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Paypal dividend mess up Archived From: Finance

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   posted: Feb. 4, 2008 @ 10:16a
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thanks to morman at SD

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I am not sure where this needed to be posted but I figured here was a good place since if you have paypal moneymarket you could have missed out on some money last month.

I got my paypal dividend payment on February 1st and noticed it was way to low. Paypal has been dropping its interest rates through the month but if I remember correctly it started out the month at 4.79% and ended the month at 3.99%. I have a decent amount of money sitting in there throughout the month and according to my calculations I came up a few hundred dollars short on this months dividend payment. The dividend I got was basically .06% for the month and not something between 3.99% and 4.79% like it should have been. I called paypal today and they said this is a known problem and that a lot of people got shorted last month. They told me that they would fix the problem and I should receive the additional money within 48 hours. I will keep you posted when I get it.

I am not sure if they would have fixed this problem if I didn't call and complain. So I would encourage everyone that has this to check to make sure they got the right amount last month and if they didn't to call paypal.

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thought this might help someone here

edited to add - I do not have any money in paypal, but some ebayer may

   posted: Feb. 4, 2008 @ 10:16a

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

   posted: Feb. 4, 2008 @ 10:22a
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I'm not sure it's a good idea to keep a big chunk of money in PayPal's money market fund, especially if you're getting a couple hundred bucks in interest monthly. I've read a bunch of horror stories...

   posted: Feb. 4, 2008 @ 11:28a
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turrdog said:I'm not sure it's a good idea to keep a big chunk of money in PayPal's money market fund, especially if you're getting a couple hundred bucks in interest monthly. I've read a bunch of horror stories...

While true, still lame that they shorted people. Hopefully they will automatically fix it for everyone.

   posted: Feb. 4, 2008 @ 11:40a
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Go with E*Trade Complete Savings...still at 4.40% I think.

   posted: Feb. 4, 2008 @ 11:57a
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Another reason not to use PayPal....

   posted: Feb. 4, 2008 @ 12:16p
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Go with WAMU online saving for 4.75% APR.

   posted: Feb. 4, 2008 @ 1:00p
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You might want to look again at your WAMU rate...

   posted: Feb. 4, 2008 @ 1:52p
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oosha964 said:Go with WAMU online saving for 4.75% APR.
4.25% now.

   posted: Feb. 4, 2008 @ 4:12p
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---

   posted: Feb. 4, 2008 @ 4:56p
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wow you keep enough money in paypal to generate several hundred dollars of interest? You are either a brave man or a foolish one.

   posted: Feb. 4, 2008 @ 5:04p
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fokatkamaal said:thanks to morman at SD

<snip>

edited to add - I do not have any money in paypal, but some ebayer mayI'm not going to pay much attention to anyone that would keep an average daily balance of over $50,000 in PayPal, either they're a liar or foolish ... while I don't distrust PayPal like many folks, I certainly don't trust them enough to keep that amount of cash in there.

   posted: Feb. 4, 2008 @ 5:25p
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No sympathy for the joe ebayer who keeps that amount of $ with Paypal. I guess this will give them sign to move on to something better Paypal MMF.

   posted: Feb. 4, 2008 @ 5:32p
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Hey, the Paypal MMF is administered by a real management company, and has one of the better yields out there.

I only bailed on it when I realized that getting money into and out of Paypal promptly was a huge pain.

Too bad about the snafu about the dividend payments. That wouldn't be confidence building at all

   posted: Feb. 4, 2008 @ 8:10p
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Not a big fan of non FDIC insured money market funds these days. A lot of those funds have a good chunk of their assets in potentially toxic mortgage backed securities. When the ratings agencies finally see fit to rate them appropriately then the funds will have to mark these assets down, and then never mind interest... you can lose part of your initial deposit. Given the rates these funds pay, your better off finding something FDIC insured.

   posted: Feb. 4, 2008 @ 11:33p
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Rathipon said:Not a big fan of non FDIC insured money market funds these days. A lot of those funds have a good chunk of their assets in potentially toxic mortgage backed securities. When the ratings agencies finally see fit to rate them appropriately then the funds will have to mark these assets down, and then never mind interest... you can lose part of your initial deposit. Given the rates these funds pay, your better off finding something FDIC insured.

i agree. don't put too much money into paypal and keep your money in FDIC.

even bristol myers squibb, a pharmaceutical co. got hit with the sub-prime fiasco last quarter as they has investments that lost value. I'm just saying that the credit squeeze out in the markets it effecting a lot of companies/investments that theoretically have nothing to do with lending/finance.

   posted: Feb. 5, 2008 @ 12:44a
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Rathipon said:Not a big fan of non FDIC insured money market funds these days. A lot of those funds have a good chunk of their assets in potentially toxic mortgage backed securities. When the ratings agencies finally see fit to rate them appropriately then the funds will have to mark these assets down, and then never mind interest... you can lose part of your initial deposit. Given the rates these funds pay, your better off finding something FDIC insured.

I used to keep quite a bit in PayPal, but the reason you gave caused me to pull most of it out a few months ago.

   posted: Feb. 5, 2008 @ 11:33a
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FYI, I get a couple of dollars off dividends (<$5) and I haven't seen my dividends at all this month. In talking to Paypal, they just said that they will send me the Feb payout in March.

   posted: Feb. 6, 2008 @ 2:11a
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put 9k in last june, tried to withdraw 2k in aug causing account review. I am "high risk customer" and that gives them the right to hold my money until MARCH 27(almost 7 months!). Anyway at least im getting the correct amount ofinterest

   posted: Feb. 6, 2008 @ 10:28a
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I didn't get ANY PayPal dividend payment for February 2008 -- I started searching the 'net for others that had similar problems and found your note, which prompted me to call PayPal (the phone number is on the back of your PayPal debit card), as they did NOT respond to an e-mail.

I was told today (by a PayPal agent) that they "are aware of a problem" and that January's payment (which is paid February 1st) and February's payment (paid March 1st) would be COMBINED into one payment (or possibly two payments on March 1st) as they resolve their issues.

I mentioned that this is not what is spelled out in their agreement/contract -- all they said is that they apologize for the problem and repeated that I would be paid March 1st.

Does anyone here know if we have grounds for a class action lawsuit, or if it's overkill to even bother?

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