PayPal – new policy on balances.
If you keep an active balance with PayPal, some things are changing.
PayPal announced that from March 29th, a secondary balance account will be needed – that’s on top of the current federal requirements for identity verification.
The details of this change is as below:
- As a result of a new regulation issued by the Consumer Financial Protection Bureau in Washington, D.C. coming into effect on April 1, 2019, we are making some changes that will affect consumers who want to hold and use balance with PayPal.
- Beginning March 29, 2019, if you want to hold and use balance, in addition to verifying your identity with PayPal, you will need a balance account which will be linked to your current PayPal account. Detailed information about balance accounts (known as PayPal Cash and PayPal Cash Plus) can be found in the PayPal Cash and PayPal Cash Plus Terms and Conditions.
- There are no changes to any PayPal fees.
This is a significant “bureaucratic” change for those who like to keep money in their PayPal account, instead of transferring the balances out.
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