Money market &paypal

sixf00t4 · 12-15-2002, 10:24 AM

does anyone use that money market fund thing on paypal? where all your money on paypal will go to them like buying stock into the company? it says the rate now is 1.6% i dont really see any downsides (things i have to pay for) and there doesnt seem to be a risk(only if it goes bankrupt) any thoughts suggestions?

PresterJohn · 12-15-2002, 10:26 AM

i use paypal as a pay service for my ebay stuff, but since paypal is not under the same fed regulation laws as banks & other financial institutions, i would not trust them with my money in the manner you describe.

gino X · 12-15-2002, 01:01 PM

Same with PJ, they are not FDIC insured.

BradleyT · 12-17-2002, 11:51 AM

I personally am signed up for the paypal money market.

While I wouldn't move my entire bank CD account into this money market, it isn't a bad thing for the casual ebay seller. Leave your money in the account until friday or every second friday and you'll recoup an ebay listing fee or two from the interest.

no1_vern · 12-17-2002, 12:05 PM

Welcome to Techimo BradleyT !

While it may be good for you(i am glad you are making money), I dont trust these people with my money.

Yes, while you may get your fee in interest payments, you may lose up to ALL OF YOUR MONEY while it is in their "Money market account". That is what it means when they say they are investing your money.

They will tell you its a terrific way to make money but it is also a way of losing money. If you are willing to take the risk then its ok for you I, for one, take my money out asap and put it into a INSURED bank so that it is safer than when it is with Paypal.

Vern

Undeadlord · 12-17-2002, 12:39 PM

Guys, not that I know if the Money Market is a good or bad thing, but Ebay now own Paypal and I would say Ebay is pretty repuable. So I would think if Paypal is offering it now, its probably ok. Just my thoughts.

Undeadlord

osprey4 · 12-17-2002, 12:49 PM

1.6% is better than you'll get from a savings account with your local bank. If you do a decent volume of Ebay type activity, it seems like a nice benefit. I wouldn't be worried about keeping a balance in there with Ebay owning the operation.

sixf00t4 · 03-02-2003, 11:00 AM

just an update, i decided to go with it, and i have made a couple of bucks leaving about $100 in there the whole time. i recommend it.

dlh75 · 03-02-2003, 11:06 AM

Do you have to tell it to do it or does it do it automatic. I have funds on there from my Ebay auctions. Just curious to know. Thanks
David

sixf00t4 · 03-02-2003, 11:27 AM

you have to do something. right below you total amount, there is a link to sign up.