paypal fined $150K

seeker · Mar 9, 2004

http://edition.cnn.com/2004/TECH/03/08/paypal.fined.ap/index.html

NameWolf · Mar 9, 2004

About time.... :worried:

NW

Nameable · Mar 9, 2004

On the surface it sounds good, but at $150k it's virtually being swept under the rug.

I won't harp on it too much, but credit card agreements weren't designed to accomodate quasi-cash and barter transactions like paypal and dnf$. Competition and aggessive lawmakers have turned credit cards into very consumer friendly payment vehicles. Paypal has no serious competition and has managed to avoid regulation so far... it stands to reason that customers will continue to have difficulty with disputes for the foreseeable future.

nicpal · Mar 9, 2004

Nameable said:
On the surface it sounds good, but at $150k it's virtually being swept under the rug.

I won't harp on it too much, but credit card agreements weren't designed to accomodate quasi-cash and barter transactions like paypal and dnf$. Competition and aggessive lawmakers have turned credit cards into very consumer friendly payment vehicles. Paypal has no serious competition and has managed to avoid regulation so far... it stands to reason that customers will continue to have difficulty with disputes for the foreseeable future.

That's just an icicle on the iceberg, and pennies to them. I want to see the class action rulings against them fold them ; for the millions they have kept, while collecting interest on other people's money, these customers lost their homes and filed for bankruptcy due to Paypal practices.

Nameable · Mar 9, 2004

nicpal said:
...I want to see the class action rulings against them fold them ; for the millions they have kept, while collecting interest on other people's money, these customers lost their homes and filed for bankruptcy due to Paypal practices.

I don't want to see them fold, they provide a valuable service, but I think they should be held accountable for all the wrong they've done. Since ebay owns paypal now, they certainly have the financial ability to make right.

petertdavis · Mar 9, 2004

Paypal just needs to start complying with banking regulations, until then it's just going to be as it is now.

Domstar · Mar 9, 2004

quoting from the story:

PayPal has clarified that it will investigate any claims about a deal as long as the complaint is made within 30 days of the purchase.

I can't believe I read that. The story is about paypal being fined for not adhering to the consumer credit card protection laws, and then right there they say "within 30 days."

but in fact, credit card protection is for 1 year from purchase, not 30 days.