Warning to People with a PayPal Account.
Martin Lewis issues warning to people who have a PayPal account. The Money Saving Expert said customers could see money taken from accounts. Money Saving Expert Martin Lewis has issued a PayPal warning – saying customers could see money taken from their accounts if they don’t log in.
The finance guru tweeted the message: “Paypal users warning. It is going to introduce a £12 inactivity fee.”
He said this is because the online payment company is set to introduce an annual fee of up to £12 for users whose accounts have been inactive for a year or more.
Martin explains the changes in his MoneySavingExpert.com newsletter and details how you can avoid paying the extra cost.
All anyone with a PayPal account has to do is log into their account or make a transaction before December 15 as from December 16, PayPal users will be charged the fee if their accounts have been inactive for at least 12 consecutive months.
PayPal defines “inactive” as an account where the user hasn’t sent, received or withdrawn money, or logged into their account.
The explanation on the MSE website adds that if the user doesn’t have any money in their PayPal account, or the balance is negative, you won’t be charged a fee, even if you have a credit or debit card linked to the account.
If you do forget all about it, PayPal said it would warn inactive users about the fee 60 days, 30 days and then seven days before they are charged. So you will have a few opportunities to avoid the charge.
The other option is, if the account is no longer used, is to simply close it before the deadline.Related PostsMiddleton Elliott Moore Engineering Recruitment The Beautiful Shutter Company Using an Independent Financial Adviser Composite & uPVC Double Glazed Doors Sound Insulation Testing in London