Sold PayPal...

[Wasted wages]

Has anyone else canceled their PayPal account?

PayPal decided that it had the power to debit PayPal accounts $2500.00 based upon anything that you may say on social media that goes against their standards.

I'm NOT OK with that...and canceled my account. I guess in the future I will be making transactions on IW via money orders or bank apps like Zelle.

Was just wondering if any other boaters were aware of what PayPal had done.

Mods: feel free to move this if you don't feel like it belongs in this forum.

 

[FrankPulteIII]

I agree that would be a good reason to find a new payment method, but to my understanding, it never went into effect and they published it in error.

https://www.reuters.com/business/fi...ers-misinformation-bloomberg-news-2022-10-10/

 

[Don Ferrette]

I agree that would be a good reason to find a new payment method, but to my understanding, it never went into effect and they published it in error.

https://www.reuters.com/business/fi...ers-misinformation-bloomberg-news-2022-10-10/

It wasn't an error, they got caught and it went viral. Things don't get all the way to becoming published policy by "mistake".

 

[Wasted wages]

Breaking the rule against misinformation and hate speech “may subject you to damages, including liquidated damages of $2,500.00 U.S. dollars per violation, which may be debited directly from your PayPal account,” the company had originally warned. In a user agreement, account holders accept and attest that the penalty is “presently a reasonable minimum estimate of PayPal’s actual damages” due to the expense the firm incurs by accounting for the violations as well as damage to its reputation.


If this type of language can by slipped into the user agreement that 99% of the user's never read, then, I can no longer trust using the app... mistake or not, it WAS written at some point, so it had to have been thought about..luckily, , they got caught....

 

[Bryan haley]

Has anyone else canceled their PayPal account?

PayPal decided that it had the power to debit PayPal accounts $2500.00 based upon anything that you may say on social media that goes against their standards.

I'm NOT OK with that...and canceled my account. I guess in the future I will be making transactions on IW via money orders or bank apps like Zelle.

Was just wondering if any other boaters were aware of what PayPal had done.

Mods: feel free to move this if you don't feel like it belongs in this forum.

I cancelled it when they pulled the any thing over 600there reporting to the IRS deal I go with zelle and welcome to liberal America

 

[Wasted wages]

Yup, another good reason...

 

[Don Ferrette]

I cancelled it when they pulled the any thing over 600there reporting to the IRS deal I go with zelle and welcome to liberal America

That $600 per transaction isn't a Paypal thing, it applies to any electronic peer to peer transaction. Doesn't matter if it's Paypal, Venmo, Zelle, CashApp or any of the others as it is Federal law that was hidden deep in Biden's 2021 "covid relief" package and took effect January 1st of this year. If you need to send money in excess of $600 break it up into multiple transactions or the recipent will get a 1099k statement for each transaction at years end and will pay taxes on it.

 

[Bryan haley]

That $600 per transaction isn't a Paypal thing, it applies to any electronic peer to peer transaction. Doesn't matter if it's Paypal, Venmo, Zelle, CashApp or any of the others as it is Federal law that was hidden deep in Biden's 2021 "covid relief" package and took effect January 1st of this year. If you need to send money in excess of $600 break it up into multiple transactions or the recipent will get a 1099k statement for each transaction at years end and will pay taxes on it.

The thing is it's getting worse and worse PayPal has done many things before the 600irs thing to make things difficult
I added welcome to liberal America in my post and PayPal is big-time liberal

 

[Wasted wages]

It's amazing how they just slip that crap in the those "packages"...how convenient...

 

[Bryan haley]

Yea and bidens I caused inflation relief act has like 500 million in it to hire 80,000 new irs agents to go after taxpayers .yet he still owes 150k in taxs from 2 years ago ..... Ok I'm done with political talk ......

 

[Wesleys Custom RC]

Paypal is my main form of payment and I have been looking for a alternative for a while. Since they have changed course I may stay a while. They have changed their policy thanks to you guys canceling! Good work.

Wesleys custom