How to Cancel Your Account with PayPal

Are you no longer using your PayPal account? Maybe you have switched to an alternative company, or you want to open a different type of account. 

Maybe you have a business account but your business is closing so it’s time to close the figurative doors of your electronic account as well. Whatever the reason is, we explain how to cancel your Paypal account.

PayPal Cancellation Policy

PayPal is a third party electronic wallet, which means it offers a financial service which you have the right to cancel at any time. You are allowed to cancel your account, but it is referred to as closing your account, just the same as you would close down a regular checking account. 

Fees to Cancel Your Account with PayPal

PayPal billing works differently than most services in that it charges a fee based on your transactions. It does not charge you a service fee just for using them. If, for example, you let $2,000 sit in your PayPal account but you don’t do anything with it, it can sit there for months and you won’t incur a fee because you don’t use your account. 

Once you transfer that money to a friend or family member there might be a nominal percentage taken as a fee, but if you transfer it to your bank or use it to buy something online, there are no fees. Similarly there are no fees for closing your account.

Customer complaints and disputes canceling PayPal accounts

Customer complaints with PayPal accounts usually have to do with transaction-based problems. But another of the biggest PayPal complaints has to do with canceling an account — including being unable to do so on a mobile device or being unable to do so because there is a remaining balance.

Problems Cancelling an Account with PayPal

There are a few reasons why PayPal might not let you cancel your account. Most of the time, you should be able to cancel an account without any problems, but, if you have a remaining balance in your PayPal account, you will have to move it to your bank account before you can cancel. Similarly, if you have unresolved issues with PayPal, or you have a negative account balance in PayPal, you will similarly have to resolve these before the account can be canceled. You can always contact PayPal customer service to guide you through this process or help you when there is a delay.

Note: You cannot cancel a Paypal account from a mobile device. You have to do it from a laptop or desktop computer. If you are trying to cancel from your phone, it will not work. 

Steps for Canceling a Personal PayPal Account

1. First, start by logging in to your PayPal account.
2. Once you are in your account, head to the Account Options section. Under this tab you will find a button that says “Close your account”. 
3. You may have to enter the bank account details for the account that is associated with your PayPal to confirm it is you.
4. Click the button to close your account at the bottom lef-hand corner. You might receive a final email confirming your account has been closed. Thereafter you won’t be able to login using the email or password associated with the closed account. You will also be unable to use it for any future payments.

Steps for Canceling a Business PayPal Account

1. First, start by logging in to your PayPal account.
2. Find the profile button located next to the logout button in the top right-hand corner.
3. Click on your profile and settings button.
4. Click on the account settings page.
5. Find the Close Account button and click on it to cancel your account.

What Happens after I Cancel My PayPal Account?

After you close your account you won’t be able to access it or anything in it. This includes any of your history with the company, and the previous transactions or Associated account information. Therefore it is recommended that you print or download copies of things like your transaction history and billing history before you close your account just in case you need payment records down the line.

Note: Closing your account is permanent. You will not be able to use it for anything or access anything relating to your account in the future.

In the future you can open another PayPal account, you can even likely do it with the same email address, but it won’t have transaction history details.

What to do If You Are Unable to Cancel or Get Hit With Unnecessary Fees

If you have tried to cancel your PayPal account but for some reason the site isn’t working or customer service can’t help you, maybe FairShake can. We can help you get better customer service and file a claim against PayPal for your account problems.