PayPal Announces the End of Their Money Market Fund

Posted Jun 30, 2011

PayPal’s Money Market Fund was a way for customers to accrue interest on money in their PayPal accounts, but the company announced that the service will be shut down by the end of July of this year. TechCrunch reports that the Money Market Fund held $471 million in PayPal customers’ money, but that the company could no longer justify the service by its now-diminishing returns. PayPal will transfer all of the Fund users’ money to their PayPal accounts once the Fund closes.