How long for Paypal to cancel a transaction?

[grrgoyl]

This is such a mess I don't even know how to search for an answer.

I accidentally sent a very large payment ($1000+) to a vendor using my bank account (meant to use Paypal credit).  The vendor immediately issued a refund but Paypal continued to hit my bank for the money (3 times now).  I spoke to Paypal on the phone and they explained it very badly and I'm still confused--basically (I think), Paypal covered the funds for me to the vendor and are now trying to make my bank repay them.  But why doesn't the vendor refund resolve this?

Anyway, they said they could cancel the transaction.  That was about 36 hours ago and the negative balance remains.  My bank waived my third insufficient funds fee, and that's their limit in a year, so I absolutely can't have Paypal charge them again. How long does it take them to cancel a transaction?  This has become incredibly urgent.  

[kernowlass]

@grrgoyl

Because paypal CREDIT the seller when you pay for an item and then paypal wait for your funds to transfer from your bank account to pay them back again.

So paypals ''credited'' funds have returned back to paypal BUT the payment from your bank account that you authorised can't do a u-turn > it has to transfer to paypal and then as the seller has made a refund it would be credited back to you again.

So basically you need to ''pay'' before you can get ''refunded''.

[grrgoyl]

Thanks for the speedy reply.  So will Paypal canceling the transaction resolve this? And how long will it take to cancel?

[sharpiemarker]

Can't give ETA as each case varies. Give it a couple days and call to get an update if no movement.

[grrgoyl]

Okay, thank you

[DPCreations]

Each one of the individiual transactions takes place on its own once iniated and, together, they form the transaction your requested:  send your bank money form your bank to a vendor.

The sending part is split with an immediate deposit to the vendor.  Now PayPay makes 2 or 3 attempts (I think it's usually just 2, but it looks like 3 in this case) to collect frunds from your bank.  When the attempts finally fail your PayPal account will be negative.  

As for the refund, the seller/vendor intiates the refund process; it isn't instantaneous.  It will take a few days to complete.  During that time your PayPal account will remain negative.  When the refund is complete, your payPal balance should go back to where it was before the payment.

None of this cancels the transcation; it all just reverses the process and it takes time.

I don't think PayPal can actually cancel a transaction and make like it never existed.

[grrgoyl]

Thank you for your response. Yes, they have tried three times so hopefully that's the end of it now. (And the refund was issued nearly three weeks ago, so PayPal must work in mysterious ways).