The best classic game music and more
i know most of you clicked on this thinking i was on crack or something,,, but i like this:
Dividend From PayPal Money Market (ID #xxxxxxxxxx1862642)
Name:
PayPal - Money Market
Total Amount:
$64.05 USD
Date:
Nov. 1, 2006
Time:
08:19:51 PST
Status:
Completed
so... you've got about $1200 sitting around in there?
I'm never that ballzy. I get money out of there ASAP, you never know when PayPal will decide that your latest transaction was "risky" and freeze your entire account.
It hasn't happened yet, but I've heard stories.
Paypal is the lifeblood of my internet shopping. Rather pathetically I'd be lost without it (or at the very least it would make everything a hell of a lot less convenient).
That part is undeniable Saberman, that their service is very useful for a ton of online transacting and super convenient, but as Amber mentioned the risk is in KEEPING A BALANCE in the account and PARKING your money there long-term.
Paypal doesn't guarantee your money to actually be there, since it's not a bank, and thus not held accountable to the same regulations and consumer standards as banks. You could earn the same (or more) percentage points of interest with a short term CD at real bank and be much safer.
i use my paypal account for our dollstore website.. i only transfer out what i need to my savings account for my inventory purchases, and to pay my visa bill. my regular bank barely offers 4% for a 1-month cd (and thats with a 50k minimum which im not about to do) and the nice thing about paypal is you dont have to do any additional paperwork to add to the invested amount.
most of those horror stories were probably before ebay bought paypal. Granted ebay are a bunch of moneygrubbing bastards, but they trustworthy. We actually had a chargeback attempt from france a while back, but the moron had already left us + ebay feedback for the item so we won the chargeback.
the 5.03% is the annual rate, but interest is calculated at 1/365th of that daily. typically we do about 500 a day thru paypal so it adds up pretty fast. and this month's releases are Rozen Maiden Shinku & Hina Ichigo dolls, so we're expecting a new record...
The horror stories continue even after ebay bought Paypal. Paypal did recently agreed to comply with federal regulators and make a few minor changes in their practices, such as making their contact information more prominent. However, their main business processes haven't changed very much. There is still a real risk of having money in the Paypal account frozen for supposed reasons of fraud or chargebacks. In addition, if you link your bank account to Paypal, there is a clause in Paypal's term of service that allows them to withdrawal money from your bank account to pay for outstanding balances. That is another real danger, since you could find yourself without money in your bank account.
Just because it hasn't happened to you doesn't mean it can't happen to you. Paypal should be used with caution.
Don't count on always getting 5.03%, the average on their fund since inception is 2.72%
http://beancounterblog.com/wp-content/i … etfund.jpg
And Ebay isn't FDIC insured either, just because they bought up paypal doesn't mean they are concerned about the safety of YOUR money either.
No way I'd trust them that much..
longhairmike, you're in Chicago, right? Corus Bank has consistently had the best rates in the nation for 6-month CDs. Currently, it's at 5.60%, but does come with a $10,000 minimum deposit requirement:
http://bankrate.com/brm/rate/high_rateh … =14&sort=2
Alternatively, there's the AmTrust Direct e-money market account that's yielding 5.30%. You need $1,000 to open the account, but only need $1.00 to prevent fees:
i realize that some online money markets are slightly higher, but the fact that i can compound the interest DAILY in my paypal balance without constantly transfering money out to another account makes it much more convenient. im also palnning on purchasing a townhome within the next few months, so i cant lock up my money for a long period. i used to dump my paypal account weekly into my savings account, but since that only pays a piddly 1.25%, i decided theres no point in moving it there until 2 days before i need to make a wire transfer.
