I use PayPal a lot, and I often would let money I did not need right away sit in the account to collect that Money Market dividen. However effective 7/29 Paypal will be eliminating Money Market. BOOOOO! Below is an email PayPal sent to its customers.
Hello First Last,
Thanks for using PayPal and the PayPal Money Market Fund. Unfortunately, we’ve decided to close the Money Market Fund, effective 7/29/11.
What does this mean for you? PayPal will transfer any undisbursed dividends you’ve earned into your PayPal account within 7 business days after we close the fund. Don’t worry; you don’t have to do a thing.
Your 2011 tax documents will continue to be available on the Fund Summary page in your PayPal account throughout 2012. You’ll receive a tax statement from PayPal only if you’ve earned $10 or more in dividends in 2011.
Thanks for your understanding,
I bet eBay still has all of our PayPal money in some kind of Money Market account, they just don’t want to SHARE the wealth.