PayPal Will Spell Out Limits Clearer

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October 3, 2006 by Ty Tribble | 0 Comments

EBay’s PayPal unit announced Thursday that it agreed to provide
clearer information about the extent of fraud protection offered by the
online payment service and pay $5.2 million in separate settlements
with consumers and with 28 state attorneys general, including
California’s.

The agreement comes after years of complaints lodged against PayPal
for issues ranging from frozen accounts to unauthorized withdrawals
from users’ banks.

`We’ve voluntarily entered into this agreement and have already
complied with many of its terms,” said PayPal spokeswoman Amanda Pires.

Tom Dresslar, a spokesman for California Attorney General Bill
Lockyer, said their office had received more than 200 complaints about
PayPal over the last two years. As of June 30, PayPal users had
registered 114 million accounts.

The attorneys general did not file suit against eBay, but instead sought assurances that PayPal would change its practices.

Under the agreement, PayPal will more clearly spell out limits on
the protections it offers buyers and sellers. For example, disputed
charges cannot be easily reversed if a person has used a bank account
– rather than a credit card — to pay for the transaction. In
addition, PayPal will start to conspicuously disclose that any bank
accounts linked to PayPal are treated as the primary sources of funding
for transactions.