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Paypal's Money Market fund is just that, a mutual fund.

Unlike checking accounts, money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 USD per share, it is possible to lose money by investing in the Fund. Distributed by Funds Distributor, Inc. To learn more about the Fund and its expenses, read the prospectus carefully.

Paypal MoneyMarket Fund Prospectus

It isn't even a well managed fund. The yield they quote on Paypal is a 7 day average which gives no real indication of their true performance.

This is an investment fund, plain and simple, and not a very good one IMHO.
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