: Saturday, July 16, 2011, 9:03
PayPal Transfer Reversed Because Of 30 Cents
I was trying to withdraw my pay via’ PayPal transfer to my bank in the amount of $1500. I submitted the transfer to my bank account and waited for the 2 day process to finish. When it didn’t show up in my bank, I logged into Paypal to see if maybe I had not pressed the 2nd submit button.
I had in fact, completed the process but the xfer was “reversed” because of a negative balance. The negative balance was $0.30 because I had issued a refund to a former customer. The funds were there for a refund, but I didn’t realize Paypal takes $0.30 to issue the return funds. So rather than take 30 cents from my bank as they normally would, they decided to hold onto the $1500. And instead of waiting 2-3 biz days for the transfer to be completed, I’ve got a week to wait before I can collect my pay.
It would have been nice to at least receive an email about the reversal. But who am I kidding? Banks are all about charging fees and blocking access to your own money. My boss in Europe has not had access to his funds for a couple weeks because he started earning too much. Seriously, too many transactions and Paypal keeps your money.
Submitted By:: Mark
Location: Austin, TX