Adding Funds to Money Market Account Via PayPal

PayPal lets you add funds to your money market account.

PayPal is an online payment service that allows users to send funds to other PayPal account holders and collect payments without sharing credit card and banking information, according to the company's website. If you receive money via PayPal, you are able to transfer the funds to your money market savings account. Unlike a wire transfer from a financial institution, PayPal does not charge you a fee to withdraw your money.

Instructions

1. Obtain your banking information, specifically your bank's routing number and money market account number. Verify the data to avoid sending money to an incorrect account.

2. Go to the PayPal website. Enter the email address associated with your account and your password. Click the gold "Log In" button. The "Welcome" screen will appear. Select the "Withdraw" link located in the middle of your computer screen then click on "Transfer to Bank Account." Add your money market account by selecting the blue "Add Bank Account" button.

3. Click in the "Savings" account box. Press the "Tab" button on your keyboard and type your financial institution's routing number and your money market account number in the designated areas. Verify your information and press "Continue."

4. Return to the "Withdraw Funds by Electronic Transfer" page. Type the dollar amount you wish to add to your money market account in the blank box. Ensure that the correct bank is selected from the "To" drop down menu. Press "Continue" to review your request. If your information is accurate, click "Submit"; otherwise, choose "Edit" to make changes.

Tips & Warnings

• Expect to see your funds in your money market account within three to four business days, according to PayPal.

• If your PayPal account is unverified, you are unable to withdraw more than $500 per month, according to the PayPal website. Click on the "Get Verified" button on the "Welcome" page and complete the steps to lift your withdrawal limit.

References

• PayPal: About Us
• PayPal: User Agreement