Financial journalist Martin Lewis has issued an urgent warning to people who have a PayPal account.
Users of the money app are at risk of being slapped with a new annual fee - even if they don't use it very often.
In October, the Money Saving Expert founder warned that changes were being made to the PayPal user agreement - including the new fee charge.
If you don’t want to pay the fee you’ll need to log into your account before December 15.
Most of us have used our account for online shopping at least once, but if you use it sporadically then the new fee would be more than your last purchase, Yorkshire Live reports.
From December 16, 2020, PayPal is introducing an annual fee of £12 for people whose accounts have been inactive for 12 consecutive months.
The MoneySaving Expert.com website explains: “If your account has been inactive for over 12 months, the fee you're charged will be the lesser of £12 or your entire PayPal balance.
“If you don't have any money in your PayPal account, or your balance is negative, PayPal says you won't be charged a fee, even if you have a credit or debit card linked to the account.
“You can avoid being charged by logging into your PayPal account (or making a transaction) on or before 15 December 2020, before the fee is introduced on 16 December 2020.”
If you don’t want to use your account anymore and want to avoid the charge then you can close the account for good.
Just head to the settings section and select “close your account” under the account tab.
You can also keep the account open, but avoid a future charge by making sure your PayPal balance is zero.
