Martin Lewis: Money Saving Expert urges Britons to take action on their PayPal account | Personal Finance | Finance
Martin Lewis, MoneySavingExpert, has helped millions of Britons to cut costs and get the best deals over the last few years. Many people have turned to him for help on key issues, and his support has often been invaluable, especially amid the COVID-19 pandemic. Today, Martin turned his attention to PayPal, a service used by many people across the country, offering an important warning on charges.
PayPal is a payment system which assists customers in making transactions in a safe and easy way.
In fact, it is estimated that as of July 2020, over two million Britons were making use of the service every month.
But whether a person uses their PayPal account or not, there is an issue to bear in mind which Martin has raised.
The organisation is set to introduce an annual fee, and this could hit the pockets of those who fail to take action.
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Therefore, Martin has urged Britons to take certain steps on the matter in an effort to help them avoid the charge.
All Britons are required to do is log-in to their account by December 15, 2020 to avoid the charge.
The MSE website explained: “This means you will have been ‘active’ in the previous 12 months, so won’t be charged.
“At this point, if you don’t use your PayPal account and don’t want to risk being charged in the future, you can simply close the account.
“Once you’re logged in, go to ‘settings’ and select ‘close your account’ at the bottom of the ‘account’ tab.”
For those who do wish to keep their account open, however infrequently they use it, Martin has offered another helpful tip.
He has advised people to add a note to their diary for each year to remind them to log-in to their account.
This is a likely way to help Britons avoid the charge for inactivity.
However, PayPal has also stated it will help its customers along the way.
Inactive customers are to be reminded on a frequent basis they could incur a charge if they do not take action.
Notifications are to be sent out 60 days, 30 days and finally seven days before the fee is to be charged.
PayPal has also confirmed those with no balance in their account will not be charged for inactivity.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip