Posted on 10/10/2022 4:55:18 AM PDT by mikelets456
What’s happening: PayPal is updating its acceptable use policy, with the update taking effect on November 3. You might say to yourself, well, I don’t use my account with the financial services company for anything improper or illegal, so what do I have to worry about? Here’s why that might not necessarily be true:
PayPal says it’s expanding its existing list of prohibited activities to include the “sending, posting, or publication of messages, content, or materials that meet certain criteria.” The full details are explained right here, but PayPal is basically set to start levying a fine when users are found to have shared “misinformation” or promoted content that’s deemed to be “discriminatory” or promoting “hate.”
(Excerpt) Read more at msn.com ...
No need for apologies.
Just a FRiendly ‘nudge’ ;-)
Venmo is owned by PayPal. You may want to find another payment processor.
Venmo is owned by PayPal. You may want to find another payment processor.
“Side question: What if one doesn’t have $2,500 on one’s account? What if one has only $3.98 on one’s account? Would one then owe PayPal the rest?!”
Presumably, yes. Most commonly, PP will have a link to your checking account such that if you buy something that exceeds your PP balance, they just extract the excess out of your ckg. Or will similarly charge it to your credit card. That’s what’s most alarming about this.
I don’t know and I don’t know how anyone CAN know whether this new policy is true or not. Maybe they lied when they announced the policy, maybe they are lying when they say “just kidding”, but the very idea they can even think of, much less impose such a policy is insane, egregious, and unacceptable.
They cannot take money out of your bank account.
Venmo is owned by Paypal!
Paypal owns Venmo
They are doing that to me, right now, on a $27 purchase I made of some toner
cartridges a few days ago. When you sign up with paypal, I believe you are required to State a backup funding source. Previously, for me, that had been a credit card. But that credit card was canceled per my request and their action and a new one issued because of a fraudulent charge. Thus the credit card account they have on file is no longer valid. So they went to my secondary source, which is my checking account. They must have done as I have described, because otherwise the purchase would not have gone through.
See my redaction and apology—
This was PayPal’s shot across the bow, the story is more than valid
Right.
Let’s post it 100 more times absent the ‘update’.
/s
Out of their minds! Like State Farm and others they need to stick to their business plan and stay the hell out of personal political preference.
I saw this and doubted it as an unfounded rumor thinking it was just too incredibly stupid to be true. It is true but it is also stupid.
I have yet to see an acceptable retraction by PP and until I do my account is suspended via my removing my account access, making a screen copy of that condition and pending full suspension.
The retraction by PP needs to be in messages to users and a banner in their log on page saying this insanity is NOT their policy. Even with that, how can they ever be trusted again? Do the fools working for the company and their share holders not understand that integrity and neutrality is their business? The new generations do not understand that all things you can do are things you should even touch or even think about. What gave anyone the idea that a financial services firm can be a social justice warrior at the expense of their clients?
I should simply close my account because PP have proven they are not trust worthy and can’t ever be trusted again. Instead, I hang on in disbelief expecting PP to do something they have proven they just are not capable of.
I’m sure Musk could develop something similar to PP…..since he cofounded PP.
Go on the website, sign in and go to My Account. I removed all payment links (bank acct and Visa card) and hit “Cancel account”. One worked immediately, the other was a pain because there was some money in it and I had to transfer the money before I could close the account. That one’s still pending.
They took out the “misinformation” part.
You could just pass on by the posts
In my view, a consumer consenting to giving PayPal unlimited access to his bank account subject only to PayPal's discretion would be tantamount to my giving my newspaper delivery boy the combination to my safe.
Regards,
I don’t disagree with you, but this conclusion derives only because of the history and that we can see that history from today’s vantage point. Paypal has been used for quadrillions of transactions, massively over 99.999% successfully. And I have been able to reverse about $3000 in fraudulent transactions using their protections. Nobody likes paying their fees, but if you were to accept a credit card for payment of merch you sold, you would have to pay the CC servicer a similar fee. So, people accept/get over that piece of irritation, myself included.
For many years, or at least several years, if you wished to sell stuff on ebay, you HAD TO accept PP for payment and if you wished to BUY stuff on ebay you had to have a PP account, which could be fueled by being linked to your bank account or a credit card.
So up until this new announcement, “unlimited access to [his] bank account subject only to PayPal’s discretion” is a completely new and radical re-definition of the terms of service, nothing I ever agreed to in 20+ years of using PP.
I don't know what "derived conclusion" you are referring to; perhaps my comment (about giving the delivery boy my safe combination)? That was intentionally polemic and not stringently Aristotelian.
I'm sure that operating an enormous payment platform requires all kinds of weird strictures, regulations, conditions, and exceptions which at first glance don't seem commonsensical to laymen.
However, I won't countenance a financial institution passing moral judgement on how I spend my money (as long as it is in a lawful manner).
And I certainly wouldn't stand for them promoting "woke" policies at my expense.
Regards,
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