So I'm adding a second checking account to my Paypal this afternoon, and I noticed a cool new feature. They've got this thing that can confirm my Bank Of America account details in a couple of moments if I just provide them with my BofA login details. Paypal promises right there on the page that my BofA login details won't be saved.
OK, I think to myself. I'm naturally skeptical of anyone or anything that wants information from me that only I possess. Things like PIN numbers and stuff like that. Paypal wants my info, but they won't save it into some database. Alright. I'll trust you, Paypal. I'll enter my login details. (sounds of typing can be heard right about now.)
Oh? What's this? Paypal is trying to force me into accepting a Terms and Conditions rider before I can submit this simple form? Hmmm. I don't normally read these things, but since I'm already skeptical about giving away my banking login information, I'll just skim the all-caps parts and see what I'm gonna be agreeing to.
LIMITATION OF LIABILITY. YOU AGREE THAT NEITHER PAYPAL NOR YODLEE NOR ANY OF THEIR AFFILIATES, ACCOUNT PROVIDERS OR ANY OF THEIR AFFILIATES WILL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, EVEN IF PAYPAL OR YODLEE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, RESULTING FROM THE USE OR THE INABILITY TO USE THE INSTANT BANK ACCOUNT CONFIRMATION SERVICE OR ANY OTHER MATTER RELATING TO THE INSTANT VERIFICATION SERVICE.
No thanks. That text means if anything goes wrong, I can't hold this company responsible for it. When you view the above text along with the section of the agreement that says:
POWER OF ATTORNEY. For all purposes hereof, you hereby grant PayPal and Yodlee a limited power of attorney, and you hereby appoint PayPal and Yodlee as your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person.
That means if I use their instant gratification service, I'm giving Paypal and some other company nobody's even heard of a power of attorney. "...in your name, place and stead, in any and all capacities..." Whaa!?? Are these people high on Amsterdam lawn grass?
Let me draw the not-so-obvious conclusion for you. Paypal and the Yodlee company want to become my attorney, have all the power to use my banking information just like I could, and then be completely indemnified from any and all causes of their actions. I'll decline this transaction, thanks. Some "feature", huh?
Comments
Wow!
Wow, that bites! Scary stuff