OT: Changes to Paypal User Agreement/Policy
 

Did everyone get the email notifiction from paypal over the past couple days? I figured some might have just glossed over the email, or ignored it completely. But since Paypal is so frequently used on the B/S/T forums here and for Ebay transactions, I figured I would post notice since this policy change could be significant.

The email reads:

Unless you opt out of this policy change, you will no longer have the right to be part of, or a member of, a class action lawsuit against Paypal for any reason, instead you must go through an arbitration process for these types of complaints. Your only other recourse would be to file suit as an individual. This is something you should strongly consider if you're an active and frequent Paypal user.

To opt out of the Agreement to Arbitrate, you must mail an Opt-Out Notice to:

PayPal, Inc.
Attn: Litigation Department
2211 North First Street
San Jose, CA 95131

Please note: Your Opt-Out Notice must be postmarked no later than December 1, 2012. The Opt-Out Notice must state that you do not agree to the Agreement to Arbitrate and must include your name, address, phone number, and the email address(es) used to log in to the PayPal account(s) to which the opt-out applies. You must also sign the Opt-Out Notice for it to be effective.

Great!

I guess that means I won't be getting a check in the mail for $2.55, next time a class action law firm decides to get super-wealthy fighting the good fight for the common man.

;)

Can this be stickied to the top for a little bit so I and others remember to send it?

I am not sure that not being able to be part of a class action lawsuit against paypal is that big of a deal. In my 51 years I have been a party to lots of class action suits. I think my net take on all of them combined is about $3.27......Not a bad thread to start but probably not too life changing..

My mom was part of a class action suit against reebok and got 55 dollars, so don't knock it.:D

Not a big deal.

Please pass on my congratulations :).

I think the new policy is important, just not that important.

It's actually a bigger deal than you might think. It's not about what we might potentially receive in compensation for something Paypal might do against us. What is important about this is the fact that Paypal (and lots of other big companies that are implementing these anti-consumer no class action clauses) does not have to worry any more about screwing millions of people out of a few bucks each since they know that no one is going to pursue a case against them individually for such a small amount.

Without the threat of a class action, these big companies have to incentive to make sure they don't screw up and take advantage of people for a few bucks here and there. I'm not saying that companies are intentionally trying to screw people over, but with these new user agreements that bar class actions if they "accidentally" screw millions of people out of a few bucks each, then there is no mechanism for them to be held accountable.

Honestly... I got a Check about a year ago for $1200, never even looked to see why... But it was from a class action suit against/from Paypal!

Very Cool Day...

"Should I have the Letter with my signature Notarized?"

It's true. Irrelevant to what you get out of it, class action suits can make a company like Paypal change their ways when they've screwed customers. And I'm sure people here have many complaints against PayPal and eBay.

Exactly, that’s the power behind a class action suit. You can’t gauge the impact of a class action suit based on what you get out of the suit, you should gauge it based on how it effects and changes the defendant company and their business practices. That $10 you get out of the suit isn’t anything, but the $2.5 million the company had to pay out for the suit for something they did wrong, illegal, or underhanded is significant.

Obviously class action lawsuits are important. It's not like they are going away.

Paypal
 

Although it doesn't seem like a big deal to some people, it looks like it could affect some people in a big way and is worth taking note...especially since a great amount of people on this board use it.

Plus another thing to consider is that many people are not going to opt out. So if anything were to ever happen a settlement would be for a much smaller pool of people.

Also, it's a matter of principle.

Arbitration is a clever way of taking your rights away. Opt out every time you can.

Totally agree.