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CORRECTION: PayPal Did Not Put $2,500 Fines on Users Back Into Its Terms of Service

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OPINION: This article may contain commentary which reflects the author's opinion.


Editor’s note: An original version of this story falsely stated that PayPal would be fining users $2,500 for each case of ‘misinformation.’ A story from AFP stated that the user agreement policy is “intended to prevent fraud, [and] does not have a financial penalty, but it may result in suspension or termination.” A separate report from USA Today notes that a PayPal spokesperson stated that the company does not fine people who violate its acceptable use policy. We have updated our story and removed the inaccurate information.

Reports alleged that PayPal would be fining users $2,500 for each case of ‘misinformation,’ but the digital banking company flatly denied it. Reuters responded to the reports that sparked numerous users were deleting their accounts.

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“Social media users are saying they will be deleting their PayPal account after the company said on Monday that they issued an update saying that customers could be fined $2,500 in damages for sharing misinformation ‘in error’,” Reuters wrote.

“Some continued to share the claim after PayPal’s clarification (here), (here),” Reuters continued.

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“On October 10, Reuters reported a spokesperson for the company saying, ‘Paypal is not fining people for misinformation, and this language was never intended to be inserted in our policy. We’re sorry for the confusion this has caused.”

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“No, PayPal Isn’t Planning To Fine Users $2.5K for Posting Misinfo,” Snopes claimed. “Here’s what you should know about a since-deleted document supposedly outlining changes to the platform’s user agreement.”

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“However, users concerned about the purported change can relax; no such provision about misinformation is actually being added to the service’s User Agreement, according to a PayPal spokesperson,” Snopes said. “In an email to Snopes, the spokesperson said the document didn’t accurately reflect upcoming changes to the platform’s policies.”

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