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Use of Money Market Accounts
 

Hi All,

I am wondering if anyone has used or currently using a money market account (bank account) that is connected with their PayPal account? Is there an issue since technically it is still a savings account, would I just mark my stealth bank account is a savings account when it comes to adding a bank account to my stealth PayPal?

CheapStudent

Re: Use of Money Market Accounts
 

I think it'd be better to create a checking account from your bank and add that instead of savings.

I have never done this with savings since checking always worked for me.
So I can't comment on savings accounts usage

Re: Use of Money Market Accounts
 

@SaiJin

Thank you, however I am more gearing my question to the Money Market accounts that banks offer that in a sense act like savings account...

- John

Re: Use of Money Market Accounts
 

are there any restrictions on your Money market account?
SOME may not want to see too many withdrawals via ACH

Re: Use of Money Market Accounts
 

I hear you. I'm sure other members who have done this and know the results can help you better.

I'm curious to hear more about it as well.

Re: Use of Money Market Accounts
 

@agent006140

No restrictions on my money market account, other than 6 transactions a month.... but I don't mind that's not difficult to work with...

Re: Use of Money Market Accounts
 

Then it is considered a saving account-6 withdrawals.
Do you have to pay a fee if you exceed 6?

Re: Use of Money Market Accounts
 

@Agent006140

Yes there is a fee after I exceed the 6, but if I can stagger it to 1-2 times a week then I should be good, just have to make myself notes and keep a good handle on the funds... I already have 3 MM accounts setup, so that should give me 3 P/P and eBay accounts...

John

Re: Use of Money Market Accounts
 

My only thing is would I mark it as a Savings account on Paypal when setting up the account though?

Re: Use of Money Market Accounts
 

makes no difference if it is checking or saving on Paypal side,it is your bank which charges fee after 6 withdrawals on savings accounts.

Re: Use of Money Market Accounts
 

:bored:

There's no problem using a MM account with Paypal. You just enter it into Paypal as a savings account. You aren't limited on how many ACH's can go in so you can withdraw from PP every day if you want. The "6" limit is for transfers going out of your savings account and that's not very hard to work with. Just limit yourself to transferring $ out of your savings account once a week and you're good.

I'm speaking from personal experience here since my wells fargo MM account has been linked to one of my business Paypals for 4+ years. The money market account itself is worthless (credit unions for the win lol) but it has no problems linking up with PP for transfers.

Re: Use of Money Market Accounts
 

I've always used savings accounts instead of checking accounts and have never experienced any issues with this.

I've never heard of the 6 limit though, is this an US thing?

Re: Use of Money Market Accounts
 

@phaz0rz

Thank you for clearing this up for me, I have been sitting on 4 MM accounts for the last month and have been wondering if it is possible to attach to a stealth PayPal/eBay. Thankfully there is no transaction limit when it comes to ATM withdraws with the bank I am working with, just 6 transfers and transactions (i.e. at a POS system in a grocery store). So I will always have access to the funds in some form or fashion.

Thank you again,

John
CheapStudent

Re: Use of Money Market Accounts
 

OP did not tell us whether he will be using his money market account to send/buy via his Paypal account,or just for deposit.
so that 6 transfer rules could apply.
There are some Ebay sellers who buy many items for resale on EBay using his saving/MM accounts and rack up fees they can ill afford.
My bank charges $5 per withdrawal after 6 free withdrawals.

Re: Use of Money Market Accounts
 

An ATM withdrawal is a withdrawal, period. Those count.

It's a national regulation so it applies to savings accounts with any financial institution. Apparently it's known as "Regulation D"
Any money coming out of the account counts towards the 6 limit. Whether it's a cash withdrawal at an ATM, cash withdrawal at the bank, a transfer to your checking account, etc. If money leaves your savings (MM) account then it counts.

That's why I said just limit yourself to transferring money out of your money market accounts once a week. With my account I withdraw from Paypal every day so money comes into the MM account every day. Then at the end of the week I transfer all but about $500 to one of my checking accounts.


@Wilcoo - yes, it's a USA regulation