eBay Inc., the online auction house, will start collecting a fee to manage money deposited in its PayPal Money Market Fund, the company said.

PayPal, an electronic payment service with some 87 million customers in more than 40 countries, sweeps funds that customers keep in their accounts into the money market fund.

The company currently pays a 7-day average yield of 4.38 percent on money in those accounts. That is the highest rate of any money-market fund in the United States, according to Peter Crane, managing editor of IBCs Money Fund Report.

The move will have no material impact on the financial results of PayPals parent, eBay, a PayPal spokeswoman said.

Starting March 1, PayPal will cut the funds yield by one-quarter of a percentage point to help cover the costs of managing the money, the company said in letters sent to customers via e-mail on Monday. A copy was obtained by Reuters on Tuesday.

Read more about this change courtesy of reuters