Martin Lewis Warns PayPal Customers Could Be Charged If They Don't Log In Soon
The online payment giant has announced they are establishing an "inactivity fee" set to apply to accounts that have been idle for 12 consecutive months or more, and will automatically deduct £12 from your account.
The Money Saving Expert, 48, flagged the changes to the system to warn customers that they may find themselves £12 out of pocket over the Christmas period.
However, Martin has highlighted the fairly easy ways to avoid the fees on his website, moneysavingexpert.com.
To beat the charge, it is vital to log into your PayPal account, or make a transaction using PayPal either on or before December 15th.
If you're no longer using your PayPal account and are worried about the fee, it is then recommended you consider closing the account altogether. It's fairly simple - all you need to do is go to the 'Settings' tab and select 'Close your account' at the bottom of the account menu.
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Another option for those who very sparsely use their PayPal account is to transfer any funds you have in there into another account, as PayPal has said that you would not face charges if your PayPal account has a zero or negative balance.
Not all PayPal customers will face these new charges.
Terms and conditions of the £12 penalty means that it won't apply to customers in Ireland, or those who have personal accounts registered in Hungary.
PayPal has previously stated the inactive users will receive a warning about the upcoming fee in three intervals - at 60 days, 30 days and then seven days before they are automatically charged.
In other money news, you can now claim up to £125 tax relief if you've found yourself having to work from home during lockdown - even if it was just for one day.
Featured Image Credit: Shutterstock
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