PayPal

[lotzofuniquegoodies]

For anyone that now only uses PayPal occasionally, see Sept/Nov portion of the user agreement ammendments. They may be applicable to your personal situation.

PayPal Policy Updates

-Lotz

[richardcm]

Inactivity fee of $20 starting in the fall. Lol. I will have to remember old accounts I started on PayPal over the years. I closed some. I wonder how one can find out old accounts before getting a surprise bill. I suppose it it is like dormant bank accounts. 

[pjcdn2005]

Effective: November 20, 2021

• We are introducing an annual account inactivity fee of $20 CAD.

They don't give much information on that.  Will you be billed  in Nov. 2021 if you haven't used your account for a year or not until 2022? Will using your account just once a year be enough? 

I doubt that I will be affected but it annoys me when they only give you part of the information.

[richardcm]

Lack of information annoying.

Since switching to MP my PayPal accounts are inactive with a small balance. I left the money to cover any refunds for sales using PayPal before MP switch in March April.

I suppose I can log in and transfer funds out. But if inactive for a year with zero balance will they charge me the inactivity fee and bill the credit card?

Unknown like this will make me cancel PayPal because I don’t use it now. But I would like to keep it.

I suppose more details will come out soon.

[recped]

Obscurring the upcoming changes has always been the PayPal way. You might have to wait until Novemb er whn this actually comes into effect to see the actual legal definition of "inactivity". It could simply mean that you need to log into the account once a year rather than have an actual transaction. There are probably tens of millions of PayPal account that have been idle for years and years.

I'm working on the assumption that the start date for inactivity will be November 20th 2021

Here's the current Dormant clause in the PayPal agreement........(I'd bet not many people even know there is one).

Dormant accounts

If you do not log in to your PayPal account for two or more years, PayPal may close your PayPal account and send the PayPal balance to your primary address or, if required, escheat (send) your PayPal balance to your province of residency. PayPal will determine your province of residency based on the primary address for your PayPal account. If your address is unknown or registered in a foreign country, your PayPal balance will be escheated. Where required, PayPal will send you a notice prior to escheating any funds in your PayPal account. If you fail to respond to this notice, your PayPal balance will be escheated to the applicable province. If you would like to claim any escheated PayPal balance from the applicable province, please contact the applicable province’s unclaimed property administrator.

[ricarmic]

@recped  good thing theres folks like you who search this stuff out.

I noticed there wasn't any "seach" ability within the myriad of documents.

I looked for a while, then gave up, assumed once a year was going to be good enough.

Two years is even better.

Good thing I've only got two.....

[femmefan1946]

"ESCHEATED"??

Terrible use of the word -- which I had to look up.

https://www.investopedia.com/terms/e/escheat.asp

Escheat refers to the right of a government to take ownership of estate assets or unclaimed property. It most commonly occurs when an individual dies with no will and no heirs. Escheat rights can also be granted when assets are unclaimed for a prolonged period of time. These situations can also be referred to as bona vacantia or simply just unclaimed property.

It does not seem to include private companies like PP.

Protip- Never use the fancy word when you can use plain language. You will regret it.

I spent years in a Cabinet Minister's office trying to explain to the kiddies who were his advisors that "fulsome"  did not mean what they thought and was actually a little rude.

[mrdutch1001]

I received an email from PayPal regarding the upcoming changes. Prompted the closing of an old seldom-used PayPal account, but will continue to maintain those which are still in use.

[recped]

It does not seem to include private companies like PP.

Well this is the sytem commonly used by banks and other financial services companies. If they don't have the ability to hand them over to someone they would have to maintain those account until....forever? That would mean accounting for those funds in all accounting and reporting (for publically traded companies). It's a headache and costly thing which if there are previously agreed to fees generate a bit of cash but for accounts that are free of any fees PayPal for example gets nothing, not even use of the funds which have to remain in a non-interest bearing trust account.

I'd venture a guess that PayPal has at least 10,000,000 dormant account (they have almost 300 Million user accounts), many of them could have small amounts of cash balances in them.

I'll save my outrage over this until such time as they reveal the exact process and what exactly is required to make an account "not dormant" (could you just log-in once a year? or must you send/recieve funds).

[femmefan1946]

@recped 

Well if it comes to send/recieve funds, I'll send you a Friends and Family payment of a loonie and you do the same for me? Deal?