Interest on paypal account?

[bjfish11 5,000+ posts]

Does anyone receive interest on the money in their paypal account? If so, how did you sign up for that if you had to? Did you just sign up for the part that says "Earn a return on your balance?"

Would like some info on this guys. Thanks.

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[MikeofTulsa Moderator]

i earn intrest on my paypal acct. had it in there about a month now and earned the 4.65% or whatever the amount is, its a money market acct so the intrest is compounded monthly, the only dis advantage to it vs a bank is a banks money market acct would be fdic. if paypal ever goes belly up your out of luck w/ your money

 

[Black_Jesus 10+ year member]

i dont trust paypal to hold money //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[bjfish11 5,000+ posts]

i earn intrest on my paypal acct. had it in there about a month now and earned the 4.65% or whatever the amount is, its a money market acct so the intrest is compounded monthly, the only dis advantage to it vs a bank is a banks money market acct would be fdic. if paypal ever goes belly up your out of luck w/ your money

So i will earn interest just by having money in my account? Or do I actually just have to invest it through them? Or can I just use it as I normally would, and gain a little extra interest if I have extra money in there?

 

[bjfish11 5,000+ posts]

i believe basically what it does it convert it to stock...which like he said if they ever go "belly up" your interest can go the opposite direction and you could actually loose money. But Paypal pisses me off cuz they screwed me over and denied me some cash that I deserved but i wont get into that. I no longer trust them to hold money for me either. As soon as the money enters it is transfered to my bank //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

Yea i rarely ever keep money in there either, but if I can earn a little extra on it, I may leave a little in there. But more than likely no more than $100. I just basically want to know if anything will change with the way I can use my account if I sign up for this? Any penalties for signing up and not keeping money in my account or like having to keep it in there for a certain amount of time.

 

[MikeofTulsa Moderator]

you basicly earn money on what you have in there, so u can go about your business as normal and each month earn a little extra for having a balance in there. i dont keep an exorbant amount in there, but it is a way to make a few bux here and there each month. no penalties for not having money in there

 

[bjfish11 5,000+ posts]

you basicly earn money on what you have in there, so u can go about your business as normal and each month earn a little extra for having a balance in there. i dont keep an exorbant amount in there, but it is a way to make a few bux here and there each month. no penalties for not having money in there

guess ill sign up, wish I would have done this along time ago though.....//content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[MikeofTulsa Moderator]

yea, doesnt hurt anything

 

[bjfish11 5,000+ posts]

It said something about Paypal invests on the last buisness day of each month, is this the most important time to have anything in your account? or does it take like an average of the whole month?

Sorry, im not exactly a financial genius.

 

[MikeofTulsa Moderator]

im not real certain on that one. i jus know i keep a bal in there

 

[bimma85 5,000+ posts]

i dont trust paypal to hold money //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

//content.invisioncic.com/y282845/emoticons/word.gif.64b12e39f936af3b4fff38a1c0bd0244.gif send me that shit and its on its way to my bank that same day //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[bumpin_blazer 5,000+ posts]

i wouldn't do it just b/c paypal likes to screw people over and they are never at fault. that's why i wouldn't trust it.

 

[bjfish11 5,000+ posts]

Like I said, im not gonna keep a lot in there. I like to keep some in there just when I need supplies real quick. I will never keep more than $100 in there, thats for sure. Because like many of you it sounds, I have been screwed by paypal once before also.

 

[bumpin_blazer 5,000+ posts]

just know that it not being FDIC covered, paypal could come up with any reason such as being sued by someone that in no way effects you, and take your $. just beware of that side of it.

 

[bjfish11 5,000+ posts]

They could take my money, or just not pay me my interest?