Actual Paypal User Agreement

 I was just wondering if anyone has actually read the paypal user agreement.
> I know I didn't until they limited my account, then I found out a few interesting things about paypal that I never knew before. We need to get the word out about paypal because according to their agreement they can do whatever they want. Here are just a couple of my personal favorites in the user agreement that everyone should know before signing up.
> 1. To secure your performance of this Agreement, you grant to PayPal a lien on and security interest in and to the funds held in your Account in the possession of PayPal.
> - So basically you don't have any money because paypal has a lien on it, so they give you money when they choose... sounds a little like a ponzi scheme to me
> 2. If you have a past due amount owed to PayPal or a PayPal affiliate, including our parent company eBay, which amount is not the subject of a dispute, PayPal may debit your Account to pay any amounts that are more than 180 Days past due.
> - So basically anyone who is or wants to become a paypal affiliate says you owe them money paypal can give it to them
> 3. You agree that you will not receive interest or other earnings on the funds that PayPal handles as your agent and places in Pooled Accounts. In consideration for your use of the PayPal Services, you irrevocably transfer and assign to PayPal any ownership right that you may have in any interest that may accrue on funds held in Pooled Accounts. This assignment applies only to interest earned on your funds, and nothing in this Agreement grants PayPal any ownership right to the principal of the funds you maintain with PayPal. In addition to or instead of earning interest on Pooled Accounts, PayPal may receive a reduction in fees or expenses charged for banking services by the banks that hold your funds.
> - so basically paypal puts your money into an interest bearing account and takes all the interest that should rightfully be yours, and uses it as profit. And they can use your money to leverage the bank to make even more profit.
> Also the portion that says nothing in this agreement grants paypal any ownership right to the principal of the funds your maintain
> - directly conflicts with the previous item that says paypal has a lien and security interst in all money deposited into your account
> Now I am not a lawyer but what i understand a lien is equivilant to ownership (as in the bank having a lien on your car until you pay it off, means they own it unless you comply with the agreed payment schedule).
> I can't believe any sane human being after seeing just these three items in a very long user agreement would want to do business with this company. It is a total scheme every which way you can imagine. Don't ever do business with paypal unless you are ok possibly losing everything in your account.



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