PayPal Scam or Not??
@whiteheather39 (24403)
United States
June 27, 2011 12:13pm CST
I just received an email from PayPal with the following message:
Hello xxxxxxxx,
Thanks for using PayPal and the PayPal Money Market Fund. Unfortunately, we’ve decided to close the Money Market Fund, effective 7/29/11.
What does this mean for you? PayPal will transfer any undisbursed dividends you’ve earned into your PayPal account within 7 business days after we close the fund. Don’t worry; you don’t have to do a thing.
Your 2011 tax documents will continue to be available on the Fund Summary page in your PayPal account throughout 2012. You’ll receive a tax statement from PayPal only if you’ve earned $10 or more in dividends in 2011.
Thanks for your understanding,
PayPal
Please do not reply to this email. This mailbox is not monitored and you will not receive a response. For assistance, log in to your PayPal account and click Help in the top right corner of any PayPal page.
I have forwarded this email to spoof@paypal.com
Have you received this email?? If so what will happen to the payment we get from myLot as that money is deposited into the PayPal Money Market Account!
What is your opinion? Is this a spoof?
4 people like this
12 responses
@Lakota12 (42600)
• United States
27 Jun 11
No not yet but I would go to account and look or wait for spoof to let you know if it is true or not.
WOudnt seem good business for them to stop it tho dont ya think?
And you can change where the mylot money goes I just have it my business account not the money market thingy
@whiteheather39 (24403)
• United States
27 Jun 11
It just seems odd as in the past three days I have received three separate spam letter from PayPal which I send to spoof@PayPal.com and they confirmed they were "phishing scams"
@SpikeTheLobster (6399)
•
27 Jun 11
I have no idea what a Money Market Account is but it looks fairly real: I had a similar one when they changed their payment card provider. Since you don't have to do anything and they're not asking you for info, it looks more official. At a guess, any funds that would normally go to your MMA will go to your normal Paypal account instead - have you checked their online help to see if there's anything about it?
@whiteheather39 (24403)
• United States
27 Jun 11
Yes I checked their entire website and nothing is mentioned about the account closing.
1 person likes this
@SpikeTheLobster (6399)
•
27 Jun 11
Sounds like you did the right thing, forwarding it to their spoof address. It's surprising the email didn't ask for any personal info if it's a fake - unless it had a (fake) link to their site, of course.
@GardenGerty (169590)
• United States
28 Jun 11
I have not received this notice, or I have not found it if I did. It sounds like they will just roll it over to a regular fund account and no longer pay us interest. I would have reported it to spoof as well.
@whiteheather39 (24403)
• United States
28 Jun 11
The myLot earnings were automatically deposited in to a PayPal account which is the only account offered (PayPal balance: $XXX.XX USD Earning 0.05%* in the PayPal Money Market Fund). I did not request it to be deposited to this account. It just appeared to be the only account available for deposits) I am curious as to what account your myLot earnings are deposited and if they offer any interest earnings?
@ReViewMeMedia (3786)
• United States
29 Jun 11
It's not a scam, I looked it up on the help and this is what I found:
https://www.paypal.com/helpcenter/main.jsp;jsessionid=Yh30TLdTX4Q2Gxxl11G0924CzQfGQ5hgdBbPYTZpKrLGvXdYklm2!1558491157?locale=en_US&_dyncharset=UTF-8&countrycode=US&cmd=_help&serverInstance=9020&t=solutionTab&ft=searchTab&ps=solutionPanels&solutionId=1238025&isSrch=Yes
@whiteheather39 (24403)
• United States
28 Jun 11
I did nor say or infer that Paypal is a scam. I said that that the email I received could be a possible scam!
@MsTickle (25180)
• Australia
7 Jul 11
Any time I get a message from PayPal it's to tell me they are making changes and to visit the site to see what the changes are. They don't go into any detail in the email.
I have not received the email you mention and I was not aware that PayPal had a money market...i guess all banks and monetary facilities have them though.
@Hatley (163772)
• Garden Grove, California
27 Jun 11
hi whiteheather seeing you have had other scams about pay pal I feel its good you sent that email to spoof as paypal admins will soon let you
know if it was phony or a legitimate email. it does sound l
ike its a little contrived to be a legitimate email but you will soon find out.
What I have always liked about paypal admins is they will really help you
with any problem.I have never had any problem with them in the years I have used them.Closing a money market fund sounds odd but again you will find out the truth.
ike its a little contrived to be a legitimate email but you will soon find out.
What I have always liked about paypal admins is they will really help you
with any problem.I have never had any problem with them in the years I have used them.Closing a money market fund sounds odd but again you will find out the truth.
@PointlessQuestions (15397)
• United States
27 Jun 11
I didn't even know paypal had money market funds accounts. I have had spoof emails though and reported them.
@matersfish (6306)
• United States
28 Jun 11
I've been using PayPal for almost four years and have transfered well over 100k through the place. I have never even heard of the Money Market Fund. 
If it's part of PayPal, then I would guess it's legitimate. I've never had any issue with them.
If it's part of PayPal, then I would guess it's legitimate. I've never had any issue with them. 
@lovinangelsinstead21 (36847)
• Pamplona, Spain
28 Jun 11
Hiya heather,
Thank you for the alert as I have not heard of this one will be on the lookout for it. I did not know about any interest in Paypal have never seen that in the account either.
Will look out for that one most definetly will.
I would treat it a scam it could well be a phishing thing if you follow the link that they have put in the e-mail.
Although I think that you mention down the bottom of the page somewhere that they are phishing things and to be ignored totally.xxx
I hope no one gets their cash "phished" by anyone.xxx
@sonaimajumdar (950)
• India
28 Jun 11
Hello, I think Paypal has not sent this email. This is a type of phising scam email, to steal your account details. You have done a good job. Now you will be knowing soon whether that was a mail from paypal or not. Beware of this type of mails,because one wrong step can lead you to heavy loss. One time I too received a mail from Liberty Reserve , by saying I have won $500, but afterwards , I knew that it was a scam email. So,just beware of these.
@PointlessQuestions (15397)
• United States
27 Jun 11
I don't know anything about paypal money market account. My money goes into paypal but I don't have a money market account. I have never heard of that.
@whiteheather39 (24403)
• United States
27 Jun 11
I just copied what the PayPal Money Market account looks like in my comment to the next response.
