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Talk with the PayPal Team - A Federal Reserve Limitation

Discussion in 'PayPal' started by sahilbr, Feb 5, 2010.

  1. #1
    Just spoke to the guys at PayPal. There is a limitation that has come on PayPal by the Federal Reserve Bank of the United States pertaining to transactions in India. This has effected withdrawals to all Indian Banks.

    There is no specific time frame given by them pertaining to the resolution of this issue. PayPal is currently working with the RBI and the Federal Reserve to clear this issue at the earliest. Account holders are requested to contact PayPal customer support to include their accounts on list which comprises of affected accounts.

    Thought I should keep you all updated. :)
    SEMrush
    Cheers!
     
    sahilbr, Feb 5, 2010 IP
    SEMrush
  2. Rohit patel

    Rohit patel Prominent Member

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    #2
    Well I appreciate your information.:) Don't know what's going on their and I think PayPal should understand the condition and come out with General Announcement so affected members will get an idea.:)
     
    Rohit patel, Feb 5, 2010 IP
  3. samser_m

    samser_m Active Member

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    #3
    Well, why paypal is not informing us officially rather increasing our tension?
     
    samser_m, Feb 5, 2010 IP
  4. radhika.writer

    radhika.writer Well-Known Member

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    #4
    I think PayPal has different answers for different users, when I called them yesterday about my withdraw they said they are analyze all the transactions on fraud basis before they initialize it and that's the reason its taking longer then normal time.
     
    radhika.writer, Feb 5, 2010 IP
  5. jackcool

    jackcool Peon

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    #5
    So, for the first time I had to use paypal for a transaction the other day. Despite the fact that I regularly set up e-commerce I don't use it to accept payments myself often. My clients are all local and I usually pick up a check in an in person meeting or some such.

    So I was a little surprised when Paypal clearly showed the funds as having left its possession and my bank was claiming they had no clue about it. Who had my money?

    $832 isn't much to some people, but I'd rather it not disappear into a digital echo. I'm sure there would be some recovery protocol taking weeks to execute, and annoying as well.

    After calling and confirming with Commerce Bank that they indeed did not have the funds and that they indeed do clear digital funds next day I went to the Paypal hep section where I found this:

    Q: My withdrawal has a Completed status, but I have not received the funds in my bank account. What's wrong?

    A: A Completed status means PayPal withdrew the funds from your PayPal balance and sent them to your bank. The Completed status does not mean that your bank has recognized the funds and these funds are reflected in your bank account balance. PayPal can confirm that the funds were sent to your bank, but your bank must notify you when the funds are deposited in your account. If there is a problem with your withdrawal, it may take up to one week for your bank to notify us. We will alert you by email as soon as we learn of any problems in processing your withdrawal.

    So, this would indicate that my $832 did go to Commerce and that Commerce made the mistake. I deemed this unlikely. I've had good experience with Commerce and they haven't lied to me in the past. I called paypal.

    After 7:30 minutes on hold, a dropped call, and another 7:45 on hold I got a person on the phone. To which I asked the simple question: 'If you don't have my money and my bank doesn't have my money, where is my money?'

    You might be as surprised as me when the operator told me the Federal Reseve Bank had my money.

    Umm, Why has my money been transferred to a different bank than what I asked, I thought this happened directly?

    No, all transactions go through the Federal Reserve Bank to ensure their legitimacy. That's why it takes 3-4 business days.

    I didn't see anything on the website that indicated my money would be pass through a third party's hands before it was deposited into my account.

    Silence. then ... I'm sorry, sir?

    Your website doesn't say that it goes through the Federal Reserve Bank - I mean maybe it does somewhere, but not right in the help section where it answers reflect that it is my bank having the issue.

    Errr... I can send you a survey?

    Well, its not your fault, its not really your website, but that seems odd to me.

    Ummm... I can send you a survey.

    Thanks have a nice day.

    My instinctive paranoia is shoutin Patriot Act, government spying...etc, etc. In truth I don't even know what the Federal Reserve Bank is. I DO know appreciate a little more transparency in businesses, Paypal.

    That and I don't like people sending my money into other people's hands. Sure, had I combed the Terms and Conditions, with each update Paypal has ever made, I'd probably find this. I wonder how much interest every Paypal withdrawal in the country makes in a day? Whose money is that? Aren't all digital transactions already traceable enough? What happens if they find 'illegitimate' funds?

    Anyone got any answers?

    Oh, and I never did get that survey. :D
     
    jackcool, Feb 5, 2010 IP
  6. adithya

    adithya Well-Known Member

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    #6
    Well if its issue with Federal Bank,then it may be serious
    Someone in their post said this may be due to new obama issue of cutting the export of services from US to other countries ..
    God knows what is the EXACT thing happening ..
     
    adithya, Feb 5, 2010 IP
  7. Rohit patel

    Rohit patel Prominent Member

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    #7
    Well yes but as jackcool mention, do they ever tell us that things happens like this. They have to mention us about same! They always hide real information from us.
     
    Rohit patel, Feb 5, 2010 IP
  8. radhika.writer

    radhika.writer Well-Known Member

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    #8
    That's right, if they give out real info to us then atleast we can sit back and can wait patiently for this thing to get sorted out. People who's daily transactions are over 2k$ with PayPal they are not able to do any transaction due to this issue. :(
     
    radhika.writer, Feb 5, 2010 IP
  9. silent_thunder

    silent_thunder Well-Known Member

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    #9
    What you get with unregulated and unconditional growth is chaos... That is exactly what is happening with paypal.What was paypal's legal team doing when they first introduced such features in the first place?
     
    silent_thunder, Feb 5, 2010 IP
  10. Rohit patel

    Rohit patel Prominent Member

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    #10
    Yes their team always sleeping and they only wake up when some serious issue came out.:(
     
    Rohit patel, Feb 5, 2010 IP
  11. SEOhype

    SEOhype Member

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    #11
    Sounds right as I said in earlier thread. Obama's men are after us.

    My payment from SA has not been affected, while that from US has been.
     
    SEOhype, Feb 5, 2010 IP