You snooze you lose £12 say PayPal as they introduce a new yearly fee to accounts that have been inactive for at least 12 months.
If you ever find yourself wondering where that £12 you could have sworn you had in your PayPal account has gone well, you might now know the answer as from the 16th of December 2020 they will start charging the £12 fee.
“If your PayPal account is inactive for at least 12 consecutive months, we may charge an annual inactivity fee. Inactive means that you have not logged into your PayPal account or otherwise used your PayPal account to send, receive or withdraw money. This provision and the inactivity fee do not apply to Irish registered users and to personal accounts registered in Hungary.”
Avoiding the fees:
Avoiding the charge is simple, you can either log into your account before the 15th of December, close your inactive account or move your money out of PayPal. The £12 fee will only be taken from accounts containing money, empty accounts will not be charged and will not be closed.
Which countries will be charged?
If you’re in the following countries the PayPal fee monster could be knocking on your account door.. and when you don’t answer it will find an open window and help itself to your money.
- United Kingdom
- Czech Republic
- Hungary (Corporate Customers only)
- Isle of Man
- San Marino
The inactivity fee will be the lesser of the fee listed below or the remaining balance in your account.
- U.K. Pounds Sterling:12.00 GBP
- Euro:12.00 EUR
- Czech Koruna:300.00 CZK
- Hungarian Forint:4,000.00 HUF