[Project_owners] paypal's money market fund

david boswell davidwboswell at yahoo.com
Thu Jul 17 10:35:22 EDT 2003


in the long term i agree that it makes sense to have
all donations in an independent account that can be
managed however we want.  the limiting factor for
doing this right now though is that we can't open an
account in mozdev's name since it's not an official
entity yet.  having a home for the donations is just
one of the good reasons i'm now focusing on getting a
non-profit set up.

in the short term keeping the money with paypal seemed
like the best option instead of deposting that at my
bank and doing the extra accounting to keep that money
separate.  i have deposted money that was donated
through kagi into my account since kagi doesn't hold
money, but much less has come in through kagi than
through paypal. 

the paypal money market fund does state that there are
no transaction fees, no withdrawal fees and no minimum
required balance.  i believe they just take a straight
percentage of any returns which seemed like a good
choice until we do have the non-profit going.

david


> You would do well to keep any acumulated funds
> seperate from the 
> collection vehicle used(paypal). There are always
> unforseen 
> problems/charge backs, fee's, etc. that may be
> leveled against the 
> account used to collect transfers and those
> transfers should be 
> regularly transfered to an account that is
> untouchable by the any third 
> parties ( in this case paypal ).
> 
> Does this mean a little extra work? Yes. but the
> benifit of having your 
> funds in secure place controlled you is worth the
> extra effort and is 
> usually as easy as writting check and a deposit
> slip.


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