PayPal is a thief, stealing money from bank
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Hello, I too am waiting on a refund payment from paypal. On Feb 5th I sent, from my bank, my son $200 (for school books), there was not $200 in my account, but paypal says "you don't need a balance to send money", so, I sent it thinking I'm getting a direct deposit the next day into my bank account and everything will be fine and my son can buy his school book. NO! Paypal tried to draw the $200 off my account! No problem as it is a savings account and the bank just send paypal a 'cannot process'. On my sons end of the trasaction it says e-check pending. The direct deposit does not go through as the company has sent a papercheck. No big deal. However, paypal keeps trying to draw the money and keeps getting rejected from my bank. On the 15th the check clears my bank...first one in line to take the money...paypal. That morning my son cancells the $200 e check as paypal tells him he can't get the money until the 22nd and he's already bought the book($ from dad). So, I wait a day thinking the money should go back into my bank, right? Wrong. Finally a couple days later I call paypal. The nice gentleman (foreign) explains to me that I have to call the bank to cancell the paypal transaction (this was after a 20 minute conversation where he said "I'm sorry ma'am, let me see if I can help you" about a dozen times :/). I call my bank. Bank informs me that on Feb 15th, when the check cleared, paypal took the $200 out of my bank account. Therefore there was nothing to stop. The transaction cleared on the bank's end. Paypal has my $200, somewhere in the paypal cloud bank "floating" around up there. I use the term "Floating" because it is how paypal makes their money, by "Floating" peoples people money to get interest off it. It is illegal in some states to do this. Anyway, back to the $200. I call paypal back. They are no help. Again, the foreign man tells me he will send my case over to some department for review. Whatever. I go online and file a dispute. There is a limited number of disputes to choose from. I chose "unauthorized access" as there was none that said "cancelled payment refund not received". It took about a day for it to be reviewed and closed as my case was NOT an unauthorized access claim. The review did say the money will be refunded to the original payment method...without a date when that would happen. So, as of today, Paypal still has my $200, and since it's a banking holiday in the US I don't expect to see it in my bank or my PP account. Paypal needs to be investigated by the FTC for deceptive banking practices. They should not be allowed to keep trying to draft money out of an account when the original payment was declined,especiall if the receiver has NOTreceived the money. When Paypal says they 'pay' the receiver so you owe them (Paypal) this moeny, that is a LIE as the receiver does NOT get the money...what the receiver GETS is a notice saying they have to WAIT on their money (because it has to clear your bank). At this point all Paypal is is a messenger service. This is "FLOATING", or some type of form of 'floating'. It's deceptive and illegal and should be investigated. I'm dissapointed with Paypal with this practice. I do appreciate that I can buy something online and use them as a third party so my banking info does not show up, but they really need a serious update on their policies. Watch Netflix's "Dirty Money"...the episode called "PAYDAY", deceptive policies...it's all in the fine print.
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