You are here: Home - Saving & Banking - News -

PayPal users: Act now to avoid £12 a year fee

0
Written by:
03/12/2020
PayPal is introducing an up to £12 a year fee in just a couple of weeks for infrequent users. Here’s how to avoid the charge.

Those with a PayPal account which has been inactive for a year (12 consecutive months) or more will be charged the fee from 16 December 2020.

By ‘inactive’, it means a user hasn’t sent, received or withdrawn money, or logged into their account for a year.

The fee will be the lesser of £12 or the account balance. But for those who don’t have any money in their account, they won’t be charged at all.

PayPal users can avoid the fee by logging into their account before 15 December, or making a transaction. You’ll then need to login to your account at least once every 12 months to avoid the fee in future years.

Withdrawing any cash in your account will also stop the fee being taken in the future.

At the time of the announcement in October, PayPal said it will warn inactive customers that they could be charged a fee by sending a notification 60 days, 30 days and then seven days before the fee is set to be charged.

For customers who may not remember their log-in details, you can call PayPal UK on 020 3901 7000.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Halifax to relaunch mortgage deals for first time buyers with 10% deposit

Halifax is relaunching 90% loan-to-value (LTV) mortgages for first-time buyers on 8 December.

Close