Head's Up On Paypal!

This is an email I recieved today about changes which will take effect on November 1;

Dear Lawrence ,

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,

I got the same e mail a month ago. I wouldn't sweat it that much.
Bill Cahill

If one opts out of the agreement to arbitrate...


What happens?

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Bill Cahill

It's classic big business again. Don't agree to their rules that are only meant to favor them and you either can't use their services anymore or are limited on what features of their services are available to you.

Its just like when you click the "agree" button when installing new or updates to software. You really have no choice. Click DO NOT AGREE and well, no software for you. The little guy really has no recourse. Oh well, off soap box.

Don't sweat it though.

It basically means you agree that you will not to join a class action lawsuit if one is brought against paypal. You can sue them yourself though. you only get 23 cents in a class action anyway

It could be a scam. I called PayPal when I got a similar email and they told me to delete it- immediately.

Did it give your user name or say "Dear PayPal customer". PayPal ALWAYS uses your user name.

It gave my full user name.

MEZLAW wrote:It gave my full user name.

Good.

I still call them if I get anything that seems odd, unusual or suspicious .