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EcommerceBytes-NewsFlash, Number 2573 - June 27, 2011 - ISSN 1539-5065    1 of 7

PayPal Retires Money Market Fund

By Ina Steiner
June 27, 2011

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PayPal users will no longer be able to earn interest on funds in their PayPal accounts. PayPal is retiring its Money Market Fund on July 29, 2011. A PayPal spokesperson said the decision was due to market conditions. "Financial advantages of the Money Market Fund have diminished for our customers."

PayPal will automatically transfer earned dividends into customers' PayPal accounts within 7 business days after the fund is closed.

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About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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