Paypal email

[Fedoraman]

Got this in my inbox yesterday:

 

Notice of Policy Updates

 

Dear Jeff Mcdowell,

 

PayPal recently posted a new Policy Update which includes changes to the PayPal User Agreement. The update to the User Agreement is effective November 1, 2012 and contains several changes, including changes that affect how claims you and PayPal have against each other are resolved. You will, with limited exception, be required to submit claims you have against PayPal to binding and final arbitration, unless you opt out of the Agreement to Arbitrate (Section 14.3) by December 1, 2012. Unless you opt out: (1) you will only be permitted to pursue claims against PayPal on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.

 

You can view this Policy Update by logging in to your PayPal account. To log in to your account, go to https://www.paypal.com and enter your member log in information. Once you are logged in, look at the Notifications section on the top right side of the page for the latest Policy Updates. We encourage you to review the Policy Update to familiarize yourself with all of the changes that have been made.

 

If you need help logging in, go to our Help Center by clicking the Help link located in the upper right-hand corner of any PayPal page.

 

Sincerely,

 

PayPal

 

So what rights do I retain/give up if I "opt out"?

[InvstmntComcSuply]

(1) you will only be permitted to pursue claims against PayPal on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.

 

[InvstmntComcSuply]

But, if you opt out, you probably won't be allowed to use Paypal any longer.

[The-Collector]

(1) you will only be permitted to pursue claims against PayPal on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.

 

'Unless you opt out' is a double negative so those things you listed are what you are entitled to if you do submit to the arbitration agreement.

 

Arbitration clauses can not oust the jurisdiction of courts and any arbitration agreement reached is still subject to review on points of law.

 

Provided that the arbitration body is not biased this is usually good for both parties as it is cheaper and faster.

 

If the arbitration body is dodgy you can always apply to court and have the decision reviewed.