Payment service provider PayPal is increasing the fees for personal accounts in the USA when withdrawing money. Currently, it costs nothing to withdraw funds to a bank account linked to your PayPal account. This is something that is not changing, and transfers like this will take one or two days. The offer to have your funds transmitted to your bank account immediately is changing. Withdrawing funds usually costs 25c and take up to 30 minutes. Starting in November, the fee payable will be changing to 1% of the transferred amount, with a maximum deduction of $10,-.
In PayPal’s Policy Updates, the following is stated:
PayPal is making a change to its User Agreement that will be effective as to all PayPal users in the U.S. on November 7, 2018. We encourage you to review this Policy Update and familiarize yourself with this change that is being made. If you do not agree to these amendments, you may close your account before November 7, 2018.
Amendments to the PayPal User Agreement
- For personal accounts, we are changing the fee charged for our faster withdrawal option to an eligible debit card linked to your PayPal account to 1% of the transferred amount, with a maximum fee of $10.00.