‘There are a few things you might wanna opt out of’: Expert issues warning on changes coming to PayPal soon
Sean (@seanvv) is a TikTok creator with 1.6 million views. His niche is educating viewers about contracts and terms of service. He's gone viral numerous times before for calling out a Sephora gift card scam, airing his concerns about the Banquet chicken strips product recall, and participating in #Block2024. And this time, he's gone viral for talking about PayPal's terms of service update.
Because they're so dang long, we're all guilty of signing terms of service without properly looking through them. Yet, if you've come across PayPal's latest terms of service update, you're in luck. Sean (@seanvv) has broken down the five main takeaways in a clip that has amassed 351,400 views.
"They did change a lot in their terms of service," Sean added. "And if you're someone who didn't want to read all that, don't worry. I did it for you."
How has PayPal's terms of service changed?
First and foremost, he pointed out that these changes will take effect on Nov. 27, 2024. Secondly, he noted how PayPal will now share your data with other parties, like merchants. However, the good news is that users can opt out of this. As he explained, to opt out, users must go to their PayPal account, navigate to their profile, click the "Data and Privacy" button, and then turn off "Personalized Shopping."
The third update is that some transfers will now incur additional fees, especially Automated Clearinghouse (ACH) payments. The fourth has huge implications for fundraisers, as PayPal also announced that its fundraiser program will end on Oct. 7, 2024.
"If you currently have a fundraiser up, it's still good, don't worry," he said. "But any new fundraisers that you want to start after October 7 will not be valid. However, if you do have a fundraiser, you must move those funds to your PayPal balance by January 12, 2025, because by the 13th of that month, there will no longer be terms and conditions or a binding legal agreement that goes under the PayPal fundraiser. I wouldn't play around with them to see where that fundraiser money goes."
Finally, because of a scamming issue, PayPal has changed certain policies between the merchant and consumer, with an emphasis on package tracking.
"If you are someone who uses PayPal as a payment service or third party, please have all of your packages tracked," he added. "Especially if you are an online store, there are a lot of people who are getting their claims denied because the package has not been tracked."
@seansvv PayPal’s New Terms and Conditions #termsandconditions #fineprint #legal #cliffsnotes #summary #tut #optout #privacy ♬ original sound - SEAN
Numerous commenters thanked Sean for his service, especially about data sharing,
Meanwhile, users in various countries, like the U.K., Netherlands, and Canada, said they couldn't deactivate this feature. But Sean made it clear in the comments that this guidance was for U.S. audiences only and that EU countries and certain states had more stringent privacy regulations.
Sean didn't immediately respond to the Daily Dot's request for comment via TikTok comment and email. We also reached out to PayPal via email.
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