Changes to PayPal

[roccaas]

For those of us who use PayPal, there is a change to their policy that may become important. Unless you opt out of the policy change (by snail mail), you cannot join a class action against PayPal. Your disputes must instead go to an arbitrator.

I'm opting out. I believe there may be a class action suit brewing around interest rate calculations and charges.

Check your email for a message from PayPal about this.

[Great Lakes Greg]

I left ebay because of paypal's "policys", like a mandatory account to be able to bid on some items. Kind of like having to buy your pick and shovel at the company store.

[modela-carb]

Don't forget that PayPal is owned by EBay and dances to the Ebay drummer

[H. L. Chauvin]

Been using PayPal for years -- only use instant pay with no credit charge, no interest to pay, and no problems. Would never take a chance to pay a "high" price on Ebay for an item I cannot actually touch before I bought it.

Read some time ago that many stores like Sears make far more money annually with interest charges on their credit cards than they do with selling merchandise -- Ebay is probably raking in quite a bit with PayPal interest -- this is a convenient way to conduct business with plastic cards which started in the middle of the last century -- so many continue to fall into this trap.

Also, China is doing the same as we speak with their bank loans generating millions in interest owed to them by the U.S.

The banks of any country can legally break any household, business, or country when one spends more than one makes.

Arbitration usually leaves one with no recourse to appeal a decision, & in most cases arbitration is held in the lender's home state -- one has to pay his lawyer's hotel fees in addition to paying one's lawyer.

Please be careful -- the handshake deals we once knew are just about gone.

[xxf_mike_xf]

Originally Posted by roccaas

For those of us who use PayPal, there is a change to their policy that may become important. Unless you opt out of the policy change (by snail mail), you cannot join a class action against PayPal. Your disputes must instead go to an arbitrator.

I'm opting out. I believe there may be a class action suit brewing around interest rate calculations and charges.

Check your email for a message from PayPal about this.

I haven't seen anything from paypal about this.

You say there is "opt out" mailing address, please post it in this thread as well as the website where this information was found... all of this sounds very strange.

[xxf_mike_xf]

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Interest on a trillion dollar debt would be in the millions, thats normal.

Every time you buy or sell on Ford Barn its a handshake deal... when a deal is struck, the buyer doesn't have to pay and the seller doesn't have to ship once payment was received. Its a risky form of business that didn't always have the best outcomes "back in the day".

Originally Posted by H. L. Chauvin

Been using PayPal for years -- only use instant pay with no credit charge, no interest to pay, and no problems. Would never take a chance to pay a "high" price on Ebay for an item I cannot actually touch before I bought it.

Read some time ago that many stores like Sears make far more money annually with interest charges on their credit cards than they do with selling merchandise -- Ebay is probably raking in quite a bit with PayPal interest -- this is a convenient way to conduct business with plastic cards which started in the middle of the last century -- so many continue to fall into this trap.

Also, China is doing the same as we speak with their bank loans generating millions in interest owed to them by the U.S.

The banks of any country can legally break any household, business, or country when one spends more than one makes.

Arbitration usually leaves one with no recourse to appeal a decision, & in most cases arbitration is held in the lender's home state -- one has to pay his lawyer's hotel fees in addition to paying one's lawyer.

Please be careful -- the handshake deals we once knew are just about gone.

[joeypoconos]

Here is paypal's instructions on HOW TO opt-out of the policy amendment in question.

Opt-Out Procedure.

You can choose to reject this Agreement to Arbitrate ("opt out") by mailing us a written opt-out notice ("Opt-Out Notice"). For new PayPal users, the Opt-Out Notice must be postmarked no later than 30 Days after the date you accept the User Agreement for the first time. If you are already a current PayPal user and previously accepted the User Agreement prior to the introduction of this Agreement to Arbitrate, the Opt-Out Notice must be postmarked no later than December 1, 2012. You must mail the Opt-Out Notice to PayPal, Inc., Attn: Litigation Department, 2211 North First Street, San Jose, CA 95131.

The Opt-Out Notice must state that you do not agree to this Agreement to Arbitrate and must include your name, address, phone number, and the email address(es) used to log in to the PayPal account(s) to which the opt-out applies. You must sign the Opt-Out Notice for it to be effective. This procedure is the only way you can opt out of the Agreement to Arbitrate. If you opt out of the Agreement to Arbitrate, all other parts of the User Agreement, including all other provisions of Section 14 (Disputes with PayPal), will continue to apply. Opting out of this Agreement to Arbitrate has no effect on any previous, other, or future arbitration agreements that you may have with us.
Future Changes to the Agreement to Arbitrate.

Notwithstanding any provision in the User Agreement to the contrary, you and we agree that if we make any change to this Agreement to Arbitrate (other than a change to any notice address or website link provided herein) in the future, that change shall not apply to any claim that was filed in a legal proceeding against PayPal prior to the effective date of the change. Moreover, if we seek to terminate the Agreement to Arbitrate as included in the User Agreement, any such termination shall not be effective until 30 days after the version of the User Agreement not containing the Agreement to Arbitrate is posted to http://www.paypal.com, and shall not be effective as to any claim that was filed in a legal proceeding against PayPal prior to the effective date of termination.

[Roadster62]

Just buy my stuff and pay me with PayPal, what's the problem? Bob

[H. L. Chauvin]

Lawyers for most large companies suggest Arbitration for a real company advantage to avoid payment to customers when a deal or sale runs amuck.

I would never agree to Arbitration -- not even for a PayPal payment of (30) cents for a Model A Part No. A9770-X, Model A Foot Rest Screw Set -- Mediation, yes -- but, each to his own for getting hoodwinked into a legal trap.

In just browsing a few seconds ago, in my catalogs, the A9770-X was the least expensive item I could find -- maybe there is a cheaper Model A part.

[Greg Jones]

Interest on trillions is in the billions, not millions. You know what "they" say, a billion here, a billion there, pretty soon you are talking about some real money.

[Mike V. Florida]

Originally Posted by xxf_mike_xf

Every time you buy or sell on Ford Barn its a handshake deal... when a deal is struck, the buyer doesn't have to pay and the seller doesn't have to ship once payment was received. Its a risky form of business that didn't always have the best outcomes "back in the day".

I just bought a coil from a member here. He sent it to me told me to test it out then send him the money and we never even "shook hands".

[Mike V. Florida]

Originally Posted by xxf_mike_xf

I haven't seen anything from paypal about this.

You say there is "opt out" mailing address, please post it in this thread as well as the website where this information was found... all of this sounds very strange.

https://cms.paypal.com/us/cgi-bin/?c...locale.x=en_US

[ronn]

After the lawyers fees, everyone on this board will be entitled to about 12. cents....

Much boohah about nothing....

Use them or don't, your choice. Yes ebay has a monopoly on us with paypal, so what's new? Been going on for years....
The gov will continue to cooperate with the bay, because all of that "back tax' from us is still waiting in the coffers.... we are all on record as to previous sales....

[dean from bozeman]

Mike V. said, 'I just bought a coil from a member here. He sent it to me told me to test it out then send him the money and we never even "shook hands". '

Mike, glad to hear that.

I, too, like to deal on an examine then pay basis. No one who I have dealt with on Fordbarn has ever received a part and then not paid for it. For me, a man's word is a handshake.

[Dune Country]

Thanks for the heads up,
got my curiosity,
in reading the policy I see things like

By providing PayPal a telephone number (including a mobile telephone number), you agree to receive autodialed and prerecorded message calls at that number. The ways in which you provide us a telephone number include, but are not limited to, providing a telephone number at Account opening, adding a telephone number to your Account at a later time, providing it to one of our employees, or by contacting us from that phone number. If a telephone number provided to us is a mobile telephone number, you consent to receive SMS or text messages at that number.

or

. If you opt out of the Agreement to Arbitrate, all other parts of the User Agreement, including all other provisions of Section 14 (Disputes with PayPal), will continue to apply. Opting out of this Agreement to Arbitrate has no effect on any previous, other, or future arbitration agreements that you may have with us.

I have decided to opt out and maybe cancel the account.

[Bruce of MN]

This reminds of a story about Stanley Steamer that I read years ago. Supposedly they didn't offer a written warranty and when asked about it, the Stanley brother said it was preposterous that he wouldn't back up his product.

Originally Posted by dean from bozeman

Mike V. said, 'I just bought a coil from a member here. He sent it to me told me to test it out then send him the money and we never even "shook hands". '

Mike, glad to hear that.

I, too, like to deal on an examine then pay basis. No one who I have dealt with on Fordbarn has ever received a part and then not paid for it. For me, a man's word is a handshake.