New Paypal terms

shorecoll

Anyone ranting yet about the new Paypal terms defaulting all complaints to binding arbitration and banning ("opting out" of) class action lawsuits?

Read these new terms by Dec.1 or you automatically agree to them.

mustangmanbob

These terms show up in a LOT of contracts now. With the new Financial arm of the Federal Government that SOME consider anti-business, expect to see more of this.

Example: I just got an email for a class action lawsuit against Carfax. Short version, all the plaintiffs get a $3 coupon, and the TA's get mega bucks. With millions of people in paypal, a $2 issue can reap millions of dollars for the lawyers, and a coupon for all of us.

Such is life.

DeliaBug

Where's my two dollars.......

OPA

I just received a check for $3.93. My cut of a class action suit against "Classmates.com" ... Yup, I feel rich & vindicated

Frankcoins

Before you agree to new terms that you will NOT participate in any class action lawsuits, and will agree to their own arbitration policies and will only seek individual damages...consider this: A couple of class action suits are in the works asking for hundreds of millions in damages for sellers forced to accept paypal or other online payments and the associated fees with no option to accept the forms of payment that the seller PREFERS, such as checks or money orders which do not cost the sellers money. While these class action lawsuits usually pay most of the money to the attorneys, I did get a few hundred dollars from a General Dymanics 401K for supposedly favoring investments beneficial to the company rather than putting the interests of the participants first. So I would not opt out of a potential class action payment by agreeeing to these new terms.

pf70collector

Still waiting for my check from the Chase class action suit for manipulating their credit card agreement by doubling their minimum payment.

19Lyds

<< <i>These terms show up in a LOT of contracts now. With the new Financial arm of the Federal Government that SOME consider anti-business, expect to see more of this.

Example: I just got an email for a class action lawsuit against Carfax. Short version, all the plaintiffs get a $3 coupon, and the TA's get mega bucks. With millions of people in paypal, a $2 issue can reap millions of dollars for the lawyers, and a coupon for all of us.

Such is life. >>

Well, this may be true from a financial aspect but doesn't it also get them to change whatever it was they got sued for?

I'd like to sue eBay for charging me a Final Value Fee on the shipping charges I charge to winning bidders. I mean, I tried coaxing and talking to the coins to walk out the door to the winning bidders house but they just weren't listening. So, I had to use USPS to get the delivery done! This, costs me money which the customer should pick up.

Of course, if I make a $900 profit of something I sell I won't charge any shipping but for the little stuff, it gets expensive.

291fifth

Class action lawsuits are a joke ... to all but the law firms that collect huge fees as a result of the settlements.

Casman

Well, there is a small claims exception and as far as the arbitration, I think they indicate they'd pay the fees which are way more than court. They did however choose AAA which is currently bordering on becoming the new NAF. It's interesting as well how they attempt to limit ones right to an in person hearing, which is a right contained within the forum rules, at least in consumer cases. Their legal team actually knew what they were doing when they drafted that agreement, most do not.

LindeDad

Have to wonder what happens to us small fry listers if we do not agree with the terms of service?

Don't we become non-listers as it sure isn't economically feasible to get credit card service.