Payment company PayPal has informed their US customers of changes to the way US personal account holders can use and hold a balance with PayPal. Before the end of March 2019, balances will need to be converted into either a PayPal Cash account or PayPal Cash Plus account.
The reason for these changes is a new federal regulation that comes into effect on April 1st, 2019. US personal account holders who want to keep money in PayPal or use other features that rely on a balance will need to have a balance account linked to their personal account. These upcoming changes only impact US-based PayPal users, but if UK or EU sellers have an entity set up in the US with a US PayPal account then they may also see a change. However, chances are that you are already fully verified with PayPal and that you do not have to change anything in your account.
If you have a personal PayPal account and have confirmed your identity with PayPal before the 13th of March 2019, you do not have to do anything. PayPal will automatically link a balance account between the 14th and 25th of March.
If you do not have a PayPal Cash Plus account after the 29th of March and do not want to hold a balance in your PayPal account then you also do not need to do anything. You will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account. If you have not received a PayPal Cash Plus account on or before the 29th of March and want to hold a balance in your PayPal account then you will need to set up a PayPal Cash or PayPal Cash Plus account.
PayPal Cash Account VS. PayPal Cash Account Plus
The features of both account options are listed below:
PayPal Cash Account
PayPal Cash Account Plus
With a PayPal Cash Plus account, you can do all of the things you can do with a PayPal Cash account, plus:
Full terms and conditions for PayPal Cash account or PayPal Cash Plus account are available online here.
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