PayPal Working Capital is a merchant cash advance linked directly to your PayPal account.
PayPal say you snooze you lose £12
You snooze you lose £12 say PayPal as they introduce a new yearly fee to accounts that have been inactive for at least 12 months.
If you ever find yourself wondering where that £12 you could have sworn you had in your PayPal account has gone well, you might now know the answer as from the 16th of December 2020 they will start charging the £12 fee.
“If your PayPal account is inactive for at least 12 consecutive months, we may charge an annual inactivity fee. Inactive means that you have not logged into your PayPal account or otherwise used your PayPal account to send, receive or withdraw money. This provision and the inactivity fee do not apply to Irish registered users and to personal accounts registered in Hungary.”
Avoiding the fees:
Avoiding the charge is simple, you can either log into your account before the 15th of December, close your inactive account or move your money out of PayPal. The £12 fee will only be taken from accounts containing money, empty accounts will not be charged and will not be closed.
Which countries will be charged?
If you’re in the following countries the PayPal fee monster could be knocking on your account door.. and when you don’t answer it will find an open window and help itself to your money.
- United Kingdom
- Czech Republic
- Hungary (Corporate Customers only)
- Isle of Man
- San Marino
The inactivity fee will be the lesser of the fee listed below or the remaining balance in your account.
- U.K. Pounds Sterling:12.00 GBP
- Euro:12.00 EUR
- Czech Koruna:300.00 CZK
- Hungarian Forint:4,000.00 HUF
This company knows no shame
So you’re saying you need to be able to use their facilities and services for free yet if you don’t use them anymore, you should be able to keep open your account for ever and let PayPal pay for it?
Tried to close my second paypal account and transfer the money but couldn’t due to paypal errors.
If they take a fee I will take the c**ts to the small claims court
Thanks for the heads up
I guess this is an attempt to take £12 a year off all those ebayers that no longer use paypal.
Just bit of stupid move if you ask me.
TBH I am not even really using PayPal anymore. The only account we have it attached to is OnBuy and that is a sale once in a blue moon so I can live without that.
I even bumped it along with Amazon Pay from the webstore and just go with STRIPE as it is much better value. Paypal is kinda obsolete now.
I used to offer it on FB marketplace, but now just send a website link.
I think there is about £200 left in it from before eBay Managed payments switched over that was just covering things like Netflix so will just move it out and leave the account empty.
Agree , paypal seems old hat without eBay. They had the monopoly so long and have been asleep.
Pay as you go phones seize all remaining funds if the phone is not used in 6 months. So can’t see this as an issue. Don’t want to pay the fee… login or close the account. Simple really.
if you have an inactive account sitting idle for 12months your not going to miss or need the 12 quid anyhow
so why the uproar
probably anticipating a lot more inactive accounts as managed payments spread across eBay