Hello Team, I recently got a chargeback and had to go through a lot to get my account back as normal and usable. The reason was i received an amount less than ₹1, which was not acceptable for my bank and was denied. so i got a fine of ₹295 on my paypal which is cleared now. I was wondering how that happened and managed to figure out what caused the problem. It was the auto withdrawal that failed to withdraw the 100% of it.
Let me better explain this to you. an amount of $3.41 i received on Jan 2 2018. Jan 3 it was auto withdrawn to my card. here is the thing
Exchange rate $3.40 USD = ₹ 207.86 I
NR 1 USD = 61.14 INR
while the amount that i received on Jan 2 2018 was $3.41. The amount that was auto withdrawn was $3.40 which means $0.01 was still left on my PayPal. Next Day Jan 4 the $0.01 which was left was auto-withdrawn to my card. the exchange rate for $0.01 at the time was ₹0.61 ( which is less than ₹1) which was attempted to be credited to my card and failed because it is under ₹1 which is below minimum bank accepted value.
I had to pay a chargeback fee of ₹295. So the whole problem was caused by the auto withdrawal system which skipped $0.01. I would like to know how that happened. This small problem caused me loss and I don't want anyone else to go through this. So I would like to know how can I prevent this from happening in the future?
