In its latest User Agreement, PayPal added a clause that says it can withdraw $2500 from your account every time you promote what the platform considers to be misinformation.
It’ll also fine you for sharing content deemed to be harmful, obscene, harassing, or objectionable. The agreement is wide enough for the platform to decide what it deems to be any of the above.
PayPal is a platform that enables you to send and accept payments. On its website, it describes itself as “a service that enables you to pay, send money, and accept payments without revealing your financial details”.
This is not the first time Paypal has attempted to add the fine to its terms and conditions. A few weeks ago, after adding the clause to its conditions, an outcry broke on social media, leading to the conditions being deleted and Paypal claiming the addition was an accident. This week, the platform added the condition back into its terms and conditions.
PayPal isn’t playing
For now, they’ve listed a few guidelines on what they can consider when making the decision to fine you.
The company notes that it will charge you a “ reasonable minimum estimate of PayPal’s actual damages” for administrative costs, for tracking your account, and for reputational damage.
“You acknowledge and agree that $2,500.00 U.S. dollars per violation of the Acceptable Use Policy is presently a reasonable minimum estimate of PayPal’s actual damages – including, but not limited to, internal administrative costs incurred by PayPal to monitor and track violations, damage to PayPal’s brand and reputation, and penalties imposed upon PayPal by its business partners resulting from a user’s violation,” notes PayPal on its User Agreement on its website.
It also notes that it will deduct the money “directly from any existing balance in any PayPal account you control”.
If you choose to close your account or terminate your services, the copmany will make any “unrestricted funds held in the balance of your Balance Account” available for withdrawal.
However, you’ll be responsible for the fines, reversals, chargebacks, claims, fees, penalties, and other liabilities incurred by the platform.
The fees and “other liabilities incurred” also leave enough room for it to charge you for a range of matters that may be difficult to predict at this point.
— Wall Street Silver (@WallStreetSilv) October 27, 2022
PayPal lied when they said the $2500 fine was a mistake pic.twitter.com/xBrTFSkfSI
— FREEDOM Hodgetwins (@hodgetwins) October 27, 2022