What's up with Paypal ?

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Posted By: Mike

I still haven't received this month's interest from PAYPAL and many others I have talked with have only received a fraction of what they usually get. Has anyone heard what is wrong ? Should I get my money out of there now ? Rate is a good 3.99% for a money market account.

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Posted By: Brian Martin

I'd get it out of there as quickly as possible. Years ago, $200 disappeared from my account balance with no explanation. When I contacted customer support, they asked for a screenshot as proof of my former balance. Like I would have kept saved screenshots?! Closed my account and haven't dealt with them since.

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Posted By: Marty Ogelvie

I got a 'Cash Back  Bonus' on the 4th. I'm not 100% sure this is the same thing as interest on your account but I think it is..

I have used paypal for ~8 years now and have never had an issue.  I have heard horror stories about folks loosing $ from their accounts usually because a buyer filed a complaint or something of that nature and paypal gave them their money back.  I typically never keep more than $100 in my account at any one time.

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Posted By: Bryan Long

I never leave it in my account. I always withdraw the cash right away into my bank account. I have never had a problem and I have been using them for quite some time. But, I don't take the risk.

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Posted By: Mark T

take paypal and withdraw it right away. If i am correct, Paypal is not a bank so your deposits are NOT guaranteed. They do offer a high rate but why take the chance.

A 6 month CD is pretty good now, i put my son and daughters money and get 4.5 % for 6 months and just keep rolling it over.

That is if you don't need the money right away.

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Posted By: Frank Wakefield

Mark, that is a good rate for the present.

And where are you guys when someone starts posting about 'investing' in cards?? You guys obviously invest in CDs, interest bearing accounts, other stuff... and you COLLECT cards.

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Posted By: Eric

I do the same as Bryan. As soon as I have money in there, I transfer it out.

I had a chargeback issued to me in December. Someone got my item (even had all the emails for proof), then 3 months later, he got his credit card company to reverse the charge. I was out over $700. Paypal couldn't do anything for me because I didn't send the item with a signature receipt, even though I shipped it with insurance, I had delivery confirmation and the emails.

Unfortunately I still use them.

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Posted By: Fred C

Eric,

Sometimes it's a necessary evil. I'm not a big fan of paypal but sometimes you just don't have a choice.

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Posted By: Eric

True......true

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Posted By: Mark T

There are a bunch of small banks in CT with better rates than the big guys. My wife and i have been investing all my kids money they get for Christmas and birthdays in CD's. They don't need the money for a long time and it seems the 6 Month CD rates are the highest. I just rolling the $ over and you would be surprised how much the cash adds up over time.

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Posted By: Rob Dewolf

I've used www.bankrate.com to search for the most competitive CD rates nationwide, and it has worked well.

(I have no affiliation with the Web site.)

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Posted By: Steve

The only problem now with the 6 month CD is that next time you go to roll it over you will be getting 3.50 at best.

Luckily, 3 months ago I took one of my CD's and switched over to a 11 month one at 5.50. I still though have few that mature every 91 days and those are gonna get a low rate next time around.

Every time the Fed reduces the rate the CD's suffer.


Steve

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Posted By: leon

Every time the Fed rate goes down a cd might suffer but my SBA loan rate goes down.....I guess that is their plan.
I try not to leave much in my paypal account as I don't like the horror stories I have heard in the past.....regards