Paypal are introducing an annual fee of up to £12 for inactive accounts. Here’s how to avoid it.
We use Paypal to pay out winners’ prizes because it is safe and easy. All we need is an email address, so don’t have to receive bank details from any of our members, unless they insist on a bank transfer of course.
Obviously, we’ve had thousands of winners so far so that’s a lot of potentially inactive accounts.
According to the ever-excellent Moneysavingexpert.com an “inactive account” is one that hasn’t been logged into, or transacted to or from for over 12 months. If you have a balance of £12 or more, they will take £12. If you have less than £12 they will take what you have. They will not take anything if you have no money in the account.
So, your options are: To take all your money out, remember to log in once a year, or to pay a fee. The first fee will be introduced on December 16th, so you’ll need to act before then.
Hope that helps, and sorry for the inconvenience!