I didn't get an email, but I went and had a look at the policy updates... The main ones are as outlined above, (there are others but they're unlikely to affect the majority of users), with one other major one they didn't mention.
This one might raise some eyebrows, though I must admit I was half-expecting PP to do this at some stage... (copy-pasted this one in full)
- New clauses 17.9 to 17.13 have been added as follows:
“17.9 If you are a seller, we may limit the amount you can withdraw from your PayPal balance to help protect us and our users from the risk of financial or other loss. The amount of your PayPal balance that will be available for withdrawal is called a “release amount”. The remainder will be retained in your PayPal account for up to 21 days.
17.10 We will notify you of the terms of any release amount we apply to your account.
17.11 Your release amount will be determined by information we collect when you create your account, as well as publicly available information and your selling activity. The more you use your account, the more we know about your selling activity. As such, our risk assessment may change and we may increase or decrease your release amount based on that changed assessment. We will notify you if this occurs.
17.12 In the event you do not agree to the terms of a release amount, you may close your account unless otherwise prohibited under this Agreement. However, if your account is closed for any reason, we have the right to hold the amount retained in your PayPal account for up to 180 days.
17.13 You may request an increase to your release amount once every 30 days.”
