PayPal has recently updated its conditions of use, with some new features that will come into force starting from next May 6, 2022: the introduction of a payment of a fee on accounts that are inactive. Let’s try to understand exactly what it is and if we need to worry.
PayPal: what is the rate on inactive accounts?
According to what was declared by PayPal, the rate, which is equivalent to a figure of 10 euros, would be applied only once a year to the accounts of consumers and merchants in the countries where it is charged and who meet the conditions necessary to be considered as effectively inactive accounts. But what exactly are these criteria, and how are they applied?
Also according to the official data provided by the company, all those accounts that are not logged in are considered inactive 12 months or who do not use it to send, receive or transfer money. Also, and this is the most important part, if an account has a balance of 0, this fee is not applied, in order to avoid incurring a negative balance.
Similarly, if in a given account there is a lower amount than that foreseen by the rate, i.e. 10 euros, less will be withdrawn, always for the same basic reason. Finally, although the new terms of use will come into effect on May 6, the inactivity fee will only begin to be charged to sellers’ accounts from October 2022 and on personal accounts from October 2023.