If you’re reading this it means that you’re most likely to permanently close your PayPal account. In order to purchase any kind of stuff, PayPal accounts can be used. But what actually makes PayPal great is that they are free of cost and easy to hold. Every coin has two sides, and if you wish to delete or close your account, we shall help you with that.
Before you delete your PayPal account, there are certain things that everyone must know. The details and the instructions to do so are given below.
What is the need to Delete your PayPal Account?
Although maintaining an account on PayPal is free of cost, yet there are some compelling reasons for which you might want to close it. For eg. — When your business is shutting down you tend to shut down your business account as well. There are other alternatives like Venmo and Transferwise. Having a new account with a separate email address is also an option.
Steps Involved in Deleting a PayPal Account
Step 1: On PayPal.com open your account.
Step 2: On the top right is the Settings icon, click it.
Step 3: Go to Close Your Account and click it.
Step 4: If Information is asked regarding your bank account, enter it.
Step 5: Lastly, click on close account.
After following these steps your account will be deleted permanently.
Aspects that you need to know before deleting your PayPal account:
The most important thing to remember is that your account is gone forever once you have deleted it. Though you can create a new account with a new email address, all the details of the previous account will not be accessible again. So it implies that your entire transaction history will no longer be available. Thus it is imperative that you have a copy of your account before closing it.
Withdrawal of any money from that account is the next important thing. Various ways of doing the same are by transferring the money to a different PayPal account, putting it in a bank account, or taking a check from your PayPal account. Purchasing online goods or donating the money for a good cause are other options.
However, you cannot close your account if you have an outstanding payment that is yet to be made from your PayPal account. Just in case you have any other pending issues like pending payments; then again you can’t close your account. Customer service may help in resolving any issues, depending upon what the issues are.
Recap of the steps before deleting the account:
- Withdrawal of the entire balance.
- Make your outstanding payments.
- Solve all unresolved issues.
- Make a copy of all your transactions.
Frequently Asked Questions:
No, Paypal accounts can be deleted only through the web and not from Android or iOs apps.
Once, the account is deleted you cannot reopen it. However, you can open a new account with the same email account.
If you want to close a Paypal account without logging in, then the only way to do so is by contacting customer care support.
Closing your PayPal account impacts your score negatively as PayPal reports to the three main credit bureaus.
Deactivating a Paypal account is not same as deleting the account. Deactivating your Paypal account often means that an account can be reactivated later if needed. Deleting the account means you cannot reactivate the account again.
Deleteing Paypal account is not so difficult unless you have remaining PayPal balance, pending funds or unresolved issues you will not be able to close your account. Once the money has been transferred and the issues have been resolved, the account can be closed.
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Once the above-mentioned prerequisites are done, and you are sure to lose your account, then it’s time to initiate the process. Though this will lead to permanent closure, yet the complete process takes only a few minutes. However, it may be noted that this is possible only from the web. You cannot delete your account from Android and neither can you delete it from the iOS app.
Hi This is Bavuma founder and writer for shutitdowndc. I am from a middle class family with 6 members. My parents being both bankers, elder sister being a CA have multiple choices as and when I think about shopping options. I am sure you will all agree that in the present scenario credit cards are preferred over carrying currency with us.