Paypal policy changes

[BeenBurned]

Notice of Policy Updates

Dear (name):

We are making some changes to the PayPal User Agreement that will go into effect on July 27, 2017. If you're interested in learning more, please visit our Policy Updates Page. Updates include:

• We are adding terms for a new faster withdrawal option. If your debit card is eligible to receive faster withdrawals from your PayPal account, you will be provided the option to use it when you transfer money out of your PayPal balance. The transfer will be subject to a $0.25 fee, which will be deducted from the amount of the withdrawal.
• We’re advising sellers that they may receive payments through their PayPal Account from customers using their Venmo account and that the payments will be subject to Venmo’s purchase protection program (which is similar to PayPal’s purchase protection program).
• We’re updating the “Payment Methods Used” section to clarify that, for pre-approved payments, if you have money in your PayPal balance, your PayPal balance will be used first and your preferred payment method will be used for any remaining amount due.
• We’re clarifying our rights that apply when your PayPal account has a negative balance.

These changes are detailed on our Policy Updates Page and will become effective July 27, 2017 for all U.S. customers. We encourage you to review the Policy Update and familiarize yourself with the changes that are being made. If you do not agree to any of these changes, you may close your account before July 27, 2017.

Thank you for being a PayPal customer.

Sincerely,
PayPal

 

[vernis-lover]

They used to charge for "faster withdrawals" here a few years ago. I think they were pretty much forced to keep up with the banking system and no longer charge and any withdrawals reach my bank account within seconds now. Here's hoping it follows in the US too.

 

[BeenBurned]

I wouldn't pay extra for "fast" withdrawals. Yes, they've already reduced the transfer time without charge.

You also used to be able to issue full refunds without a fee.

This nickel and diming is getting ridiculous.

 

[ThisVNchick]

I wouldn't pay extra for "fast" withdrawals. Yes, they've already reduced the transfer time without charge.

You also used to be able to issue full refunds without a fee.

This nickel and diming is getting ridiculous.

Wait what? They charge a fee for refunds?

 

[BeenBurned]

Wait what? They charge a fee for refunds?

I need to rephrase it.

If you issue a full refund to a buyer, the buyer gets the full amount but PP withholds a 30-cent fee from you (the seller.)

There was a time when you could just give a full refund and PP wouldn't take anything for the service.

 

[Catbird9]

• We’re clarifying our rights that apply when your PayPal account has a negative balance.

Further wording, on this point: 'If you continue using your PayPal account when it has a negative balance, you authorize PayPal to combine the negative balance with any debit or transaction sent from your account when that combination is disclosed to you in advance of initiating the debit or transaction."

Good to know.

 

[ThisVNchick]

I need to rephrase it.

If you issue a full refund to a buyer, the buyer gets the full amount but PP withholds a 30-cent fee from you (the seller.)

There was a time when you could just give a full refund and PP wouldn't take anything for the service.

Is this only when you do a refund via PP or does the refund on eBay counts as well? I've only had to do 2 refunds so far this year via eBay. I always have funds in my paypal so 30 cents isn't something that is going to catch me eye. Will definitely be on the look-out next time I need to refund a buyer...

 

[Fullcloset]

Thanks for posting this. I don't get the 25 cent fee. My linked bank account has a linked debit card so it goes through that debit card and transfers into the bank account instead of going directly into my bank account, which should be the same thing as far as paypal is concerned. Are they going to start charging to transfer out my own money now? They are already 30 cents when I sell something and money goes into my account - plus 2.9% of the amount and now another 25 cents when the amount is withdrawn? So basically now pay pal fee will be 50 cents each sale PLUS their 2.9% commission. Ee gads. Coming and going.