EBay’s PayPal to Collect Fees on Fund Deposits
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EBay Inc., the online auction house, will start collecting a fee to manage money deposited in its PayPal Money Market Fund, the San Jose-based company said.
PayPal, an electronic payment service with some 87 million customers in more than 40 countries, sweeps funds that customers keep in their accounts into the money market fund.
The company pays a seven-day average yield of 4.38% on money in those accounts. That is the highest rate of any money market fund in the United States, said Peter Crane, managing editor of IMoneyNet’s Money Fund Report.
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