal policy

Post by kturock »

i got that several days, maybe 10, ago. It seems someone has sued paypal and they want to stop more people from doing so...maybe becaus of their lack of protection; even though they claim guaranteed protection.
Or it could be due to the number and amount of fees. In some states, mandatory fees of a certain amount or over a certain percentage, are illegal. Check cashing stores and the like were subject to them. They were likened to legal loan sharking.
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MagickalMemories ( 832 )
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Re: Change in paypal policy

Post by MagickalMemories »

I always wondered how it was legal for Feebay to REQUIRE sellers to only accept PayPal, when Feebay owns PayPal.


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osloco ( 210 )
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Re: Change in paypal policy

Post by osloco »

I can find the info, but not how to opt out? Anyone give me a better break down?
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