Update: PayPal DROPS New $2,500 Fine!  Blames Typo??

Update: PayPal DROPS New $2,500 Fine! Blames Typo??

Posted by Big Brand on 10th Oct 2022

On October 7th we told you about the disturbing $2,500 fine which appeared in PayPal newly revised Terms of Service.  After this news broke, the internet went crazy.  Large quantities of people claim they drained their PayPal accounts and tried to cancel them... although they quickly realized that you can never truly "cancel" your PayPal account.  Your only option is to choose to not use it.  It now appears the only way to really cancel your account is to get banned by PayPal, otherwise you account will continue to exist...kind of like Facebook (even if you close your account it's still not closed!)

Unexpectedly, Elon Musk even weighed in on the fine-threat, which helped this issue gain international attention.  Yesterday, October 9th, New York Post published this update to the "$2,500 Fine Saga", which states PayPal is blaming an error for this information appearing in their new terms.  Here's the writeup from New York Post: 

"PayPal issued then retracted a policy to fine users $2,500 for “misinformation” after a flurry of criticism erupted on social media, including from Elon Musk and another one of the company’s former leaders.

The penalties posted on PayPal’s website would have been issued to users who “promote misinformation” or “present a risk to user safety or wellbeing,” according to the Daily Wire, which first reported the change on Friday.

The new policy was set to go into effect on Nov. 3, according to the report. But a company rep said the change was published “in error,” Yahoo News reported.

“An AUP notice recently went out in error that included incorrect information,” the statement said.

“PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.”

At least two of the company’s former leaders — including founder Elon Musk — had taken the proposal from the famously woke corporation seriously, and pushed back on Twitter.

“It’s hard for me to openly criticize a company I used to love and gave so much to,” tweeted former company president David Marcus. “PayPal ’s new AUP goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with. Insanity.”

“Agreed,” Musk commented in the replies.

SOURCE:  New York Post

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