PayPal introduces a fee for inactive accounts – from 2023
PayPal wants to charge users with inactive accounts in the future. This should primarily affect accounts that have not been able to prove any activity in the past twelve months.
PayPal has been valid since October 31 new terms of use and they bring an interesting innovation with them. Because the online payment service has with these introduced an inactivity fee.
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PayPal: what’s the deal with the inactivity fee?
The online payment service wants to make use of the inactivity fee “to manage inactive accounts”. However, this should only be used “limited” and will affect accounts “that have not been active in the last 12 months”.
PayPal’s new user agreement clears the way for this fee. Because these authorize the online payment service to charge such a fee for inactive accounts.
The fee should correspond to “the lower value of the account balance or 10 euros”. Accounts with no balance should not be affected by this fee. The fee should also not lead to a negative balance.
Inactive accounts will receive notification
Starting November 14th, PayPal plans to start notifying users of inactive accounts about the fee. But the online payment service then gives these account holders until December 13 to avoid the fee.
Users have various options for this. Because they can, among other things:
- Sign in to their account
- Send money to friends and family
- Shop and pay with PayPal
- withdraw money from the account
- Donate money from account
However, there is an all-clear for personal accounts in Germany, Austria, Italy, Greece, Hungary and Poland. Because customers in these countries are exempt from this inactivity fee for 2022.
How popular is PayPal anyway?
PayPal has established itself worldwide as an online payment service in recent years. What started as a payment service on eBay is now the most popular payment method.
In the third quarter of 2022, the service counted 432 million users worldwide and around 5.64 billion transactions. The group was able to do one in 2021 Revenue of $25.37 billion generate.
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