PayPal Failed Funds
By John Davis
I set up my paypal account,listing my checking account and my credit card as funding sources.The idea was to use my checking account to pay bills,or if there was no money in checking,to use my visa as a back up funding source.I recently got a note from my bank informing me that I owe them over$600 dollars in returned item fees,because paypal just kept submitting the failed funds transfers to my checking account(at$33 dollars a pop)!after running up a 600 dollar tab in returned item fees,paypal switched to my credit card and got the monet,but by then,all of my recent deposits had been eaten up by bank fees ,leaving me broke.I am a disabled veteran,permanently hospitalized with liver disease,so I cannot pay the bank fees.When I tried to delete my checking acount as a funding source,and use only my credit card,the deletion was denied because of pending transactions.
The pending tranactions are paypal re-submissions for funds transfers,which cost me $33 each.Today I received 4 more notices of failed transfers$33 bank fees x4,and I still cannot delete my bank account,and paypal customer service refuses to stop submitting funds transfers,or help me with the ever-increasing negative balance of my checking account.My platinum visa has more than enough funds to cover all of the transactions,but paypal has effectively wiped out my checking account,and at this writing,I still cannot delete my checking account as a funding source.The last denial was because I had a negative balance,which paypal caused in the first place! I just put $50.00 into my paypal account,so that I could delete my checking account,and I was denied because of pending transactions-probably more failed funds transfers,and more $33returned item fees.
Posted: May 8, 2012 at 12:10 pm