Amazingly in a world where more and more fee-free banking becomes the norm, Paypal are introducing fees for inactive accounts and they come into force on 16th December 2020.
NOTE: This only applies if you have a positive balance within your account and you don’t login to your account for 12 or more months, if you have £0.00 in your account you will not be charged.
What exactly does ‘inactive’ mean?
Paypal class an inactive account when the user (in the last 12 months) hasn’t:
- sent, received or withdrawn money
- or logged into their account
How do I become active?
Simply log in to your account before December 15th 2020.
How can I stop this from charging me in the future?
- Use your account
- Withdraw all funds from your account (so the account balance is £0.00)
- Close your account (Login, go to ‘Settings’ and select ‘Close your account’ at the bottom of the ‘Account’ tab).
- Add a reminder to your phone/calendar etc to remind yourself each year
Are Paypal not going to inform me of this directly?
PayPal says they will warn inactive account holders before they’re charged, with notifications 60, 30 and 7 days prior to any charges.