The corporate regulator alleges PayPal has an unfair clause in its contracts allowing it to keep overcharged fees if errors aren’t notified by customers.
The corporate regulator alleges a contract clause that allows PayPal to keep any fees wrongfully charged to customers if the payments provider’s errors are not identified within two months is unfair.
The clause then adds: “If you do not notify PayPal within such timeframe, you accept such information as accurate, and PayPal shall have no obligation to make any corrections.” It is the second Federal Court case launched by ASIC this week against a bank, after Westpac was targeted on Tuesday forover a seven-year period.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASIC warns sellers of ‘financial heroin’ over their mass marketingThe corporate watchdog has told sellers of high-risk financial betting products to clean up their act.
Read more »
ASIC warns sellers of ‘financial heroin’ over their mass marketingThe corporate watchdog has told sellers of high-risk financial betting products to clean up their act.
Read more »
ASIC warns sellers of ‘financial heroin’ over their mass marketingThe corporate watchdog has told sellers of high-risk financial betting products to clean up their act.
Read more »
ASIC takes Westpac to court, alleging it failed to respond to hardship notices in timeWestpac is facing civil court proceedings from ASIC, which alleges it failed to respond to hardship requests within the time required by law.
Read more »
Live: Philip Lowe to give final speech as RBA governor, ASIC sues PayPal Australia, Wall Street falls on interest rate fearsOutgoing RBA governor Philip Lowe will give his final public speech before handing over to Michele Bullock next week, while Wall Street fell after economic data prompted concerns interest rates will stay higher for longer. Follow live.
Read more »
'A slap in the face': ACBF customers disappointed with fine issued to failed funeral insurerThe corporate watchdog ASIC fails to convince a judge that collapsed funeral insurer the Aboriginal Community Benefit Fund misled its customers, leaving consumers disappointed.
Read more »