questionswhat's the deal with paypals new policy updates?

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The full agreement can be viewed here

vote-for13vote-against

I've seen that legalese before in other ones. Not sure it would hold up in court, but it's too protect against class action lawsuits.

I will probably opt out as well. There doesn't seem to be any reason not too, anyway.

Edit: never mind, it's too much effort! And they don't have to accept it. I'll stand be the "it's probably not going to be upheld by the courts" defense, if it ever comes down to it.

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FYI: Opt-out procedure:
"You can choose to reject this Agreement to Arbitrate ("opt out") by mailing us a written opt-out notice ("Opt-Out Notice"). For new PayPal users, the Opt-Out Notice must be postmarked no later than 30 Days after the date you accept the User Agreement for the first time. If you are already a current PayPal user and previously accepted the User Agreement prior to the introduction of this Agreement to Arbitrate, the Opt-Out Notice must be postmarked no later than December 1, 2012. You must mail the Opt-Out Notice to PayPal, Inc., Attn: Litigation Department, 2211 North First Street, San Jose, CA 95131..."

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I would only worry about this if your main source of income came through paypal, like some of these eBay megastores, or if your paypal income came from sheisty dealings, such as dealing things that are intellectually copyrighted, from online games, for instance. If you're like me and only see an average of a hundred to two hundred bucks pass through, for online purchases, it won't make a load of difference for ya, in my opinion :)

vote-for10vote-against

This is very common in almost every industry. Do you have any credit cards? Look at the RICA (Retail Installment Credit Agreement) and I bet it has similar language.

Ever sign up to use a Gym? It probably says it in the contract too.

I am the landlord of a house for rent and I put that clause in my lease agreement.

Believe it or not, the government has actually supported the idea of arbitration because it causes fewer people to use the court system.

vote-for3vote-against

Every contract I have signed has had that agreement. Arbitration is a lot cheaper/faster than going through the court system.

Unless you plan to sue Paypal, I wouldn't worry about it.

vote-for2vote-against

As stated above, typical legalese. You're fine.