AMENDMENTS TO THE PAYPAL USER AGREEMENT
Effective Date: July 27, 2017
PayPal is making some changes to its User Agreement that will be effective as to all PayPal users on July 27, 2017. We encourage you to review this Policy Update and familiarize yourself with the changes that are being made. If you do not agree to the amendments, you may close your account before July 27, 2017.
Amendments to the PayPal User Agreement
A summary of the changes follows:
- We are adding terms for a new faster withdrawal option. If your debit card is eligible to receive faster withdrawals from your PayPal account, you will be provided the option to use it when you transfer money out of your PayPal balance. The transfer will be subject to a $0.25 fee, which will be deducted from the amount of the withdrawal.
- We are advising sellers that that they may receive payments through their PayPal Account from customers that use their Venmo accounts. The transactions will be subject to Venmo’s purchase protection program (which is similar to PayPal’s purchase protection program).
- We are updating the “Payment Methods Used” section to clarify that, for pre-approved payments, if you have money in your PayPal balance, your PayPal balance will be used first and your preferred payment method will be used for any remaining amount due.
- We are clarifying our rights that apply when your PayPal account has a negative balance. If you continue using your PayPal account when it has a negative balance, you authorize PayPal to combine the negative balance with any debit or transaction sent from your account when that combination is disclosed to you in advance of initiating the debit or transaction.