PayPal is one of the most widely used online payment methods worldwide for both private and business transactions. Either because you opened your PayPal account a long time ago and never use it, or because you have decided to use another online payment method, if at any time you want to close your PayPal account, don’t worry, it’s easy and will only take 10 minutes. Read on to find out how to shut down your PayPal account.
Why Would You Close Your PayPal Account?
Before, keeping a PayPal account, even if you don’t use it, was convenient: you don’t have to pay for your account, and in case you need it, you can always use it to pay a purchase on the internet, social media campaign or for your own business.
However, from December 16, 2020, the PayPal platform will charge an inactivity fee for accounts that were not in use for at least 12 consecutive months. The penalty may rise up to $12 per year if you haven’t used it for payments, transactions and transfers as well as just logging in from time to time. So if you have a PayPal account that you don’t use at all, it might be better to delete it for good.
Note: To cancel your PayPal account, you need to use your laptop or computer. It’s not possible to finalize it via the mobile device.
How to Close a Personal Account
If for any reason you’ve decided to cancel your PayPal account, don’t forget to transfer your money balance to your bank account or request a check from PayPal before the closure. Then, follow these steps:
1. Log In to your PayPal account.
2. Click on the gear icon in the top right corner to access Settings.
3. Scroll down your Profile tab and click on Close Account and finalize the account closure process.
Note: The account closure will be final and the account history and accreditation number will be lost.
How to Close a Business Account
1. Log in to your PayPal account.
2. Click on the gear icon next to Logout on the top right to open Settings.
3. Go to Account Settings and select Close Account button next to Account type.
4. Click on Close account icon to permanently shut down your PayPal business account.
Can I Reopen the PayPal Account After Its Closure?
You can not reopen the same PayPal account after its closure. However, you can open a new PayPal account using the same email address, but all the previous transaction history will be lost.
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