Will PayPal fine users for misinformation?

REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights Oct 10 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Monday it will not fine users for misinformation and an earlier policy update that said customers could have to pay $2,500 in damages was sent in error.

Does PayPal have a'misinformation' policy?

Elon Musk, an erstwhile CEO of PayPal, agreed with that criticism: The controversy even inspired some users to boycott the app. As of this update (Oct. 27, 2022), PayPal's active Acceptable Use Policy (which still bore a "last revised" date of Sept. 20, 2021) makes no mention of the word "misinformation," or imposing a fine for same.

Did PayPal 'include incorrect information'?

Shares of the San Jose, California-based company were down nearly 6% after the update, which PayPal said "included incorrect information", sparked intense backlash on social media over the weekend. "PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.

Can PayPal deduct $2500 from my account for misinformation?

Close you PayPal account. Their new Policy allows them to deduct $2500 from your account for misinformation. Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations. “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy."