What do you do with your PayPal?

[dementia412]

I leave it there for buying off ebay or other sites that take paypal, but that is only because I have a small amount there. I have under 40 bucks in paypal right now so I don't worry about it much.

 

[disneysteve]

They are not as safe as a bank.

They are not a bank.

I just wanted to expand on this. Davidsmommy is correct. The Paypal money market account is not a bank account. It is not FDIC insured. Paypal actually doesn't even manage the account. They are just the middleman. The money is actually invested with Barclays Global Fund Advisors.

To be clear, though, no money market mutual funds carry FDIC insurance - not Paypal's, not Vanguard's, not Fidelity's, not anyone else's. That fact alone really isn't an issue to me as about 80% of my investment portfolio doesn't have FDIC insurance: stocks, bonds, mutual funds, etc.

 

[DMRick]

I keep some of my money there, because of the great interest rate and convenience when I want to buy something on eBay. Most of our accounts aren't insured..that's nothing new. Paypal has changed a lot over the years, and the complaints are no where what they once were. Yes, if you suddenly have $10,000 in an account that usually has $100, they will ask you to fax or send a copy of your drivers license..that's for your safety as well as theirs. They seldom put holds on for any other reason nowadays.

As for emptying your account so Paypal can't do charge backs..that means nothing. You agreed to go by Paypal's rule when you signed up, and one of those is that they have the right to do a chargeback. If you have no money, they will wait until you do, to take it, and if you never have it, they will put you through a collection agency. So, sooner or later, they'll catch up with you.

I've been with Paypal since the begining, and so far not a problem. I feel I have made a lot more money on eBay because I take it, and I know it's a lot cheaper than most merchant accounts.

 

[extremesoccermom]

I keep some of my money there, because of the great interest rate and convenience when I want to buy something on eBay.

Do you need to have a certain amount in there to recieve interest? I have both a regular account and a premier account and I have never recieved any interest. Thank you in advance.

 

[DMRick]

Do you need to have a certain amount in there to recieve interest? I have both a regular account and a premier account and I have never recieved any interest. Thank you in advance.

No, I get it even when it's pretty empty. You might want to call them: 888-221-1161.

 

[disneysteve]

Just to give you an idea of Paypal's security, I recently went online to do a transfer of funds from my Paypal account to my checking account. About 2 minutes after I logged off, my phone rang. It was a Paypal rep calling to verify that I had, in fact, initiated the transaction. They are right on the ball.