You could get fined up to $20! 😵
Get ready, Canada! PayPal’s "inactivity fee" comes into effect on Wednesday, and you have just days to make sure you avoid getting charged.
Earlier this year, the money-moving company announced that it would start charging some customers for not using their account enough.
This will apply to Canadians with an existing account, and the deadline for not getting smacked with a fine is December 15, 2021.
The inactivity fee only applies to eligible accounts with zero activity over the past 12 months. If this sounds like you, you could face fines of up to $20.
The company says if you haven't used PayPal in the last year and you have less than $20 in your account, the fee will take your balance down to $0.
If you have more than that, you’ll lose $20 exactly, which would be the maximum amount.
Those with nothing at all in their account won’t be dinged at all.
Don’t worry if you haven’t used your account much recently, though, as there are ways to avoid facing the charges.
Simply logging into your account is the easiest way to avoid the inactivity fee, or you can spend some money from your account, donate to charity, send money to somebody else or just withdraw your funds. Easy!
There are a few exceptions to the charge, including accounts in Alberta with more than $250, but overall it will impact most unused accounts.
If you do have an account, mark December 15 in your calendar as you don't want to lose money ahead of the holidays, right?!
This article’s cover image was used for illustrative purposes only.