PayPal came under fire on social media this week after the company announced a new policy update. The new update included a $2,500 fine for expressing whatever PayPal deems as misinformation. 

According to Reuters, the company’s shares dropped almost 6% after the new policy announcement. Subsequently, PayPal backtracked on the report and apologized to its users for causing confusion. 

PayPal’s spokesperson, Justin Higgs, told the Washington Post that the company never intended to insert that language in their policy. Their teams have, since then, made updates to correct all inaccuracies. 

Several figureheads, Elon Musk and even former PayPal President – David Marcus – were among the critical voices on social media. Many users also took the company’s latest tweet to criticize their approach and announce they are deleting their PayPal account. 

Are you not satisfied with PayPal and are looking to move your finances somewhere else? Or you simply no longer use the app anymore? You can easily delete your account following the steps below. 

If you’re using a desktop computer or laptop, click on “settings” and log out of your account. Then, find “account options” and click on “close your account”. PayPal might request you to enter your bank account to do so. Next, select “close account” and you’re done. 

If you use PayPal on your phone, you can click on your profile icon in the top left corner of your screen. Then scroll down until you see the “close your account” option. After that, just click on “close account”. 

If you’re having issues deleting your account, there may be some loose ends you need to figure out first. PayPal will issue a warning saying you can’t delete your account if there’s a balance or any unresolved issues.

The company also places a few limitations on user’s accounts if they detect any suspicious activity. Those limitations make it impossible to delete an account.

The most common reasons for the limitations are an unauthorized login, and no compliance with regulatory requirements (like providing documentation). If you failed to follow PayPal’s Use Policy as well. Other problems are a high number of buyer claims on your account or a PayPal review pending on your account.

Before you delete your PayPal account, make sure to withdraw all the money you have in it so you won’t lose your funds. The company will cancel all unpaid requests for money once you cancel. You’ll also lose access to codes and coupons. 

Once you delete your account, you won’t be able to use a PayPal Smart Connect account either. Remember that once you delete your account, that account is gone for good. The company allows you to open a new one if you’d like, but your transaction history from the old account won’t be in it. 

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