Paypal returns on balances

kcballboy · January 10, 2006 1:55AM

Does anyone here participate in paypal's offer where your paypal balance is put into a money market account and earns interest? I haven't read all the info but it sounds like a good enough deal. Anyone have any opinons/advice?

chicago111 · January 10, 2006 1:58AM

I wouldnt trust paypal with my money for longer than the 2 minutes it takes me to transfer it to my checking account!
may or may not be a good deal but your dealing with an inept company.

onlyanumber · January 10, 2006 3:29AM

To be honest with you, considering the costs you get hit with double fees (Ebay and then paypal), the cost at the ATM to use their ATM card and the lack of protection they really give to sellers, the paltry amount you get from the Money Market account (unless you keep thousands in your paypal account) wouldn't even be considered a reach around when Paypal/Ebay gives it to from behind.

Griffins · January 10, 2006 3:49AM

It pays 4.2%, I have no problem with that. No time commitment, and last I checked it was the highest savings rate in the country.

LibNickelBuff · January 10, 2006 4:24AM

...remember just say no to paypal.

bsfastball · January 10, 2006 4:40AM

I use my papyal account to hold the majority of my funds. 4.2% is a ridiculously high interest rate to pay on a checking-type account. Plus everytime you use the card you get 1% credited back to your account. Great deal.

Southsider · January 10, 2006 4:46AM

Is Paypal FDIC insured? Is it subject to the same laws that govern banks?

I get a 3.8% interest rate with ING Direct and I don't have the same uneasy feeling that I do with Paypal.

chicago111 · January 10, 2006 11:05AM

From Paypal website

"Money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 USD per share, it is possible to lose money by investing in the Fund. Distributed by Fund Distributors, Inc. Learn more about the Fund in the prospectus."

baseballfanatic · January 10, 2006 12:41PM

Paypal is Ebays bank. If I were to lend people money and charge them from all ends, I would be in jail for usary charges...

earlycalguy · January 10, 2006 3:02PM

if you keep money in the paypal money market account can paypal freeze or take that money for a buyer's claim of an item not being received?

Griffins · January 10, 2006 3:36PM

yes, if you shipped it without delivery confirmation, per their rules. Play by the rules you agreed to and you won't have a problem.

envoy98 · January 11, 2006 2:15AM

If you want a good return, check out ING. I've got a savings type account with them. Pays 3.8%, no minimum balance required. I think it's called the Orange account or something. I'm sure it's on thier website. ingdirect.com

VintageJeff · January 11, 2006 2:27PM

I just opened an account at ING the other day because of the 3.8%. After I suffered two paypal chargebacks I have no desire to hold a balance there.

earlycalguy · January 11, 2006 3:30PM

plus they give you $25 to open an account.

zippy · January 12, 2006 1:09AM

I use paypal & collected $4.20 in interest last month
my checking acct paid me 8 cents last month
so for me it's a no brainer

SDavid · January 12, 2006 1:22AM

yes, if you shipped it without delivery confirmation, per their rules. Play by the rules you agreed to and you won't have a problem.

Not if a buyer does a not as described chargeback with their credit card.

eddiev · January 12, 2006 5:29AM

I use the money market account and earned approx $27 this year. I completed a link/form, it took me 5 to 10 minutes and so far I have no complaints. I don't have my life savings in Paypal but I'm happy. Hope this helps

Griffins · January 12, 2006 6:08AM

<< <i>Not if a buyer does a not as described chargeback with their credit card. >>

True, but I stick to selling graded cards. Pretty hard to dispute not as described in that case.
Raw is such a crapshoot with selling I either get it graded or trade them to someone I know.

kcballboy · January 12, 2006 6:30AM

<< <i>I just opened an account at ING the other day because of the 3.8%. After I suffered two paypal chargebacks I have no desire to hold a balance there. >>

Thanks for the tip. I looked into ING and opened a new savings account. Making $10 a quarter beats the crap out of $.65. Savings accounts right now are terrible.

SDavid · January 12, 2006 7:29AM

<< Not if a buyer does a not as described chargeback with their credit card. >>

<<True, but I stick to selling graded cards. Pretty hard to dispute not as described in that case.
Raw is such a crapshoot with selling I either get it graded or trade them to someone I know.>>

Not if they say the '60 Topps Mantle PSA 9 you sent them was really a 1989 Fleer Pagliarulo PSA 9. Then there's the guy that wins 10 cards from you and says your package only contained 9 - and just happened to be missing the highest dollar item.

In those cases, you'd probably win a paypal complaint, but if the buyer did a chargeback through a credit card, you'd probably be screwed.

I always remove my cash from paypal immediately. If I ever get scammed out of a high dollar item, paypal will have to fight me for every dollar even if that means I have to quit using their services.

pimp · January 17, 2006 3:11PM

ttt

Paypal returns on balances

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