PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Money, investing, mutuals etc
expressman33
Posts: 11437
Joined: Tue Jun 29 2010 10:36pm
Location: stockport
Has thanked: 2801 times
Been thanked: 10360 times
Contact:

PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by expressman33 » Tue Oct 13 2020 10:58pm

PayPal is set to introduce an annual fee of up to £12 for users whose accounts have been inactive for a year or more – but you can avoid the charge by logging into your account before the deadline in December.

https://www.moneysavingexpert.com/news/ ... --act-now/
Thanked by: kevinchess1

AAAlphaThunder
Posts: 26557
Joined: Tue Sep 14 2010 8:23pm
Location: [The Finest City in the World: London]
Has thanked: 192 times
Been thanked: 3667 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by AAAlphaThunder » Tue Oct 13 2020 11:31pm

Crikey! £1 a month. Extortionate.
[Secretary] imutual Cashback Investment Club

Sarah
Posts: 3780
Joined: Sat Jun 26 2010 10:01am
Has thanked: 298 times
Been thanked: 2910 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by Sarah » Tue Oct 13 2020 11:36pm

It is; although many online wallets and pre-paid cards charge similar inactivity fees.

blythburgh
Posts: 16364
Joined: Tue Jun 29 2010 7:14pm
Location: The Far East
Has thanked: 31015 times
Been thanked: 5900 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by blythburgh » Wed Oct 14 2020 8:00am

Extortionate? Yes, but if you are not using the account why not close it?
Thanked by: kevinchess1
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

planteria
Posts: 5772
Joined: Tue Nov 23 2010 4:52pm
Location: England
Has thanked: 413 times
Been thanked: 1278 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by planteria » Wed Oct 14 2020 7:45pm

i rarely use paypal, but it's linked to my Ebay account i think :think:
Thanked by: blythburgh

blythburgh
Posts: 16364
Joined: Tue Jun 29 2010 7:14pm
Location: The Far East
Has thanked: 31015 times
Been thanked: 5900 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by blythburgh » Thu Oct 15 2020 7:40am

So make sure you buy something via ebay once a year

Now read the link above and according to Money Saving Expert bit:

PayPal defines "inactive" as an account where the user hasn't sent, received or withdrawn money, or logged into their account.

If your account has been inactive for over 12 months, the fee you're charged will be the lesser of £12 or your entire PayPal balance. If you don't have any money in your PayPal account, or your balance is negative, PayPal says you won't be charged a fee (even if you have a credit or debit card linked to the account).
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

Richard Frost
Posts: 11881
Joined: Tue Jun 29 2010 8:14pm
Location: The Isle of Dreams
Has thanked: 2608 times
Been thanked: 6272 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by Richard Frost » Thu Oct 15 2020 9:02am

blythburgh wrote:
Thu Oct 15 2020 7:40am
So make sure you buy something via ebay once a year

Now read the link above and according to Money Saving Expert bit:

PayPal defines "inactive" as an account where the user hasn't sent, received or withdrawn money, or logged into their account.

If your account has been inactive for over 12 months, the fee you're charged will be the lesser of £12 or your entire PayPal balance. If you don't have any money in your PayPal account, or your balance is negative, PayPal says you won't be charged a fee (even if you have a credit or debit card linked to the account).
Why are you saying you need to buy something? No need to buy anything at all. If you have a zero balance no fee will be charged. You could have an account open and never use it. Zero balance = no fee. You could even get imutual to pay in your cashback to Paypal this would count as activity.
Thanked by: kevinchess1

Sarah
Posts: 3780
Joined: Sat Jun 26 2010 10:01am
Has thanked: 298 times
Been thanked: 2910 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by Sarah » Thu Oct 15 2020 11:52am

Yep, it'll allow them to drain funds left in unused accounts but probably need not worry anyone that only sends money or withdraws their funds promptly. The minimum withdrawal is £1 these days; anything above that could be withdrawn once cleared if not spent.
Thanked by: kevinchess1, blythburgh

expressman33
Posts: 11437
Joined: Tue Jun 29 2010 10:36pm
Location: stockport
Has thanked: 2801 times
Been thanked: 10360 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by expressman33 » Wed Nov 18 2020 10:33pm

Just received this phishing email
PayPal

We don’t want to say goodbye

We noticed that you haven't used PayPal lately, and since your security is a top priority,
We're planning to close the account you created with your

It's going to close in 7 days, unless you act soon. "MY EMAILxxxxxx "

Reactive Now

To keep your account, Please Just Update Payment information before Nov 25, 2020

Forgot your password? Reset it now

PayPal, Inc. © All rights reserved. P ayPal is loc ated at 2211 N. First St., San Jose, CA 95131.

1999-2020

If you no longer wish to receive our emails. please click to Unsubscribe

AAAlphaThunder
Posts: 26557
Joined: Tue Sep 14 2010 8:23pm
Location: [The Finest City in the World: London]
Has thanked: 192 times
Been thanked: 3667 times
Contact:

Re: PayPal to introduce £12/yr fee for 'inactive' accounts – act now to dodge it

Post by AAAlphaThunder » Wed Nov 18 2020 11:41pm

I get a regular stream of PayPal SPAM emails, GMail does a good job of auto sending them to the junk folder.
Thanked by: pakefield
[Secretary] imutual Cashback Investment Club

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest