“If you use PayPal for your online purchases, chances are that you will one day have to pay a monthly fee that is automatically deducted from your PayPal account. This usually happens when you sign up for some sort of subscription or membership online,” says Steve Wang, financial planner and job blogger.
Businesses use this ploy to take advantage of customers who forget to cancel, or who don’t yet know they’ve committed to a recurring charge, he adds. These fees cover an indefinite period until you withdraw, while they quietly eat away at your finances.
He offers the following strategy: “Always check your payment history with PayPal. It is quite possible that weekly or monthly charges for which you do not know the origin are recurring charges. To cancel them, there is a page for users in your PayPal account settings where you can manage any active recurring charges on the account.
Feel free to follow these tricks that will save you a small fortune!