PayPal says inclusion of $2,500 misinformation fine in new policy was "incorrect"

Hanno Labuschagne

Hanno Labuschagne

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PayPal says inclusion of $2,500 misinformation fine in new policy was "incorrect"

PayPal Holdings Inc. said it has no intention of fining customers for spreading misinformation, after attracting criticism for publishing a new user agreement outlining such a plan.

The issue gained traction over the weekend after the company published policy updates prohibiting users from using the PayPal service for activities identified by the company as “the sending, posting, or publication of any messages, content, or materials” promoting misinformation, in an Acceptable Use Policy due to kick in on Nov. 3.

[Bloomberg]
 
system32

system32

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PayPal Holdings Inc is a big public company, these kinds of AUP changes are discussed and vetted by the legal team & management - so no way "The notice included incorrect information".

It was only incorrect when the public made a stink about overreach and PayPal shares dropped 5.3%.

This blunder could only happen if PayPal has been infested with the woke mob or hacked - not sure which is worse.
 
O

op365

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When you realise that you made a bad call and was caught out - saying sorry isn't going to fix it this time... Down the road you will be just more careful in implementing this policy from the puppet masters...

Go woke = go broke

Closed my PayPal account
 
Fulcrum29

Fulcrum29

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I see on the webz that the policy has been reinstated. Is it true, and say it is so, what has changed?
 
rvZA

rvZA

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Paypal can try this. It will open the gates for a new competitor to launch and take over Paypal's market dominance. While the Left fools think they own and run the world, it is only an illusion created for them to live in.
 
rvZA

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My_King said:
2 things.

Another ""mistake"" or they really want that in place
Click to expand...

They want this in place. They want to decide what people are allowed to think and speak. Paypal just did not realize that they were part of a small minority of far-left idiots who think they run the world.
 
Fulcrum29

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My_King said:
2 things.

Another ""mistake"" or they really want that in place
Click to expand...

I don't know what has changed, because their AUP is unchanged since September 20th and their PUA is the same since September 19th, unless they make ghost changes which is legally questionable.

The last time I received an update notice was three weeks ago, but that was applicable to EMEA rules.

Perhaps it has already been backtracked, or people have come to some odd conclusions.

It is Twitter rage at the moment.

Here is the PUA,

www.paypal.com

PayPal User Agreement - PayPal US

PayPal User Agreement provides information regarding opening and closing an account, managing funds in multiple currencies, account statement, fees, and more.
www.paypal.com www.paypal.com

This user agreement will be effective for all users as of September 19, 2022.

...
  • If you are a seller and receive funds for transactions that violate the Acceptable Use Policy, then in addition to being subject to the above actions you will be liable to PayPal for the amount of PayPal’s damages caused by your violation of the Acceptable Use Policy. You acknowledge and agree that $2,500.00 U.S. dollars per violation of the Acceptable Use Policy is presently a reasonable minimum estimate of PayPal’s actual damages - including, but not limited to, internal administrative costs incurred by PayPal to monitor and track violations, damage to PayPal’s brand and reputation, and penalties imposed upon PayPal by its business partners resulting from a user’s violation - considering all currently existing circumstances, including the relationship of the sum to the range of harm to PayPal that reasonably could be anticipated because, due to the nature of the violations of the Acceptable Use Policy, actual damages would be impractical or extremely difficult to calculate. PayPal may deduct such damages directly from any existing balance in any PayPal account you control.
Click to expand...

Then to quote the AUP,


Last updated on September 21, 2021

...

Prohibited Activities​

You may not use the PayPal service for activities that:
  1. violate any law, statute, ordinance or regulation.
  2. relate to transactions involving (a) narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety, (b) drug paraphernalia, (c) cigarettes, (d) items that encourage, promote, facilitate or instruct others to engage in illegal activity, (e) stolen goods including digital and virtual goods, (f) the promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime, (g) items that are considered obscene, (h) items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction, (i) certain sexually oriented materials or services, (j) ammunition, firearms, or certain firearm parts or accessories, or (k) certain weapons or knives regulated under applicable law.
  3. relate to transactions that (a) show the personal information of third parties in violation of applicable law, (b) support pyramid or ponzi schemes, matrix programs, other "get rich quick" schemes or certain multi-level marketing programs, (c) are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card, (d) are for the sale of certain items before the seller has control or possession of the item, (e) are by payment processors to collect payments on behalf of merchants, (f) are associated with the sale of traveler's checks or money orders, (g) involve currency exchanges or check cashing businesses, (h) involve certain credit repair, debt settlement services, credit transactions or insurance activities, or (i) involve offering or receiving payments for the purpose of bribery or corruption.
  4. involve the sales of products or services identified by government agencies to have a high likelihood of being fraudulent.
  5. relate to transactions involving any activity that requires pre-approval without having obtained said approval.
Click to expand...

Eh?
 
rvZA

rvZA

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Fulcrum29 said:
I don't know what has changed, because their AUP is unchanged since September 20th and their PUA is the same since September 19th, unless they make ghost changes which is legally questionable.

The last time I received an update notice was three weeks ago, but that was applicable to EMEA rules.

Perhaps it has already been backtracked, or people have come to some odd conclusions.

It is Twitter rage at the moment.

Here is the PUA,

www.paypal.com

PayPal User Agreement - PayPal US

PayPal User Agreement provides information regarding opening and closing an account, managing funds in multiple currencies, account statement, fees, and more.
www.paypal.com www.paypal.com



Then to quote the AUP,




Eh?
Click to expand...

To be honest, this is old news. The Agreement was changed in September and on 10 October they already backtracked after losing billions of Dollars in income.

www.reuters.com

PayPal says policy to fine customers for 'misinformation' was an 'error'

PayPal Holdings Inc said on Monday it will not fine users for misinformation and an earlier policy update that said customers could have to pay $2,500 in damages was sent in error.
www.reuters.com www.reuters.com

2 minute read October 10, 2022 7:34 PM GMT+2 Last Updated 17 days ago
Click to expand...

Long story short, go woke go broke.
 
Fulcrum29

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rvZA said:
To be honest, this is old news. The Agreement was changed in September and on 10 October they already backtracked after losing billions of Dollars in income.

www.reuters.com

PayPal says policy to fine customers for 'misinformation' was an 'error'

PayPal Holdings Inc said on Monday it will not fine users for misinformation and an earlier policy update that said customers could have to pay $2,500 in damages was sent in error.
www.reuters.com www.reuters.com
Click to expand...

Tell it to these peeps, and it is plastered all over my crypto news,

 
rvZA

rvZA

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Fulcrum29 said:
Tell it to these peeps, and it is plastered all over my crypto news,

Click to expand...

Ah well. Paypal's problem that. Just be sure you do not own any Paypal stock, because it is going to tumble again and not come back. They will again lose substantial number of clients and business too.

Luckily its not my business, nor do I invest in them and nor will my business be affected. There are much better payment processors than Paypal out there.
 
Geoff.D

Geoff.D

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op365 said:
Closed my PayPal account
Click to expand...
That is the right action to take. Put these idiots out of business -- we don't need them. They and their stupid lawyers must start to THINK before making announcements and policy changes.
 
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