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Fri Oct 12, 2012, 12:15 PM

 

Paypal basically a bank & credit card -- but not regulated as such. [View all]

...There have been campaigns calling for consumers to opt out of eBay's (forced arbitration) program. Public Citizen has provided instructions on its website for consumers "to protect their constitutional rights by opting out of a forced arbitration clause and ban on consumers joining together in class actions." eBay is not alone.... Many tech companies have joined, or plan to join, the "party" in requiring consumers to opt out or be subject to binding arbitration... (Paypall) recently sent notices to its users of policy updates, effective November 1, 2012, stating:

"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."

Comment:

I imagine this all came about because class action law firms are readying cases to file against them, and they want to prevent that. Ebay and their Paypal subsidiary and getting into quite tortuous territory lately, with the 21 day money holds Paypal is putting on many long time users at the direction of ebay, their corporate parent. Users with no history of fraud or the need to money holds. These holds violate Federal Reserve Regulation CC, but oops, Paypal is not a bank so they are not covered by banking regulations! Well, except in Europe, the EU told them to close up or become a bank and be regulated there. So they did. I wrote my congressman and requested that Paypal be brought under full federal banking regulations...maybe if others wrote their congressman asking for the same things would change.

Comment:

I recently used pay pal and accidentally clicked on the Bill Me Later provision. There was no way to opt out and it made me sign up for what essentially is a credit card. They open an account in your name, and then you don't pay right away so they can charge you some interest. It was the most annoying and underhanded bs I've seen, recently that is. I will never, ever use paypal again for that reason.

http://www.creditslips.org/creditslips/2012/10/paypal-joined-the-party.html

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Reply Paypal basically a bank & credit card -- but not regulated as such. [View all]
HiPointDem Oct 2012 OP
grasswire Oct 2012 #1
HiPointDem Oct 2012 #2
songtu Nov 2012 #3