Paypal was in the news and going viral all over social media over the weekend after making a change to their User Terms of Service which stated Paypal could fine users and deduct $2500 from their bank accounts for "spreading disinformation'.
After this news went viral and people became outraged Paypal quickly backtracked saying this was a "mistake". No doubt something like this would have been approved of by Executives as well as Paypal's Legal Department, so it's tough to believe something like this happened "by mistake".
Anyone who's used Paypal at any decent volume for any significant amount of time likely has had a negative experience or gripe about Paypal, so the ida they thought it was okay to steal money from people's bank accounts over the vague crime of "spreading misinformation" is pretty scary.
I think this drives home the point we really need to monitor the terms of service documents we sign off on as well as who we give access to withdraw funds from our bank accounts.
It's also odd that at a time when Paypal is struggling as a company in regards to their stock price as well as losing their stronghold on the payment space to companies like Stripe and Square as well as all the Buy Now Pay Later companies shows not only are they out of touch, but there's some very poor decision making going on with the management team.
I'll leave it up to you to decide if you should keep your Paypal account open, and should you decide not to don't forget Paypal also owns Venmo so you may want to cut that one as well. For those of you who are Paypal shareholders, this may also cause you to questioin Paypal's managements decision making abilities and direction for the company.
PayPal tells users it will fine them $2,500 for misinformation, then backtracks immediately
https://fortune.com/2022/10/10/paypal-users-fine-misinformation-aup-error-confusion/
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