A few days ago PayPal announced new terms of use , which will be active starting from May 6, 2022 : how specified in the press release, the changes will be considered automatically accepted if the user continues to use their account after the effective date. If you disagree with the new policies, you will need to close your account before that date.
In the new conditions of use there are several important innovations : the registered office changes, which passes from the United Kingdom to Luxembourg, a limit of 10,000 dollars is imposed on the purchase of some NFTs, are variations for business accounts and more.
But the most relevant news for ordinary users is certainly the introduction of a fee for inactivity : if the PayPal account is not used for more than 12 consecutive months, PayPal will charge a fee of 10 € .
The fee will be charged to sellers' accounts from October 2022 and to personal accounts from October 2023.
Below you can find the complete list of changes to PayPal's terms of use, as reported on the official website. For more details (including the various rates), please refer to the PDF for consumers and sellers.
Starting May 6, 2022, PayPal:
- Will change its Protection program sales to expand the list of ineligible items, which will now include certain non-fungible tokens (NFTs) associated with transactions that exceed USD 10,000.
- It will modify the actions it can take if the user carries out activities that are not permitted by posting illegal content through the PayPal website or using the PayPal services.
- Will amend the Complaints section by adding additional information related to customer complaints.
- Will integrate into the Terms of Use the main terms of the agreement on Important Payment and Service Information, including information about the PayPal entity providing the PayPal services, general information about the service and clarifications on communications, conditions and termination.
- It will specify that consumers have 14 days to exercise their right of withdrawal from the Conditions of use.
- Will change the applicable law from English law to Luxembourg law and the place of jurisdiction from English courts to Luxembourg courts to align to the headquarters of PayPal (Europe) S.à rl et Cie, SCA, bank registered in Luxembourg.
- Will add a new section for Business account holders in which he will clarify that I set them up The amounts owed to them by PayPal in connection with its products and services may be subject to review or devaluation by a supervisory or supervisory authority. PayPal is required to include this section so that public authorities do not have to lend support to financial institutions such as PayPal if they experience financial difficulties.
- Will introduce an inactivity fee for accounts that have been inactive for at least 12 consecutive months. The fee will begin to be debited from sellers' accounts from October 2022 and from personal accounts from October 2023.
Thanks to Andrea for reporting
