World News – GB – PayPal could be about to charge you: do one simple thing to avoid paying the fees

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PayPal has announced that account holders could be charged up to £ 12 for profiles that have been « inactive » for a year or more The new fees go into effect on December 16, with PayPal set to charge all users if they have not used their account for 12 consecutive months So if you created a PayPal account to buy something from ebay a few years ago and forgot your profile it could be about to cost you

If you’re wondering if you’re eligible for the fee, PayPal defines an inactive account as one that the user hasn’t « sent, received or withdrawn money from or logged into their account » for 12 month If your profile matches any of these criteria, you will be charged the lesser of £ 12 or their full Aie balance

So for example if your PayPal account has a remaining balance of £ 5 on the account you will be charged But if you have £ 30 left in the account £ 12 will be taken Fortunately PayPal has confirmed that if you have no money in your account or if the balance is negative, you will not be charged any fees for your inactive account

However, there is a very easy way to avoid paying these fees if you are entitled to them As MoneySavingExpert explained in an online article, all you have to do is log into your PayPal account on – or before – December 15th to ensure you are not charged

If you rarely use your PayPal account and don’t want to pay these fees, you can simply close your account To close your account, log into PayPal and then head to the ‘settings’ screen ‘Then choose « close your account » at the bottom of the « account » tab

PayPal has said it will notify inactive customers that they may be eligible for charges by sending notifications 60 days, 30 days, and then seven days before payment is due.

In other PayPal news, the money transfer service this week announced the launch of a new tool that allows buyers to pay for products in interest-free installments. The new ‘Pay in 3’ tool will be available from the end of next month for purchases between £ 45 and £ 2,000

The PayPal system is launched at a time when revenues are reduced by the coronavirus pandemic in addition to an uncertain economic watch

Speaking about the new tool, PayPal UK corporate account manager Rob Harper said: « During the coronavirus pandemic we have seen the number of people in the UK shopping online dramatically increase At the same time, many more consumers are looking to share the cost of these purchases « 

Retailers such as French Connection and Robert Dyas are among those supporting PayPal’s new 3-way payment tool

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