Question

[RavensFan]

Got an email about a new update to the Policy going into effect on March 29th about needing to have a linked balance to continue using Paypal. What exactly does that mean? It says i need to have a Paypal cash or paypal cash plus. Does that mean i have to have a bank account linked to my Paypal to continue using it? If not then what exactly is Paypal cash and Paypal cash plus?

[sharpiemarker]

@RavensFan 

https://www.paypal.com/us/smarthelp/article/how-do-i-sign-up-for-a-paypal-account-faq3996

https://www.paypal.com/us/smarthelp/article/what-can-i-do-with-my-personal-paypal-account%2C-paypal-...

If you do not already have a bank account linked and your account is not automatically switched to a PayPal Cash/Plus account by PayPal according to the dates mentioned in the email, then you will need to link a bank account to withdraw/claim your incoming funds after the deadline March 29 when the new laws take into effect on April 1. Otherwise, you need not do anything since you received a notice of this policy like I have, and in it, says your account will be automatically switched over for your convenience so its all good if you don't link a bank account and can use your account like normal.

Essentially, everyone's PayPal account (where applicable) is becoming it's own bank account with it's own debit card. Remember people were complaining about PayPal not being a bank and not subject to xyz laws....well you got your wish. At least this is how I understand it. PayPal Cash Plus accounts are FDIC insured, if you have a PP debit card linked to your PayPal balance.