Financial Services
Financial Services
Posted on May 22, 2015
PayPal's credit deception exposes a larger problem. Do you pay attention to user agreements & terms and conditions?
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The online payment company reportedly enrolled customers in its credit service without their knowledge and even hit some with fees when a missed payment was its own website's fault, according to government accusations.
The financial flap also highlights the potential for companies to take advantage of online consumers, who often swipe through or skip over user agreements and terms and conditions in their hurry to access a game or service.
"We are so used to clicking through a notification online that we might not notice the details," says Gil Luria, a managing director for research with WedBush Securities.
http://www.msn.com/en-us/news/technology/paypal-credit-deception-exposes-a-larger-problem/ar-BBk5K3Q
The financial flap also highlights the potential for companies to take advantage of online consumers, who often swipe through or skip over user agreements and terms and conditions in their hurry to access a game or service.
"We are so used to clicking through a notification online that we might not notice the details," says Gil Luria, a managing director for research with WedBush Securities.
http://www.msn.com/en-us/news/technology/paypal-credit-deception-exposes-a-larger-problem/ar-BBk5K3Q
Posted in these groups: 
Finance
Financial Services
Finance Financial Services
Posted >1 y ago
Responses: 7
Suspended Profile
While I'm just as guilty as everyone else, the fact that we don't read user agreements is not magically the service provider's responsibility, IMHO. Now, should the agreements be more..."readable"? Absolutely, but I fear that defining what is sufficiently "readable" is extremely subjective/arbitrary, and as such should not be defined by the heavy hand of the Law.
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I've used PayPal for years with no issues. I was enrolled in Bill Me Later which became their credit program prior to the merge and other than the agreement update when that happened have had no unsolicited enrollments.
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