There are several reasons why someone might want to delete their PayPal account. Closing a PayPal account is a simple process that takes only a few minutes to complete. If you need to close your account for whatever reason, this tutorial will show you how to do it safely.
PayPal accounts are simple to create, almost always free, and can be used to conduct speedy transactions. However, there are various reasons why you might wish to terminate your PayPal account, including switching to an alternative like Venmo, being dissatisfied with specific PayPal fees, or wanting to start a new account with a different email address.
Things to Know Before Deleting your Paypal Account
Some people usually use the phrase ‘deactivate PayPal account‘. If an account is deactivated on a social media platform like Facebook, it can be reinstated if necessary. With PayPal, however, this is not the case. An account is permanently closed after it has been erased.
You will not be able to access your PayPal account once it has been closed. Your PayPal transaction history will be erased. Any money requests that have not been paid are automatically terminated. A PayPal account that has been deleted cannot be used to make online payments in the future.
You won’t be able to close your PayPal account unless you pay off any outstanding PayPal credit balances. Any pending payments or other unsolved issues with your account are the same. Depending on the issue, you may need to contact customer service to remedy it.
If you’ve decided to close your PayPal account, make sure you withdraw your entire PayPal balance before you do so.
You have the option of collecting your PayPal amount in one of the following ways:
- It should be deposited into your bank account (it can take a couple of days for this money to appear)
- PayPal will send you a cheque (a small fee will occur)
- Make a purchase from your favorite online store.
How to Delete Your Paypal Account
You’ll need a laptop or computer to remove your PayPal account. PayPal accounts can’t be deleted from a smartphone.
Log into your PayPal account and go to the upper right corner of the screen to the gear icon. In the Account settings section of the Account tab, click on the Close your account option. A warning will appear on your screen. Click Close account if you’re sure you want to delete your account.
Can You Open a New Paypal Account After Deleting your former account?
You can use the same email address to reopen a PayPal account. But it is usually advisable to use another email address, even if you have deleted your previous Paypal account. There are a few unconfirmed cases online of people who had trouble after trying to open another Paypal account using the same email address as a former account.
Why is this so? You can close records, but PayPal will not allow you to delete them. They keep an eye on everything.
Make sure you don’t have any unusual transactions before you close your account (debates, claims, discounts, and so on.). After that, remove any banking information.
If you want to use the same banking and Visa data, you’ll need to contact customer service for assistance because the system won’t let you relink those things without support. (It’s a framework security safeguard set up for your benefit, but most people appear irritated by it.
How Did Paypal Start?
Paypal was founded in 1998 by Elon Musk, Peter Thiel, Luke Nosek, and Max Levchin. It was initially conceived as an electronic alternative to checks. The service became popular with consumers because it allowed them to send money without sharing financial information such as credit card numbers or bank account details with the merchant.
In 2002, PayPal became a fully-owned subsidiary of eBay, and in 2015, it spun off from eBay into a separate company. In 2016, PayPal was ranked #1 on the Forbes “World’s Biggest Public Companies” list.
Why Do People Delete Their Paypal Accounts?
There are a few reasons why people opt to delete their PayPal accounts. While it may seem like a good idea to close your account, keep in mind that there is no charge for leaving it open. You never know; you could decide to use PayPal again.
Some PayPal users may choose to terminate their accounts for the following reasons:
- They are no longer going to use the account. They could have, for example, moved to Flutterwave or sought a less expensive alternative.
- Their account has been hacked, and they want to delete it for security reasons.
- They’ll create a new account using a different email address.
Why Some Paypal Accounts Cannot Be Deleted
An account will not be allowed to be deleted until issues are resolved.
You won’t be able to close your account if you still have a PayPal balance, pending funds, or unsolved difficulties. The account can be canceled once the funds have been transferred and the issues have been handled.
How to Unlink Your Bank Account from Paypal
This may appear to be an easy question, but it is not. You may want to unlink a bank account for many reasons. If you’re relocating to a new city and need to close your previous account, this is one of the most common reasons. To do so, you’ll need to contact your bank and request that a form is mailed. The account holder’s name, signature, and other identifying information will be requested on this form.
Conclusion
There are many reasons why you might want to close your PayPal account. Maybe you have a business account, and your company is going out of business. Perhaps you’ve moved to a different payment method, such as Venmo or Wise? Perhaps you’d like to create a new account with a different email address. You may also object to the few costs charged for specific actions or be a tinfoil hat wearer who prefers to keep his finances private.
Whatever your reason, deleting your PayPal account if you don’t intend to use it again is a brilliant idea. PayPal is safe, but you should exercise caution when using any online service that displays your personal or financial information.
