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Paypal is putting out a new policy that you can either agree to or opt out of. If you agree you give up the right to class action lawsuits. http://www.geekosystem.com/paypal-prevents-lawsuits/

That's total bullshit, and another good reason to limit the amount of money you have in a paypal account.

Originally Posted by Indigo_Streetlight That's total bullshit, and another good reason to limit the amount of money you have in a paypal account.

But you can opt out. Why would you limit the money?

Originally Posted by J7. But you can opt out. Why would you limit the money?

Because if they close the doors, you're ed.

If a bank closes the doors, you can get your money from the government, but Paypal isn't a bank, they're more of a middleman that processes payments. Not being able to be part of a class action lawsuit would severely impair your ability to get your money in the event they would go under.

I pulled all of my money out when they did away with the money market, I kept several years worth of ebay sales there, but now I can just as easy transfer it to my bank or spend it.

And how about stolen credit card information? You telling me paypal isn't liable when that information is leaked through hackers, disgruntled employees, or lax security? that.

Originally Posted by Indigo_Streetlight And how about stolen credit card information? You telling me paypal isn't liable when that information is leaked through hackers, disgruntled employees, or lax security? that.

Wow I never thought about that. I was thinking the whole lose your cash thing, but that takes it way above what I was thinking.

I've been reading the new policy on their website and the Limitation of Liability (as far as I can tell, separate from the policy regarding class action) sounds even worse. It probably always was this way but this is the first time I read it.

Basically it's being updated to state Paypal is not responsible for any losses or damages you incur including your money if it's lost for any reason, even due to viruses or glitches. Do you know if paypal can go after money from you by taking it from bank accounts you used to have added to their site or to bank accounts you never linked with them?

I went to log in to Xbox.com and MS has new Terms of Use you need to agree to. The new terms are the same as paypal basically. http://www.xbox.com/en-US/legal/livetou