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All Payment Exceeding $500 getting Auto reversed by PayPal for Sept, Oct and Aug

Discussion in 'PayPal' started by Red_Virus, Oct 5, 2011.

  1. #1
    Hi Guys, This is saddest news that came in today morning, when a payment of $1500 that I got from a client on Oct 1st got reversed with the reason that the payment exceeded $500 and PayPal has to comply with RBI guidelines.

    Also now got a call from Sherri of PayPal confirming that all the Indian PayPal account with the transaction's exceeding $500 will be auto reversed and the money is being sent back to the buyer's for Aug, Sept and Oct 2011 to comply with PayPal guidelines.

    Now I am in a big mess with all the BIG payments going back to the buyer's and a negative PayPal account balance.
    SEMrush
    Thanks PayPal, I guess it is time to make the shift now for striking me with no warning and processing payments and now sending them back and also killing me with the dollar exchange rates.

    RV
     
    Red_Virus, Oct 5, 2011 IP
    SEMrush
  2. karthimx

    karthimx Prominent Member

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    #2
    Oops this is a real bad news. Any one experience the same?
     
    karthimx, Oct 5, 2011 IP
  3. Red_Virus

    Red_Virus Well-Known Member

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    #3
    and I am expecting to have mid $X,XXX negative balance (I hope) by the end of day as the PayPal rep told the reversals are being processed across all the Indian PayPal accounts. :(
     
    Red_Virus, Oct 5, 2011 IP
  4. nihangshah

    nihangshah Prominent Member

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    #4
    If the payment from your client is clear, then why not issue withdrawal to bank account?

    This way reversals may not happen...
     
    nihangshah, Oct 5, 2011 IP
  5. sbe

    sbe Member

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    #5
    THIS IS A VERY BAD NEW INDEED....

    IF THIS IS IMPLEMENTED BY PAYPAL AS THEY SAY... I THINK MORE THAN 70% PAYPAL ACCOUNTS WILL BE CLOSED....

    HOW CAN THEY REFUND MONEY BACK WHICH WAS PAID IN AUGUST & SEPTEMBER..... :mad:
     
    sbe, Oct 5, 2011 IP
  6. Red_Virus

    Red_Virus Well-Known Member

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    #6
    I can post a screenshot of the refund of Oct 1st transaction done this morning, I really hope that they don't do reversals for all the transaction's from Sept, Aug. But that is what I was just told on the call which I got from PayPal :(
     
    Red_Virus, Oct 5, 2011 IP
  7. olddocks

    olddocks Notable Member

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    #7
    oh man! another bombshell! This just sucks!
    I really think paypal and RBI arent doing any favors to indians who earn small time income. i hate both of them :(
     
    olddocks, Oct 5, 2011 IP
  8. ngcoders

    ngcoders Active Member

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    #8
    I think paypal has been warning everyone from Feb , still people dont listen. Ask payer to repay in 499 USD multiple , works for me.
     
    ngcoders, Oct 5, 2011 IP
  9. JoomlaDesigner

    JoomlaDesigner Active Member

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    #9
    Damn it...

    How can they reverse past payments, if we already got money withdraw into our bank account?

    This is ridiculous... A BIG SHIT!
     
    JoomlaDesigner, Oct 5, 2011 IP
  10. Ragu_007

    Ragu_007 Well-Known Member

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    #10
    It's really bad news. But PayPal has informed all of us regarding the receiving limit on March of this month and again later. So, you should be alert while doing transactions for huge amount. Anyway, no one will except this output from PayPal. So, many of us who received payment over $500 are going to face the same problem i think.

    One more thing is, there will be a huge loss due to exchange rate. I think PayPal is implementing this rule now for their profit. Because, they already mentioned this before 3 to 4 months but today only they are implementing. So they will get lot of profit during conversion.
     
    Ragu_007, Oct 5, 2011 IP
  11. theonly1

    theonly1 Active Member

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    #11
    Paypal seems biggest h**s in this world
    It seems only ideats works in Paypal organisation.

    If they knew 500$ max limit per transactio is going to happen why they did not stop it from Day 1?

    Just useless people
     
    theonly1, Oct 5, 2011 IP
  12. dimitri123

    dimitri123 Well-Known Member

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    #12
    Why would they reverse August and September payments?

    As per their mail, "Effective 26th September 2011, you will not be able to receive overseas payments exceeding US$ 500 per transaction into your PayPal account."
     
    dimitri123, Oct 5, 2011 IP
  13. browntwn

    browntwn Illustrious Member

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    #13
    Do you guys have class action lawyers in India?
     
    browntwn, Oct 5, 2011 IP
  14. Ragu_007

    Ragu_007 Well-Known Member

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    #14
    They said, auto withdrawn will be effective from 26th September and they didn't mentioned about $500+ transaction. But, they informed about this 2 times earlier. But implementing after a long time. This is really bad and they can be named as 'Money Eaters'.
     
    Ragu_007, Oct 5, 2011 IP
  15. dimitri123

    dimitri123 Well-Known Member

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    #15
    Nope. They did mention about $500+ transaction. Check the mail sent on 16th Sep.

     
    dimitri123, Oct 5, 2011 IP
  16. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #16
    You are absolutely right there as they already mentioned this in their 16th Sept. email subject "Important Update: Auto Withdrawal and Receiving Limit for PayPal users in India".

    DON.
     
    deluxdon, Oct 5, 2011 IP
  17. Ragu_007

    Ragu_007 Well-Known Member

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    #17
    They mentioned this in their earlier mail also, but they didn't implement it. Even on Sep 26th they didn't implement it. But the OP is saying they reversing August Payments too. This will be a another major problem for Indians again.
     
    Ragu_007, Oct 5, 2011 IP
  18. DumpPaypal

    DumpPaypal Peon

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    #18
    Super-Duper-Wooper-Blooper SEXY !

    Enjoy "SHITPAL" :)

    Surely MANY will enjoy if they really implement that in retrospective.
    Though I won't believe any customer care agent, hearsay stuff. Those morons know nothing REAL! Bunch of college dropouts..!

    Something by SHITPAL.. Blog post, email or something published WOULD have to prove !
     
    Last edited: Oct 5, 2011
    DumpPaypal, Oct 5, 2011 IP
  19. Ragu_007

    Ragu_007 Well-Known Member

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    #19
    Any other guys facing the same problems as mentioned by OP?
     
    Ragu_007, Oct 5, 2011 IP
  20. Laceygirl

    Laceygirl Notable Member

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    #20
    If you are transferring that kind of money through paypal then Its time to get a business license and do it the legal way then you won't have this type of issue.

    Just a suggestion.
     
    Laceygirl, Oct 5, 2011 IP