How to delete your PayPal account permanently, and what to keep in mind before you do
PayPal’s new policy came under fire on social media after the company updated it to include a $2,500 fine for expressing what it deems misinformation.
The company’s shares were down nearly 6% after the new policy, Reuters reported. PayPal subsequently backtracked and apologized for the causing confusion.
“This language was never intended to be inserted in our policy. Our teams have made appropriate updates to correct these inaccuracies,” spokesperson Justin Higgs told The Washington Post.
Elon Musk, several Republican figureheads and former PayPal President David Marcus were among the critical voices on Twitter. Many took to the company’s most recent tweet to reply with criticism or share that they were deleting their account.
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Why can’t I delete my PayPal account?
If you’re having trouble deleting your account, it may be because there are some loose ends you need to tie up. PayPal warns you won’t be able to delete your account if there are unresolved issues or a balance. PayPal also sometimes places limitations on accounts if they detect suspicious activity, rendering a user unable to delete their account.
Common reasons for limitations placed on accounts:
- An unauthorized person is using your account
- You failed to comply with regulatory requirements, like providing proper documentation
- You’re not following PayPal’s Acceptable Use Policy
- There’s a high number of buyer claims and chargebacks on your account
- PayPal needs to review a sudden change in what or how much you sell
What happens when you delete your PayPal account?
Make sure to withdraw all the money remaining in your PayPal account before you close it, so you don’t lose funds.
PayPal will cancel unpaid requests for money upon account deletion, and the user will also lose access to coupons and codes from PayPal.
You also won’t be able to use a PayPal Smart Connect account, the company’s in-house line of credit, after deleting your account.
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