There are two ways to change the password to your Private Email mailbox: you can do it via the Namecheap Dashboard or within the webmail interface.
Before proceeding, make sure you have logged out of your mail account in Webmail and mail clients. While an active session is running, you will not be able to reset the password.
Password change tips:
To change the password for your Namecheap Private Email mailbox via Namecheap Dashboard, do the following:
1. Sign in to your Namecheap account.
2. Go to the Private Email menu on your left, and then click Manage next to the needed subscription:
3. Scroll down to the section with your current mailboxes. Expand the Edit storage menu next to the email account you wish to reset the password for and select the Change Password option from the drop-down menu:
4. Submit the following fields:
NOTE: The passwords for the Private Email account and Namecheap account are different:
Once done, hit Save Changes. The change of your mailbox password will be effective immediately.

Also, you can change the password for your mailbox using Webmail. To do it, you need to access your mailbox at privateemail.com and follow these instructions:
1. Log in to Private Email webmail.
2. Navigate to the Settings:

Locate the Security Center and click on the "Launch Security Center" button:

Click on "Change password":

A pop-up window will show up; you need to put your current password first for confirmation by clicking "Confirm":

In the new window, please create the new password and click "Save":

Note: The password must include 8 characters, a mix of upper & lower case letters, numbers, and at least one special character (e.g., ! @ #).
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