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Can some PayPal Authority verify this?
 

http://www.aspkin.com/forums/420617-post13.html <<<<

Can someone verify what Futuremogul said?

Is there a link to an article or anything about this Reversal process of funds?

I trust FM, so he's probably correct. He's definitely one of the members here who knows what the hell he's talking about. :amen:

Back in 2009 or 2010 a family member of mine had a Reversal of funds "withdrawn" from their bank account by PP that was attached to their PayPal account.

I'll have to go back and read PP's TOS again to get updated.

Thanks

At least what he said makes sense.

A few years ago I had this done to me.

If I remember it was around 800.00 I sent to the bank, it showed up and the next day I went to atm to withdraw, checked the balance and it was gone.

Came home, signed in to see they reversed the money.

Lesson learned.

Now I have a bank account not attached to eb or pp etc and internally transfer funds to that account the instant I see it show up.

They cannot touch money that is no longer there for them to take.

:clap:

Ding ding ding...3 accounts are under my online banking for one bank. Two paypals going to 2 and then the funds go straight to the 3rd unlinked account. I closed another account I had there as well because paypal tried taking money out of it...it had a 0 balance so I incurred a return fee. Took care of that fee and closed the bank account. Paypal sent an email a few days later saying they couldn't get the money because the bank account was closed....told me to update my bank info. Pffff

Send them a message back.

NOT GOING TO HAPPEN TODAY. BUT NICE TRY.

:clap:

LOL...wonder how annoyed they would be. This was a while back, I've long separated from that account.

Here is a thread with a similar question that has some answers worth noting:

http://www.aspkin.com/forums/paypal-...k-account.html

Here is an explanation of the settlement that paypal paid out for unauthorized debits from people's bank accounts:

https://www.paypal.com/settlement-faq/

Definitely note that the link is for a page on paypal's website so their explanation is a bit skewed to make what they did look not as criminal. But at the time it was a big deal and almost turned into a criminal investigation.

Also worth noting on Paypal's explanation is that they cite the statute that governs the allowance of electronic transfers. If you read it, you will see that if Paypal does hit your bank account without your permission, it is criminal. The caveat to this is you had to of not pre-authorized the payment anywhere.

I always instantly transfer my funds to my other bank account, my main bank account i use for day to day.

I do not trust Paypal....it can reverse the funds anytime

Sure, we'll get right on it. :doh: :juggle:

Wow very interesting thread..I never knew they could do this

It is hidden somewhere deep in their TOS.

If you have a negative balance or they feel there is fraud etc you have given them the right to debit your attached bank account.

And they will do it in a heartbeat.

Do not forget their neat little trick a while back that should have triggered the thought.

They send the two deposits to your account and then take it back.

Therefore the same thing although smaller shows they can grab anything they want and call it fraud or whatever they can make up that day.

YES, I remember the deposits staying in the account a while back. Nowadays they take the funds back. Cheap skates

I don't think they are reversing micro-deposits for the money.

They may want to see if your account is viable, does it have DD (direct debit) so they can pull money from your account.

In some cases the bank will provide your name, but PP will need to do a Manual review to see your name.

Yes PP does this but any financial institution can reverse a transfer if they believe there is a security violation going on. Happened to me with a large transfer between banks.

What is the verdict?

in the u.k, if you do not have the DD set up or removed then they can not do this, however from what i hear , they are starting to try and take it from the Card, if you use a vcc with no funds, they can't do that either.

My verdict is to stay the course.

When a withdrawal hits my bank account immediately transfer it to another account so PP can't get thier slimy hands on my money. :amen:

I can't even put funds in my paypal account easily. I have to go to my bank and do a transfer it takes 3 business days.

I go on paypal and it gives me their banking info here in the country. Then I tell my bank send $50 to this account. Even if PP wanted to take funds out of my account they could not be able too. I do have a Credit card hooked up that is V by them. Easily canceled!

And believe me if they see something they dont like they will put their slimy hands on every dime of it they can.

OP
I believe you have your answers all down the thread.

Here is the paypal user agreement prior to the settlement of their lawsuit in 2003:

https://www.paypal.com/cgi-bin/websc...ss_and_premier

Please note section 6 where they explicitly say the can debit your bank to get their money back.

Note that this clause it conspicuously absent from any TOS after that one including the current Paypal terms of service. The reason is because it was proven illegal.

Now we all know that Paypal is one of the most unscrupulous companies on the face of the earth so possibly they are violating the law and debiting some of your accounts without your permission. So if Paypal has done this to you, you need to report it to FTC.

Wonder if this is the same for all countrys.

If this lawsuit corrected this then the micro deposits they put in and then take back out is unlawful. But we all know pp believes they are above the law and not regulated by any banking laws.

They do this all of the time even recently and no lawsuit has stopped them from debiting many accounts.

Withdrawing micro deposits is an authorized transaction for two reasons

1) Paypal states that by allowing this test procedure you will be debited for the amounts that are deposited thereby providing your consent.

2) You are agreeing to a test procedure that involves a one time credit and a debit in an equal amount. You are in no way rendering goods or services for a financial gain so no monies are to be furnished to you. The deposits are simply a test and not a payment and the debit is not a deduction but a reconciling transaction. Thereby the results of these actions are not a matter of amounts levied or collected but are a positive or negative test result with no financial implications.

Paypal can only get away with unauthorized debits if people let them. Paypal may think they are above the law but no matter how big and valuable a company is, it means nothing to the DOJ and FTC. People just need to speak up and eventually something will be done. Paypal got a slap on the wrist last time but it is unlikely that they won't get a harsher punishment this time.

Don't create a myth.

The deposits are another matter.

Read futuremogul's post.

We have to stick to facts and not speculate.

Fact is by verifying your bank account with pp, you authorize them to have access to your bank account for deposits and withdrawals within reason. If you owe them money, their reason is quite clear for dipping into your account. I have had a once dip into my bank account 4 years back.

rsot, if your logic applies across the board then:

If your supplier provides you with his banking info to pay him via wire and then you later decide that your supplier owes you money, you can use the info the supplier gave you to debit his bank account.

If you give your gym your bank info to charge a monthly recurring membership fee, then they can charge that same account at their discretion if you damage a piece of equipment.

Your logic states that if you give your banking details to a party, then they can do whatever they want with it as long as they believe they can justify it on their end.

If you are saying that only Paypal has the privilege to debit your account at their discretion, what makes them special? It isn't in their TOS because it is illegal so what makes you think that them dipping into your bank account 4 years ago was in anyway permissible.

Fighting PP is a biatch. I would rather avoid confrontation if possible.