Paypal Money Market
zingo
Posts: 11,258
I just saw an ad on Paypal for their new money market program. Has anyone used this or have any info on it? I figure that if I have money in my Paypal account, I might as well be making money on it...
Post edited by zingo on
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No, other than it seems to be managed by Barclays, which is a very reputable British bank, if that even means anything these days ... It seems like an "interesting" idea (sorry for the pun!).I just saw an ad on Paypal for their new money market program. Has anyone used this or have any info on it? I figure that if I have money in my Paypal account, I might as well be making money on it...Alea jacta est! -
I would not. If you want to trust paypal then go for it. If you google you can find horror stories since paypal is technically not a bank they guarantee you nothing.
Some people have claimed their money has just disappeared. -
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Have used it since its first year and never a problem...always quick to transfer funds...works for me..........also use their debit card and never a problem
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I got this message when I clicked on that link:
Danger: AVG Search-Shield has detected active threats on this page and has blocked access for your protection.
The page you are trying to access has been identified as a known exploit, phishing, or social engineering web site and therefore has been blocked for your safety. Without protection, such as that in the AVG Security Toolbar and AVG, your computer is at risk of being compromised, corrupted or having your identity stolen. ...
FYI, and YMMV, as usual.Alea jacta est! -
I've sold 4 or 5 items in 5 years on Ebay, so I'm not too worried about having issues with Paypal. If I sold more, I'd be much more weary.
I've had the Market account for 3 years, and the Debit Card for 4. Debit pays cash back of 1.5% at each POS, and the account was earning over 4% a while back. That number has fallen quite a bit. I would fund the account, and spend it down. I'd get a little dividend each month, and I also got cash back on every purchase. I've never seen a negative dividend, but who knows? It's not FDIC insured because it's not a savings account. Every dollar is a share. I've moved away from using it, but I've saved/recieved around $1K in dividends and cash back on just my spending money (coffee, lunch, gas, etc). Not a bad deal.-Ignorance is strength - -
One other thing to consider is if you use this to fund your purchases, you are subject to paypal's protection. I ordered a centercap for my wife's altima and I was sent a centercap for a pathfinder. I attempted many times to contact the company to return it but they would not answer my emails and they had no phone number "to better serve the customer". I went through paypal's "vaunted" arbitration which suggested contacting the merchant, Duh. When I escalated the dispute, paypal said that a claim for "items significantly not as described" is not covered in their protection and they closed the dispute. Significantly not as described??? It wasn't even close. My understanding is that significantly as described is covered for ebay but not other merchants.
Luckily,only half the purchase was from my funds, the other half was done on my credit card. My credit card company quickly and efficiently refunded their portion of th bill. Moral of the story - paypal sucks."The secret of happiness is freedom. The secret of freedom is courage." Thucydides
