PayPal Money Market Fund has Closed

From the camel's mouth, "Thanks for using PayPal and the Money Market Fund. We're writing to remind you that as of July 29, 2011, the PayPal Money Market Fund has closed. What does this mean for you? Don't worry—you don't have to do a thing. You can use the available balance in your PayPal account as you normally would. We've also transferred all of your remaining dividends and distributions into your PayPal account. Thanks again for your support and interest in the PayPal Money Market Fund, and thanks for your understanding.

Why have they stopped giving a return on costumers money? "Due to market conditions, financial advantages of the money market fund have diminished for our customers,” said a PayPal spokeswoman. Advantages for the company have diminished, too. Although the fund’s 0.04% return placed it among the top retail money funds, according to iMoneyNet, PayPal was running the fund at a loss to maintain positive returns for its investors.

Does that mean its time to move our money somewhere else? Should we seek a new payment processor? No, not at all. PayPal is still continuing their service as what it is meant to be. I just no longer see the need to keep thousands of dollars in their especially we they can instantly transfer funds from my banking institution.

Paypal email that was sent directly to our business account. Its nothing bad, just means your money will just be sitting there instead of "working". You will no longer see a return on your money.

Every place is tightening the purse strings to the every day person. Only the people with big bucks will be able to get a decent return on their money. Everyone else will be nickel and dime into the poor house.
My mattress is looking better and better to keep my few extra dollars!

LOL you have a point, I have been known to stash money in my glovebox, shhh!

Trusting paypal to hold my money is a big no im my books. Can't really say i am surprised at the move to close. Everything is going crazy in the market. Right now i would stay 100% in cash rather then risk guessing what the market will do.

They are not the only company tightening their pockets, Bank of America and Chase are now charging people to have bank accounts and Bank of America is going as far as to charge consumers to use their debit card!

Oh no don't get me started with BOA. They are the biggest embarrassment for banks through out the world. In my view they are the ones that started the whole downward spiral that is looming over the states now.

If it was up to me i would have closed that useless bank down a long time ago.

I Google'd "bank run" and an interesting topic in Wikipedia came up. Seems like that is what the wall street protesters need to get the ball rolling on.

The only thing that can fix wall street is to close down all the the bloody banks that do not have enough cash on hand to withstand something like that.

I have seen the article on wiki some time back the first thing that popped into my head was why don't they burn the place down. There is no way of getting your money once something like that happens. The big question now is what will you do when it does?