Heads Up - Paypal Policy Update

Paypal needs to be regulated like a bank. arbitrarily holding funds, arbitration, etc.

so how do you opt out?

Quote from SpeedEuphoria : so how do you opt out?

An awful lot to do to opt out, considering this is a company that deals with everything online. How convenient for them to make this difficult to opt out of using snail mail. A lot of effort now-a-days.

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.

I'm no lawyer but doesn't this seem illegal? (What Paypal is doing)

Quote from XRMancia : An awful lot to do to opt out, considering this is a company that deals with everything online. How convenient for them to make this difficult to opt out of using snail mail. A lot of effort now-a-days.

Think of it this way: if ever a class action lawsuit were to be brought up against paypal, (and for whatever reason you have a valid claim to said lawsuit) then the pool of money would likely be split among a far smaller group of individuals (of which you would be included if you send in this opt-out notice).

I'm going to fill one out for the heck of it, although I don't see any (major) class action suits coming for paypal anytime soon if at all. Remember to sign (as in handwrite) your signature somewhere on your notice.

Quote from Combs : I think Ebay did the same thing.

how do i opt out the ebay one.\?? i only use it twice a year but if they get their asses sued im not missing out on my piece of the pie

Quote from bkim84 : Paypal needs to be regulated like a bank. arbitrarily holding funds, arbitration, etc.

Does it have HDMI?

Paypal f(cks you over regardless...Opt in, opt out..makes no difference...either way you're a loser!

Quote from Krakn3Dfx : I've filed complaints with Paypal over disputes 3 times in the 5 years, and they always sided with the retailer. Jerks.

You must be the exception. I always lose if a buyer opens a case. Just last week, I had a guy buy a piece of sealed electronics, opened, did not like and without contacting me filed a dispute with paypal. Guess who lost.

Does anyone know where I can get a 10% coupon to opt out and free shipping?

Quote from Krakn3Dfx : I've filed complaints with Paypal over disputes 3 times in the 5 years, and they always sided with the retailer. Jerks.

Siding with the eBay seller who pays them vs the consumer who does not? Inconceivable.

Also not unusual...I've had similar problems. As a result I'm pretty much unwilling to buy used electronics through them at this point.

Quote from helloha1 : Not sure if this belongs in Hot Deals, but I though this was decently important for people to know. I got an email about this today. Basically (at least in my understanding) you have to opt out of the new policy update if you want to be able to be part of a class action lawsuit against paypal in the future.

You know where it goes. You have 1600 posts. Deal Talk.

Quote from bkim84 : Paypal needs to be regulated like a bank. arbitrarily holding funds, arbitration, etc.

Quote from rsx1213 : I'm no lawyer but doesn't this seem illegal? (What Paypal is doing)

Quote : Amendment VII (of the Bill of Rights, i.e. the US Constitution) In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.

Welcome to the view of five justices as defined by the US Supreme Court. Now. I will let you guess whether the cases that erode the clearly defined right above were decided by a liberal or conservative majority. It is ironic, given the simple clarity of the 7th amendment, that access to the courts should be limited by justices who cloak themselves in the mantle of being "strict constructionists" (except if inconvenient to certain interests). These justices have been steadily eroding the right to a civil trial, by permitting "voluntary" arbitration agreements. The problem is that one critical premise used to justify "voluntary" arbitration agreements is that the business transaction is symmetric, i.e. if you don't like the terms, you can go somewhere else. Then again, the 7th amendment does NOT mention waiving that right, it's even worded more strongly than the right to bear arms "...the right of trial by jury shall be preserved,".

You cannot get a charge card without signing an arbitration clause. Try functioning in everyday life without any credit instruments, i.e. on an entirely cash basis. Many companies are now screening job applicants using Credit Scores (which are a de facto monopoly of three companies) and if you live a cash only life, you will not be able to obtain those jobs as you will never have a very good credit score. It is difficult to purchase a house without signing an arbitration agreement, unless it is an entirely private purchase with no financial instruments involved except between the seller and buyer. Again, what percentage of home transactions fall into that category?

Try to rent without an arbitration agreement. This is possible, but you will again be horribly constrained as to your options, especially in a major metro area. Again, only with private transactions (and many of those now use arbitration agreements) is there even a chance of a non-arbitration rental. Try signing up for a 401k or most other investment (stock and mutual fund for example) account, which by the financial industries own literature are the only effective way to save for retirement. These types of accounts are, from a practical basis, not obtainable unless you sign an arbitration agreement. The modern use of arbitration agreements is by and large functionally impossible to avoid in the US unless you are in the underground economy. So much for the constitution.

Quote from bkim84 : Paypal needs to be regulated like a bank. arbitrarily holding funds, arbitration, etc.

Then like a bank you would need to provide your SSN and have a credit pull.