Anyone have an opinion about Paypal's Moneymarket option?

[havand]

I've contemplated it before, but was just in my paypal account and saw it again. I'll admit it is tempting, but something says to me 'more problems than it's worth'.

Does anyone have any experience or general opinion of their Moneymarket account option?

 

[BB]

Given that (it appears) that Pay Pal can do anything they want with your account with zero government rules/laws applying to those decisions (unlike banks and investment houses)--I would be very hesitant to place any money (or link any of my bank accounts that contain much money) in Pay Pal/Ebay's hands.

-Bill

 

[myk]

I did it, it took a minute or two to sign up for it - and you start earing 5 something % on whatever paypal balance you have. Unless you'd rather have paypal earning interest on your money and keeping it.... it makes sense

 

[mgk65]

Read www.paypalsucks.com and you'll never let them have anything of yours.

 

[BB]

One thing to think about... If PayPal starts paying you interest, they should also be asking for your Social Security Number to report taxes to the IRS.

If they are not asking for your SSN/TIN--then something is very wrong.

I would never give PayPal/EBay my SSN.

-Bill

 

[Chaunte]

i don't use it. i just accept payments & thats it.

 

[tibim]

I use www.ingdirect.com for my savings. Would not put my money into paypal. I have thought about it.
ING's savings is 4.5%
But the .5% is worth it because the ING is insured + no paypal BS.

I really like the simplicity and no crap from ING
and for me it's nice to have a savings account that I can't instantly withdraw money from... keeps me from touching my money
Basically they're like paypal, electronic transfer to and from your bank account... takes 2-3 days.

-tibim