Starting on November 3rd, 2022, PayPal is changing their terms of service. Now, it is a private company and they can do as they like with their users, but they are applying their terms of service to your personal social media postings as well. If in violation, they will deduct $2500.00 from your account per violation of their terms of service. That adds up fast and can wipe out your account balance quickly!
Who is deeming what is acceptable or not? Will this be a transparent determination that can be viewed by the potential offender or will this just be something that is done without any chance of appeal? We have learned, through time, that initial reports by news organizations, public personalities and politicians, that may or may not have a political slant, were true even though they were deemed misinformation initially. Some of them had their accounts banned or de-platformed because of it only to later be not only redeemed, but reinstated. There’s much power with all of these social media sites and payment services, but how far is too far?
If you don’t mind potentially being targeted for what someone at PayPal thinks falls into these categories, then you should keep your account with them. I, personally, have nothing to hide, but it does concern me that someone can (at their discretion) determine if your personal social media violates their terms of service and there’s no action that you can take to dispute it.
What does your personal anything have to do with PayPal? Does this mean that if someone posts something questionable on their personal social media site that PayPal can be held accountable if they don’t do anything about it? Why are they putting this into place now? Is there any recourse, other than to close your account, to dispute their findings?
I don’t know the reasoning behind this, but I believe that PayPal has some clarification to do.
Links provided to their website and jpeg of their Terms of Service update (just in case something changes) below:
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
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Gina Olson 