Hold PayPal responsible: PayPal Hides Pay-Later Plan’s Overdraft Fee Risk, Suit Says

From Bloomberg Law:

PayPal Inc. falsely touts its “Pay in 4″ installment program to low-income customers as a free service, failing to disclose that they can incur large overdraft fees on their linked bank accounts, a Florida man alleges in a new proposed class suit.

According to the PayPal website, app, and advertisements online including on social media, the service—which splits the purchase price over four payments—is completely free, with no interest or hidden fees, the suit alleges.

But there are often huge “late fees” and significant interest, albeit not assessed by PayPal, in the form of overdraft and insufficient-funds fees assessed by banks processing Pay in 4 payments, Felipe Vidaurre alleges in a suit filed Tuesday in the U.S. District Court for the Northern District of California.

Overdraft fees are a highly profitable part of the banking sector that exclusively targets the very poor, he alleges.

Continue reading PayPal Hides Pay-Later Plan’s Overdraft Fee Risk, Suit Says on Bloomberg Law

Do you have a complaint about PayPal or Venmo, such as locked accounts or funds seized for unspecified Acceptable Use Policy violations? Take your claim to FairShake, the consumer advocacy service.

Read More:

FairShake is aggregating links to consumer news stories across the web. We claim no rights to the snippets featured.

Latest news

House Republicans want to axe Citi contracts over bank’s abortion benefits, according to CBS News

From CBS News: Dozens of Republican lawmakers are urging the U.S. to cancel government contracts with Citigroup after the banking...

Citibank headlines: Why You Should Consider Amex Gold Over Citi Premier

From KoamNewsNow.com: While the Citi Premier® Card is a terrific card, the Amex Gold offers better benefits, offsetting the higher...

Latest Uber customer news: Hillicon Valley — Uber report finds thousands of assault claims

From The Hill: Uber released its latest safety report revealing thousands of sexual assault claims, though the report emphasized that...

Verizon Says Local Group Caused City To Delay Cell Tower, says Law360

From Law360: By Nate Beck (July 1, 2022, 6:24 PM EDT) -- Verizon Wireless says city officials in Fresno, California,...

Tallahassee Democrat on Wells Fargo: Wells Fargo Bank accused of discriminatory lending practices in suit

From Tallahassee Democrat: A class-action lawsuit against Wells Fargo Bank alleges accusations of discriminatory residential mortgage policies and lending practices...

The Verge reports Sprint’s LTE and 3G networks are officially retired

From The Verge: The remnants of Sprint’s network have been put out to pasture. As of yesterday, Sprint’s LTE network...

You might also likeRELATED
Recommended to you