Newswire: PayPal fined $25 million for shady business practices

Ah, PayPal. The best friend of eBay shoppers and people too lazy to pull out their credit card while ordering a pizza online. Good ol’ PayPal would never hurt us, especially since we were all kind enough to give it access to our bank accounts in the name of convenience. Except, according to the Consumer Financial Protection Bureau, PayPal has actually been hurting tens of thousands of us for a long time. Apparently, blindly allowing it to act as a middleman in millions of online transactions for all of these years wasn’t such a good idea. Whoops!

The CFPB’s report lays out a list of PayPal’s transgressions, and they all sound pretty devious. First, there’s “Deceptively advertised promotional benefits,” which means that PayPal promised $5 or $10 credits to people and never actually sent them out. Then there’s the “Abusively charged consumers deferred interest” section …

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