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I know Paypal or "****ing paypal" as it's often know isn't always everyone's favourite Tech Giant, I'm sure this won't make then any new friends.
They're introducing an 'annual fee' for dormant accounts, if you don't use your account (send / receive / log-in) for 12 months, they'll charge you £12, or whatever's in your account if you don't quite have the £12. If you don't have any money in your account, they won't charge you.
Which is a really long winded way of saying that despite making nearly $3bn in 2019, they fancy snatching up all the little pots of money they have on their books in lost and forgotten accounts. It must be in the millions, nice work if you can get it.
They've got to bank roll my PayPal credit usage some how.
Hard to get too worked up about this to be honest! If people aren't bothered about their money or have forgotten how to access it then better it goes back into the economy than just languishes forever. Would be better if they donated the money to charity though I guess!
They’re introducing an ‘annual fee’ for dormant accounts, if you don’t use your account (send / receive / log-in) for 12 months, they’ll charge you £12, or whatever’s in your account if you don’t quite have the £12. If you don’t have any money in your account, they won’t charge you.
Which is a really long winded way of saying that despite making nearly $3bn in 2019, they fancy snatching up all the little pots of money they have on their books in lost and forgotten accounts. It must be in the millions, nice work if you can get it.
on the other-hand, all those pots of cash probably actually cost them something to maintain indefinitely anyway - security, fsa type compliance, forgotten passwords, letters from long lost account holders (or the executors of their estate), but are bringing them zero revenue (and depending how the money got there might never have brought them any revenue).
then better it goes back into the economy than just languishes forever.
who's economy though? I'm not sure it results in a net benefit (even after a long journey) to the economy where the money currently 'sits' (e.g. gbp in the UK)?
Isn't this what Richard Pryor's character did in one of the Superman movies?