Maybe the new credit card law should cover PayPal as well so that users will not be surprised by any new fees that they will be imposing on users. The new credit card law prevents companies from hiking rates and introducing fees without a 45-day notice to card holders. PayPal is sneaking fees in without any notice at all. So PC World‘s Jared Newman reports.
Apparently, PayPal has snuck in a 2.9% + 30 cents fee on payments sent to personal accounts when the transactions are labeled as “Goods” or “Services.” It is still possible to receive money if the transaction’s labeled as “Personal Transfer” though.
This comes as a significant blow to those who receive payments from PayPal. With the popularity of its use for freelancers (writers and artists), the 2.9% + 30 cents can be a pretty good sum deducted on one’s earnings. While, this might not worry those earning a steady and larger pay, in this recession, every dollar counts.
When confronted regarding this, PayPal points at this announcement in their blog about the new sending options. This, however, doesn’t indicate that there will be new fees that would go with these new options.
“We didn’t want to make a huge formal communication out of this pricing change, because we weren’t really adding any fees, and we were hoping it would be a more useful experience for people,” PayPal PR Charlotte Hill said.
Come on. How can new fees be a more useful experience?
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Tags: Cash, Computers, Internet, PayPal, Technology