What is going on with PayPal?

[Baitball Blogger]

Is there a class action coming down the pike? I just got this in my email:


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,

PayPal

[djean111]

1. Don't know anything about this, but

in the last few days I have gotten two emails, supposedly from paypal, that went right to spam. These told me I had paid someone in Australia money. Which I did not.
Then today I got another paypal email asking me to complete a survey about an email I never received.
So - don't click on any links in an email from paypal.

[Sekhmets Daughter]

2. I don't know but

I had to get a new debit card because someone's data base was hacked and my card number was one of those stolen! PayPal is one of the few sites on which I had stored my debit card. B of a couldn't say which site and I must say B of A was very quick to pick this up....they notified me of the theft and I had no bogus charges...but I removed it from every site and will just use credit cards from now on...sigh....

[KurtNYC]

3. looks like fishing spam -- note they use http and not https

[still_one]

5. Don't use there hyperlink, you should supply the link to pay pal yourself in case

It redirects you somewhere else

[bkkyosemite]

6. Forward that email to [e-mail] most is fake

they will let you know if it is spam...most time is..

[mnhtnbb]

7. Do NOT use that link. Forward the e-mail to Paypal to report phishing.

[TheCowsCameHome]

8. I got that, too. I think it's real, but I trashed it

Too much crap from these sites in general lately.

[HopeHoops]

9. I'd rather go individual anyway. Class action is a scam. I know first hand.

The lawyers get all the money and the "plaintiffs" get squat. I opted out of a class action suit against Fischer Price over a batter-powered Jeep that had some problem (I forget what). The lawyers got a HUGE settlement. Even though I opted out, they obviously included me anyway because I got a letter explaining how we, the plaintiffs, had won the suit and our settlement was a $5 coupon off of another Fischer Price product.

I don't know how such lawyers can sleep at night, but I bet they do it on rather expensive pillows stuffed with cash.

[Daemonaquila]

10. It's just another change in their favor.

This has been in the works for some time, just another routing change in their TOS to skew the game in their favor. Consumer sites have been reminding folks to opt out for weeks now. Send the letter certified, unless you like being up crap creek without a paddle if, for some mysterious reason, PayPal decides to hold your funds or monkey with your account.