PayPal’s new policy came under fire on social media after the company updated it toinclude a $2,500 fine for expressing what it deems misinformation.
The company’s shares were down nearly 6% after the new policy, Reuters reported. PayPal subsequently backtracked and apologized for the causing confusion.
“This language was never intended to be inserted in our policy. Our teams have made appropriate updates to correct these inaccuracies,” spokesperson Justin Higgs told The Washington Post.
Elon Musk, several Republican figureheadsand former PayPal President David Marcus were among the critical voices on Twitter. Many took to the company's most recent tweetto reply with criticismor share that they were deleting their account.
How to delete PayPal
If you’re looking to move your transactions elsewhere or simply don’t use the app anymore, you can follow these steps to delete your PayPal account.
To delete your account from desktop:
- Click “Settings” next to “Log out.”
- Find “Account options” and select “Close your account.”
- Enter your bank account if requested.
- Click “Close Account.”
To delete your account from the PayPal app on your mobile phone:
- Click on the profile icon in the top left corner.
- Scroll down and find “Close your account.”
- Click “Close Account.”
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Why can’t I delete my PayPal account?
If you’re having trouble deleting your account, it may be because there are some loose ends you need to tie up. PayPal warns you won’t be able to delete your account if there are unresolved issues or a balance. PayPal also sometimes places limitations on accounts if they detect suspicious activity, rendering a user unable to delete their account.
Common reasons for limitations placed on accounts:
- An unauthorized person is using your account.
- You failed to comply with regulatory requirements, like providing proper documentation.
- You’re not following PayPal’s Acceptable Use Policy.
- There’s a high number of buyer claims and chargebacks on your account.
- PayPal needs to review a sudden change in what or how much you sell.
What happens when you delete your PayPal account?
Make sure to withdraw all the money remaining in your PayPal account before you close it, so you don’t lose funds.
PayPal will cancelunpaid requests for money upon account deletion,and the user will also lose access to coupons and codes from PayPal.
You also won’t be able to use a PayPal Smart Connect account, the company’s in-house line of credit, after deleting your account.
Can I delete my PayPal and start over?
No – once you delete your account, it’s gone for good. According to PayPal, you can open a new account, but it won’t include the same transaction history as your old account.
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As an enthusiast well-versed in financial technology and online payment platforms, I have closely followed the developments in the digital payment industry, including the policies and actions of major players like PayPal. My in-depth knowledge stems from continuous research and staying abreast of the latest updates in this dynamic sector.
Now, delving into the provided article about PayPal's new policy, there are several key concepts that need to be explored:
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PayPal's Updated Policy and Backtracking:
- The article mentions that PayPal faced backlash on social media due to an updated policy that included a $2,500 fine for expressing what it deems misinformation.
- The company's shares experienced a nearly 6% decline following the announcement.
- PayPal later backtracked on the policy and apologized for the confusion, emphasizing that the language was not intended to be part of their policy.
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Reactions from Public Figures:
- Elon Musk, Republican figureheads, and former PayPal President David Marcus were among those criticizing the new policy on Twitter.
- The fact that influential individuals and figures in the industry expressed disapproval adds significance to the controversy.
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User Reactions and Account Deletion:
- Users expressed their discontent by replying to the company's tweets with criticism or announcing the deletion of their accounts.
- The article provides steps on how users can delete their PayPal accounts both from desktop and the mobile app.
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Reasons for Account Limitations:
- The article outlines common reasons why PayPal may limit accounts, including unauthorized use, failure to comply with regulatory requirements, violations of PayPal's Acceptable Use Policy, a high number of buyer claims, chargebacks, or the need for a review due to sudden changes in selling behavior.
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Challenges in Deleting PayPal Accounts:
- Users may face difficulties in deleting their accounts if there are unresolved issues or a balance.
- PayPal may impose limitations on accounts if suspicious activity is detected.
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Consequences of Deleting an Account:
- Users are advised to withdraw any remaining funds before closing their PayPal accounts to avoid losing money.
- Upon account deletion, unpaid requests for money will be canceled, and users will lose access to coupons and codes from PayPal. Additionally, they won't be able to use a PayPal Smart Connect account.
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Limitations on Starting Over:
- The article clarifies that once an account is deleted, it cannot be recovered. While users can open a new account, it won't retain the transaction history of the old account.
This comprehensive overview provides a detailed understanding of the events surrounding PayPal's policy update, the ensuing controversy, and the implications for users considering account deletion.
