When do withdrawn funds from paypal become untouchable?

COPPERS459_2

I want to know at what point are paypal unable to take the funds back from your funds. In other words I withdrew £200 into my bank account from my paypal balance, at first it said pending and now it says completed only after 2 days, however it states it will take 5-7 days to go into my bank account, so my question is at what point can they stop the payment from being deposited if for some reason someone has a dispute?
Thanks in advance
Steve

bleugh

heh, you've got it wrong

paypal will pull the money BACK FROM YOUR BANK if there is a dispute, or at least they will try to.
if they have no luck doing that, your paypal account will go overdrawn
if its overdrawn enough, expect to have the legal team chasing the money

cosmokramer2004

bleugh wrote:

heh, you've got it wrong

paypal will pull the money BACK FROM YOUR BANK if there is a dispute, or at least they will try to.
if they have no luck doing that, your paypal account will go overdrawn
if its overdrawn enough, expect to have the legal team chasing the money

How can they pull money back from your bank account? Have you ever heard of them actually doing that - or trying? I ask because I assumed that when they transfer money to your bank account, it is EXACTLY the same as a private citizen transferring money to your bank account - ie. it is non-reversible, and the reason why it's 100% (or as close to as possible) secure to receive money via bank transfer. I don't see how PayPal transferring money to your bank account differs from any other person or entity transferring money to your bank account?

pin

Nope, don't PayPal set up a direct debit with your bank?

cosmokramer2004

pin wrote:

Nope, don't PayPal set up a direct debit with your bank?

No, PayPal only set up a Direct Debit with your bank account if you choose to verify your bank account. The only advantage to doing that is to raise the sending limit from your account. It is not, and can not be, set up without your express permission.

pin

cosmokramer2004 wrote:

No, PayPal only set up a Direct Debit with your bank account if you choose to verify your bank account. The only advantage to doing that is to raise the sending limit from your account. It is not, and can not be, set up without your express permission.

Oh, sorry, didn't realise that.

bleugh

withdrew £200 into my bank account from my paypal balance,



i thought to withdraw that amount you had to have a verified account

and, yes, paypal DO withdraw money from bank accounts without permission, and from credit cards. its happened to friends and fellow ebayers

if your paypal account is overdrawn as a result of a fraud, paypal will do every damn thing the can to get their money back

motorguy

... and 'fraud' is anything they deem it to be.

cosmokramer2004

bleugh wrote:

i thought to withdraw that amount you had to have a verified account

You can verify your account by completing the Expanded Use Programme (by entering the four-digit number next to the PayPal charge on your credit card statement). This lifts your withdrawal and send limit.

Verifying your bank account only raises your send limit.

bleugh wrote:

and, yes, paypal DO withdraw money from bank accounts without permission, and from credit cards. its happened to friends and fellow ebayers

Do you know how they do this? When the cash is transferred to your bank account it is impossible for them to reverse the transfer.

Perhaps your friends have had charges made to Debit cards on the same bank account?

If they were to make an unauthorised charge to a credit card, a chargeback and report to the Credit Card issuer would sort that out pretty quickly.

It's certainly all very worrying and I'm always particularly happy when buyers choose to pay by means other than PayPal.

gregh_2

Having used Ebay/Payapl for about a year, I recently had my first problem with it.

Someone bid on a PS2 game (brand new) I was selling - won it at £25, paid instantly, and so I sent him the game.

Next day I get an email from paypal saying I may have been the recipient of an unauthorised transaction and they freeze the funds. I get a bit suspicious and google the address it was sent to - of course its a business mail forwarding centre in London (78 York St to be exact - just in case it comes up in anyone's transactions - addressee name of Danny Costello).

So, obviously, a fraud - but it could only be perpetuated by someone getting hold of another user's ebay and/or paypal login and passwords. But according to Paypal its entirely my fault.

Lesson - only send to buyers with a confirmed paypal address - otherwise its cheques/transfers.

Not very impressed by paypal's attitude at all. People apparently conduct fraud on their system at will and they do nothing to address/investigate.

Gregh