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negative balance??

Discussion in 'Payment Processing' started by devin, Apr 25, 2007.

  1. #1
    so today i just discovered that my Personal account (where I only use to buy items) has a negative balance equivalent to one transaction that i disputed at the bank.
    SEMrush
    where do i find out exactly why my balance became a negative?
     
    devin, Apr 25, 2007 IP
    Will.Spencer likes this.
    SEMrush
  2. eddy2099

    eddy2099 Peon

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    #2
    Go to All Activities and set Show to Reversal.

    If you know which transaction it is then just look at the Details Information, it should show all the linked transactions related to that particular transaction.
     
    eddy2099, Apr 25, 2007 IP
  3. devin

    devin Guest

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    #3
    thanks eddy.

    just as i suspected, it was related to one of the transactions that i disputed at the bank (after paypal couldn't recover the funds for me).

    transaction made Feb 26, now it says "(instant bank) Transfer failed". does that mean that my bank is in the process of refunding that money?

    why is paypal negativing my balance?
     
    devin, Apr 25, 2007 IP
  4. eddy2099

    eddy2099 Peon

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    #4
    Well, Paypal is just a middleman where all the payments are sent from the buyer to the seller. When successful, paypal just take a small commission from it. If the money is disputed, it is not going to come out from Paypal's pocket and someone needs to pay for it. It is either from you or the seller and as I do not know what the circumstances of the transaction in question, I cannot comment further.

    I assumed that your balance is negative probably as stated, Paypal is unable to withdraw the funds from your bank so now you owe them that amount as they may deem you as fraud or something. I would assume this would be the same effect if you do a chargeback.

    The proper way of dispute would be to use the Paypal's Resolution Center.

    Once your account is in negative balance, your account would be limited.
     
    eddy2099, Apr 25, 2007 IP
  5. devin

    devin Guest

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    #5
    if it's true, that's laughable. i'm the fraud victim here, and they're making me pay?

    anyway i filed a claim at PP before i went to the bank (i guess it's equivalent to a chargeback?), they granted my claim but couldn't recover any funds.

    what i don't understand is, shouldn't the seller who defrauded me gets the negative balance?

    and why only one transaction when i disputed two?
     
    devin, Apr 25, 2007 IP
  6. eddy2099

    eddy2099 Peon

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    #6
    Like I say, Paypal is just the middleman, the contract is done between the buyer and the seller. It is like if you buy something from someone and you issue a check and if seller fraud you, do you try to recover the money from the banks or from the seller ?

    If the seller has removed the funds from their account, there is no more funds to recover from. How much does Paypal makes from the deal anyways, I believe it is like 1.9 to 2.9% + $0.30 and the rest of the money (some 90ish %) goes to the seller. Paypal does not monitor each transaction and manually approved them, if the buyer and seller agrees to the transfer, they would not doubt the transaction.

    Look at it this way.

    1) You buy the seller $100 ($100 taken from your account)

    2) The seller will then get the $100 (minus Paypal fees), seller account +$97.10 in their account.

    3) Seller withdraw the funds from their account (Seller account $0 balance)

    4) You dispute the charge, Paypal say it is in your favor but tries to get the money from seller but found nothing. Seller account frozen awaiting funds top-up or collection agency.

    5) You dispute the charge with your bank (You get $100 back in your bank account)

    6) The $100 is taken out of Paypal bank account (Paypal bank account -$100)

    7) Paypal tries to recover the $100 from you (This putting your account into a negative balance).

    **Conclusion : Seller fraud Buyer + Buyer fraud Seller **

    8) When your account goes into negative balance, your account is limited. All relationship with Paypal gets concluded.

    Paypal cannot be made accountable to refund you the money it did not earn, if they have to compensate everyone that way, it would have folded years ago.
     
    eddy2099, Apr 25, 2007 IP
  7. devin

    devin Guest

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    #7
    you're right. actually paypal shouldn't have to refund me, after all it's the seller's fault. why must paypal pay for his fault? but then again, *sigh* i certainly prefer to have my $600 back.

    my question is, what can/shall i do now? i know the moment i file for dispute at the bank i should start looking for paypal alternatives already.
     
    devin, Apr 25, 2007 IP
  8. eddy2099

    eddy2099 Peon

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    #8
    You could try contacting the seller or bring him to court.
     
    eddy2099, Apr 25, 2007 IP
  9. devin

    devin Guest

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    #9
    oh, that's been taken care of. he's run away, but currently on the radar of every intelligence agency in the region.
     
    devin, Apr 25, 2007 IP
  10. inworx

    inworx Peon

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    #10
    Your account will get limited uintill you bring your account to ZERO balance....I guess!
     
    inworx, Apr 26, 2007 IP