Common use of PayPal balance Clause in Contracts

PayPal balance. Any PayPal balance you hold represents an unsecured claim against PayPal and is not insured by the Canada Deposit Insurance Corporation (“CDIC”) or by any other provincial insurer of deposits. PayPal combines your balance with the balances of other users and invests those funds in liquid investments. PayPal owns the interest or other earnings on these investments. These pooled amounts are held separate from PayPal’s corporate funds, and PayPal will neither use these funds for its operating expenses or any other corporate purposes nor will it voluntarily make these funds available to its creditors in the event of bankruptcy. PayPal is not a bank and does not itself take deposits. You will not receive any interest on the funds held with PayPal. Adding or Withdrawing Money Adding money You may use the payment methods linked to your PayPal account to fund transactions you make using your PayPal account and you don’t need a PayPal balance to buy something or send money. You can transfer money to your PayPal account from a credit card, Visa debit card, Mastercard debit card or bank account that’s linked to your PayPal account by requesting an electronic transfer to your PayPal account. The amount transferred will be held as a balance in your PayPal account.