posted on September 1, 2002 11:52:18 AM new
How many of you have a PayPal Shop? I checked on them and it states that you must have a money market account. How does that effect your balance in the account?
PayPal states that it doesn't effect your account in any way and that you can go ahead and use it anyway you want.
Sometimes I don't have very much in my account at all. Does this matter?
Anyone who has had one and understands this better than me, I would appreciate all your opinions and insights on this.
posted on September 1, 2002 12:03:47 PM newjwoodcrafts...it states that you must have a money market account. How does that effect your balance in the account? PayPal states that it doesn't effect your account in any way and that you can go ahead and use it anyway you want.
I don't use the PayPal shops but I do use the money market fund. The money market fund changes nothing on how you use your account. You can empty your account at any time you like, it makes no difference at all. There are only two things you'll see different if you use the money market fund:
1. At the end of each money you'll get a divident payment to your account depending on what your PayPal balance has been.
2. At the end of each year you'll get a DIV 1099 form in the mail if you received over $20.00 of interest.
Other than there their is absolutely no difference on how your PayPal account operates. If you know anything about money market funds, it's really a good deal.
posted on September 1, 2002 12:47:32 PM new
i am not aware you have to have a money market account to have a paypal shop.
i have a money market account and my paypal shop traffic is 3 visitors per month.
from past threads,if you have a squabble with paypal and your account is restricted,the balance if it were kept in money market account can be unrestricted by contacting SEC ,but if it were just a plain paypal account,there is nothing SEC can do for you.
the interest rate we get from paypal account seems to be higher than the average mutual fund money market on the street ,say compared to fildelity,so i wonder what they are investing in??
does any one know,i mean how is it different than the others to get a higher yield,like 1.89 while fildelity may be 1,6%
the best part of the money market account comes when you have a paypal debit card,and when i am ready to make large purchases,i transfer money from my bank to my paypal account and go on a shopping spree with my paypal debit card,i get a 1 1/2 % rebate from paypal
1 1/2 % rebate can be quite a saving if you are shopping for airline tickets ,major appliances,pc etc.
one drawback is that you cannot file chargeback.or at least i have not??
have anyone tried filing chargeback??
posted on September 1, 2002 01:37:38 PM newstopwhiningthe interest rate we get from paypal account seems to be higher than the average mutual fund money market on the street ,say compared to fildelity,so i wonder what they are investing in??
I've wondered why they pay such high dividend compared to others myself. There isn't a wide option of things they can invest in. Because it's a money market mutual fund they are limited by law to certain high- quality, short- term investments such as certificates of deposits and other highly liquid and low-risk securities.
The logical reason for PayPal to require a customer using the PayPal shops to use the money market mutual fund is because by law the customer has to supply a social security number to use the money market mutual fund. PayPal can use that info to perform background checks.
Is it possible to lose money in a money market mutual fund? Yes
In the history of money market mutual funds has anyone ever lost money in a money market mutual fund? No
posted on September 1, 2002 05:12:23 PM new
when i signed up with paypal shops,i know the shop has to accept paypal ,but i dont see the corelation between paypal money market account and paypal shop??
paypal just include your shop URL in their directory and with 3 visitors a month,i dont expect any firework?
back in 1989,2 money market funds i know of lost money investing in high yield short term securities,the managers think they are nimble enought to avoid the risk and they are wrong.
but the fund made up the loss.so individual investors did not lose any money.
