PayPal no longer covering Coins and Paper money/ bullion/ investments as of 03/29/17- Thoughts?
boyernumismatics
Posts: 473 ✭✭✭✭
Here's the link so the new "agreements" and "policy changes" that are put in effect as of 03/29/17.
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?locale.x=en
Coins and paper money would fall under "Financial products or investments of any kind." That really sucks for all of us.
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Unlikely....You need to define what is a "financial product"....
"A financial product has value, but it is not tangible." Gold, Silver and Coins are all tangible.
"Financial products or investments of any kind" does not mean collectible coins or currency.
So, I disagree with you statement.
bob
Are coins or paper money not financial products? I mean...
collectables are NOT financial products .....
Financial instruments maybe, but I would hesitate on calling them products. It all comes down to semantics, but that is the way the law is, and one of the reasons we have lawyers, courts, etc.
Do we all think PayPal cares what we classify them as? They're COINS and PAPER MONEY. In my eyes, that's financial products because they're used to buy things. That's such an unbelievable slippery slope that they just toss around a generality such as that they have. They need to be more specific into what they mean and what they list under that broad classification.
your eyes would be wrong
Thank you for a constructive comment.
I think that a call to PayPal would probably clear this all up. If coins and paper money as collectibles are excluded then I would expect many eBay stores to shut down immediately.
My Ebay Store
It's definitely not referring to coins or paper money, but intangibles, such as crypto-currencies (BTC), stocks, bonds, annuities etc.
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Did anyone save earlier paypal agreements/terms? This may be standard boiler plate that has already been in effect for some time.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Found details of user agreement.
https://paypal.com/webapps/mpp/ua/useragreement-full#purchase-protection
Under
Ineligible items and transactions under PayPal’s Purchase Protection program
They list - - Stored value items such as gift cards and pre-paid cards.
My guess is that's what they're calling financial products.
As far as what they're meaning in terms of investments, there's a link to some bad investing ideas in their #3 of their Acceptable Use Policy. So if you "invest" in a period scheme and pay via PayPal then PayPal won't bail you out.
Items prohibited by the PayPal Acceptable Use Policy.
https://paypal.com/us/webapps/mpp/ua/acceptableuse-full
This would not include coins and currency.... as stated above, it would close down large sections of ebay. Cheers, RickO
Ladies/Gents, coins are collectibles, like dolls and model trains and comic books. All is well -- let's carry on
From how I read it, this protects sellers from customers who buy bullion and enact a return if the market declines. It also protects sellers who buy coins and submit them for grading and then return them when they don't get graded.
Just passing this along...
My wife emailed them about this on Thursday. She got an automated response and emailed them again. Here is PayPal's response:
Hello Kelly Merlo,
Thanks for writing in again.
I completely understand how one might consider the purchase of collectible coins or paper money as a personal investment and I would be more than happy to assist you with this. The purchase of collectible coins or paper money would still be covered under our purchase protection policy and you would be able to dispute the purchase if the item was significantly not as described or if the item never arrives.
Thank you for continuing to reach out and work with us, we really appreciate the opportunity to help a customer!
If you would like any further assistance, Kelly, feel free to respond to this email or call us back at a time convenient to you! You can reach us at 1-888-221-1161 M-F (8:00 AM - 1:00 AM EST) Sa-Su (9:00 AM - 11:00 PM EST).
Sincerely,
Luke
PayPal Customer Solutions
PayPal
I called PayPal yesterday and I was told to send an email. I explained the situation and asked them to clarify the statement. I gave them links to this thread and the other one on the boards because there were conflicting reports. I received an email earlier that says this:
"PayPal has not changed the policy for collectibles, they are still going to be covered for both buyers and sellers."