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How to close your PayPal account as Martin Lewis issues warning about charges

Martin Lewis has warned PayPal account holders that they could be facing an ‘inactivity charge’ on their account of up to £12 in the coming months if they are not using it.

The money expert flagged the warning on his Twitter page, telling his followers: ‘Paypal users warning. It is going to introduce a £12 inactivity fee.’ – as well as highlighting it in the MoneySavingExpert newsletter.

The fee will be aimed at those who hold PayPal accounts, but who have not used it for a year or more – either to send, receive or withdraw money, or even to just log into their account.

The charge is due to kick in from December 16 – so with that in mind, can you close your PayPal account if you’re not using it to avoid the charge?

How do you close your PayPal account?

If you have a PayPal account you have no intention of using, and want to avoid being charged £12 for the privilege, then it’s easy enough to close it.

All you have to do is log in to the account, and once you’re in go to Settings.

You then select ‘close your account’ from the bottom of the Account tab, and it will be closed.

You won’t be able to close your account via the app (Picture: Getty Images)

You’ll need to go online to do this, however – as you can’t close the account via the PayPal app.

What are the new charges and how can you avoid them?

PayPal will charge the lesser fee of either £12 or the entire balance of your PayPal account to those who have inactive accounts.

If you want to keep your account open but avoid the charge, all you have to do is make sure you log in to your account before December 15.

This means you will have been ‘active’ in the previous 12 months, so can avoid being charged.

If you want to keep the account open but don’t want to use it, you could also log in and transfer any funds you may have in the account to another account – as PayPal has said it won’t charge a fee to those accounts which have a zero or negative balance even if they are still linked to a credit or debit card.

MORE: Money saving expert Martin Lewis and wife Lara Lewington ‘shaken’ after ‘terrifying’ moped phone theft

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