Is this really how PayPal works?

I bought a lens yesterday from a member. Sent the wrong amount and he refunded it to me. So, I sent the correct amount. Paypal then cancels that transaction.

My understanding is that both amounts will be deducted from my checking account and refunded into my PP account. I then have to transfer it back to my checking account. So we're talking a 10 day turnaround.

For you guys that really use PP, is this correct?

Paypal regularly screw things up, and I have never heard of them accepting responsibility. None of my friends will use them now, which means they also don't use eBay. Paypal have owed me $200 for two years, and steadfastly refuse to give it back - or rather, they don't refuse, they just ignore my requests for repayment.

Appalling organisation.

Were you were using the Paypal gift option?

The way I see it, Paypal wants to hold on to your money in whatever way possible (using whatever excuse works) in order make interest on YOUR money instead of you.

It's ironic that Paypal can instantly get your money when it's going to them... but mysteriously it takes 10 days to get it back to you, even in something as straight forward as a refund.

I never let paypal pull straight from my checking for this reason. Credit card only, so I can still pay the bills if something gets hosed up.

huntersdad wrote in post #12154300
I bought a lens yesterday from a member. Sent the wrong amount and he refunded it to me. So, I sent the correct amount. Paypal then cancels that transaction.

My understanding is that both amounts will be deducted from my checking account and refunded into my PP account. I then have to transfer it back to my checking account. So we're talking a 10 day turnaround.

For you guys that really use PP, is this correct?

Yes:

https://www.paypal.com …lutionId=12766&​isSrch=Yes

Why did PayPal cancel the second payment?

I did not use gift. Not that I mind using it, but if your money isn't in your PP account, they charge you the fee anyway.

The second charge was reversed because they said something was wrong with his account, but really wouldn't give any more detail. Funny thing is the first payment went through just fine - I could see it and he could see it. The second one was saying completed on my end, completed on his end and suddenly it went to pending on his end. When I called PP this morning, the CS rep just reversed the payment - I never asked for it to be.

So, now my money is in limbo for the next several days. The guy said they are following banking regs, to which I said "If I buy something from Staples and return it to them, they put the money back in my account. Why is this any different?" He said good point but they were following regs.

I think I am done with PP.

I want to be done, but I like buying stuff of the internet at unfortunately paypal still has the market cornered. LIke I said above, credit card only for me, though.

huntersdad wrote in post #12154673
The guy said they are following banking regs, to which I said "If I buy something from Staples and return it to them, they put the money back in my account. Why is this any different?" He said good point but they were following regs.

The difference is that Staples' business plan does not involve making interest off people's money.

Paypal is the last option I choose for a payment. For the incredibly large commission they charge, you get close to zero service. Try calling a credit card and Paypal to see the difference. Paypal merged with eBay a while ago and now eBay forces you to use Paypal though. And as somebody above that's the reason I stopped using eBay too. Only very minute purchases like a 50 cent diode are made on eBay.

Everyone is attacking Pay Pal. However, the OP admitted this was his fault. If he/she had sent the correct payment in the beginning there would be no problem!!

Addicted2EOS wrote in post #12154940
Everyone is attacking Pay Pal. However, the OP admitted this was his fault. If he/she had sent the correct payment in the beginning there would be no problem!!

You are correct. But why is it necessary for them to take both payments out of my account? The first one was immediately returned by the seller, the second one was cancelled this morning. I understand that PP canceled one, so take one payment and refund it to me. But the incorrect payment was returned within minutes of sending it yesterday, so that should be cancelled out and no payment withdrawn.

tkbslc wrote in post #12154687
I want to be done, but I like buying stuff of the internet at unfortunately paypal still has the market cornered. LIke I said above, credit card only for me, though.

The difference is that Staples' business plan does not involve making interest off people's money.

It's worse than you know!

Paypal DOES NOT make interest off of your money.

I know, I know..."what??? you must be mistaken." Nope. Paypal does not make interest off of your money!

Which is too bad, for us. If they invested and made interest off of your money, then they'd be regulated as a bank. As good as banks have it, if they fell under the banking regulations, you'd have a LOT more recourse, and they wouldn't be able to pull the crap that they do.

Basically, they don't invest your money or make interest. This lets them not be regulated as a bank. So essentially, they have situated themselves in the way that they can be the biggest ****ckers possible and you have absolutely no recourse when they bend you over and screw you. I hate paypal. Unfortunately, I have no choice but to use them. I just give them access to an account dedicated only to them, and use a bank of america shop safe number for them, limiting the amount of damage they could do if a situation arose.

They have a big office in omaha nebraska. I lived near there for a while. One time, a few years back, someone that they'd screwed over went in at night, made sure no one was there (he made sure no one was around because he just wanted to annoy paypal, not hurt anyone--no one was hurt at all, building was empty), went up to the front door, evidently left a message, and blew up a small explosive device, damaging the front of the PayPal building. One of the funniest things ever, imho, lol--can't condone violence but I totally understand his frustration.

The first one was returned to you Pay Pal acct by the seller. The second one does not make sense to me either- especially if Pay Pal cancelled the transaction.

huntersdad wrote in post #12155030
You are correct. But why is it necessary for them to take both payments out of my account? The first one was immediately returned by the seller, the second one was cancelled this morning. I understand that PP canceled one, so take one payment and refund it to me. But the incorrect payment was returned within minutes of sending it yesterday, so that should be cancelled out and no payment withdrawn.

Was the first payment being processed as an e-check? If so, the money refunded by the seller wasn't available to you yet because the e-check payment hadn't cleared. So they would have to pull the second payment from your checking account.

Why do they make you manually transfer the money back? Good question.

Addicted2EOS wrote in post #12154940
Everyone is attacking Pay Pal. However, the OP admitted this was his fault. If he/she had sent the correct payment in the beginning there would be no problem!!

Paypal acts in a way so that they can sit on your money as long as possible or never to return (if possible).

See this:

I sold something on e-bay with overnight shipping with a delivery time. Package was delivered 3h late but nevertheless I filed the claim and got the money from USPS. I issued full refund (of shipping). Although the guy paid full 3% when sending payment, refund immediately became e-check which meant no balance in his account for 6 days or so. How ridiculous!! I have bank account as well as CC attached to Paypal if you are wondering.