Will PayPal fine users for misinformation?

REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights Oct 10 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Monday it will not fine users for misinformation and an earlier policy update that said customers could have to pay $2,500 in damages was sent in error.

Can PayPal deduct $2500 from my account for misinformation?

Close you PayPal account. Their new Policy allows them to deduct $2500 from your account for misinformation. Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations. “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy."

Will PayPal rescind a $2,500 fine for AUP violations?

As noted above, the $2,500 fine for AUP violations had been in effect for at least 10 years, nor had PayPal announced at any time that the fine would be rescinded. As for "misinformation," that word is still nowhere to be found in either the full User Agreement or AUP.

What happened to PayPal PYPL?

I cover fintech for Forbes' money team. After facing backlash earlier this month, PayPal PYPL +0.3% rescinded a line in its policy stating that spreading misinformation on the platform would be subject to a $2,500 fine.