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Translation - art & business » Money matters »
PayPal preparing to introduce European PayPal branch
Thread poster: Sonja Tomaskovic (X)
Sonja Tomaskovic (X)
Sonja Tomaskovic (X)  Identity Verified
Germany
Local time: 17:28
English to German
+ ...
Jan 1, 2004

Today I received an email from PayPal, informing me that PayPal will introduce a European-based PayPal company.

The new PayPal (Europe) Ltd. will be based in the UK and will start its business in February 2004.

Members with a European-based address will be shifted to PayPal Europe automatically. Only members having a legitimate postal address within the US will be able to keep their account with PayPal USA.

Here is a short overview of the main changes that ... See more
Today I received an email from PayPal, informing me that PayPal will introduce a European-based PayPal company.

The new PayPal (Europe) Ltd. will be based in the UK and will start its business in February 2004.

Members with a European-based address will be shifted to PayPal Europe automatically. Only members having a legitimate postal address within the US will be able to keep their account with PayPal USA.

Here is a short overview of the main changes that European PayPal customers will have to face:

What are the key differences between the current US-based and future EU-based User Agreements?

The key differences between the US and EU User Agreements are:

  • subject to authorisation of PayPal (Europe) Ltd. by the UK Financial Services Authority, you will receive services under a new agreement with PayPal (Europe) Ltd., a UK entity licensed as an e-money institution, instead of PayPal, Inc., a US entity licensed as a money transmitter by States in the US

  • any balances you hold will represent direct claims against PayPal (Europe) Ltd. which is required by law to redeem your e-money on request (subject to anti-fraud measures), and is subject to strict regulatory requirements to ensure your money is kept safely. Currently, your claims are against US banks where PayPal, Inc. placed your money. However, your claim against PayPal (Europe) Ltd. would not be insured by any government agency. Currently, your US dollar claims against US banks may be insured by the US Federal Deposit Insurance Corporation in the event of the banks' insolvency

  • PayPal members with a Personal account will be informed when their PayPal balance approaches £1,000. PayPal is required by law to inform members that the UK Financial Services Compensation Scheme does not apply to claims in respect of e-money issued by PayPal. Therefore, in the unlikely event that we become insolvent and the e-money balance in your account becomes unusable, you might lose your e-money. You would need to tick a box in a pop-up message to acknowledge that you understand this and are content for your balance at any time to exceed £1,000

  • notices of amendments to the User Agreement will continue to be posted in the Policy Updates section of the PayPal website, and notice of material amendments will continue to be posted 30 days in advance of their effective date. In addition, EU members will receive email notice of material amendments 30 days in advance, unless they actively choose to opt out. Under the US Agreement, members must actively choose to opt-in for this email notice

  • disputes against PayPal not settled through PayPal Customer Service would be resolved through the UK Financial Ombudsman Service or the courts of England. Under the US Agreement, these disputes must be resolved through arbitration in the US or in the courts in Santa Clara County, California. Disputes you may have against your counterparty concerning sale of goods or services will continue to be governed by the terms of your agreement with your counterparty

  • PayPal (Europe) Ltd.'s liability will be limited to the greater of the amount of fees paid by the customer in the last 12 months, or the amount of the transaction or the balance in dispute. Under the US Agreement, customers agree to limit PayPal's liability to the amount of direct damages caused by PayPal's negligence or breach of the User Agreement, and to exclude all other damages such as lost profit




    • [Edited at 2004-01-01 18:00] ▲ Collapse
 


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PayPal preparing to introduce European PayPal branch


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