I just bought a foamy from Fancy Foam. When I sent the payment, the way I understood it, the money was coming from my mom's credit card. My plan was to run to the bank tomorrow, move some money from my savings to checking, and pay her back tomorrow. Problem is, now, looking at paypal, they took that money from my checking account. Big problem is, I don't have that much in my checking account. So is there any way to cancel that order or move money around now, or am I stuck in the hole? This is my first time using paypal and I think I screwed it up big time.

If you placed the order today, then paypal hasn't had a chance to take the money from your checking account. If you can get to the bank first thing and get the money into your account you should be OK.

Good to know. Thanks Wizard. I'm gonna run to the bank tomorrow right when it opens.

As I understand PayPal, they don't just take money from your checking account. You have to request a transfer of funds to get the money to the PayPal account. That takes ( in my experience) at the least two to three days to complete before I get the conformation of the transfer.

Wizzard, are you saying PP automatically pull funds from the assigned account if / when you overdraft? I don't recall ever allowing that sort of access into my bank account - and have always kept the PP account funded. That would not be a good PP arrangement if set up that way - IMO.

You lost me totally on how your mother's credit card and PayPal are connected in this dilemma.
Your mother's credit card was used to purchase the foamy.
You are moving money to your checking account to pay your mother back.
Yet PayPal TRIED to take money from your checking account ( that is short the funds)

Oh well- hope you sort it out without getting into trouble!

If you load a banks information in there for direct transfer, Paypal automatically defaults to use the bank account even if you have a credit card registered with them. The reason being, that paypal is charged by visa/MC/Amex etc for every credit card purchase they process, usually between 3 and 6%. When they do an automatic debit, or ACH transaction with your bank, it costs them nothing. Thats why they will default to your bank info IF you have loaded that information in. When you go to send funds, you have to select the credit card where it says "source" or it will debit whatever it has defaulted from. Good news is, if its after 5pm or so in your area, Paypal will present the ACH debit, which will not be processed until the next business day. It may put a hold against your account, and even draw it negative, but if you make a deposit the next day, ANYTIME before the bank changes work to the next business day (usually between 3 and 4 pm), when everything posts at midnight, youll be ok. Now if you were using a debit card, it may decline when you go to use it in a situation like this because its on a different system. Paypal works on the ACH debit/credit system which is much like writing a check, it gets presented, and depending what operating day the bank is on, is decisioned at midnight of that business day whether it will be paid or not....

Hows that for more info than you could ever want to know about Paypal and the banking system???

Originally Posted by MERCURY DAYDREAM

As I understand PayPal, they don't just take money from your checking account. You have to request a transfer of funds to get the money to the PayPal account. That takes ( in my experience) at the least two to three days to complete before I get the conformation of the transfer.

If you have a $0 balance in your paypal funds account, and need to send money, it asks you which way you want to fund it. It can draft funds from your bank account immediately for you to process a transaction. It takes 3-4 days when you want to send money from paypal to your personal account... which really, there is no reason for. Im sure they just like to have those float days in order to continue to earn interest on your money before they send it to you.

Originally Posted by TheTank

If you have a $0 balance in your paypal funds account, and need to send money, it asks you which way you want to fund it. It can draft funds from your bank account immediately for you to process a transaction. It takes 3-4 days when you want to send money from paypal to your personal account... which really, there is no reason for. Im sure they just like to have those float days in order to continue to earn interest on your money before they send it to you.

Thanks for the explanation and conformation. I think there is a need for money handling options such as PayPal, but no one (other than the spouse) should have automatic access into my accounts.
Hey, As long as they ask first...

Originally Posted by MERCURY DAYDREAM

Thanks for the explanation and conformation. I think there is a need for money handling options such as PayPal, but no one (other than the spouse) should have automatic access into my accounts.
Hey, As long as they ask first...

I completely agree. It just sucks that once you provide the account # and routing information, and click the "agree to terms and conditions", you have just given them permission. They still ask you if you want to use that account to fund, and dont automatically take funds, but the default is always set to bank info, not credit card.

Originally Posted by TheTank

I completely agree. It just sucks that once you provide the account # and routing information, and click the "agree to terms and conditions", you have just given them permission. They still ask you if you want to use that account to fund, and dont automatically take funds, but the default is always set to bank info, not credit card.

Well, the money to cover all those "I got screwed by somone on the Internet" chargebacks have to come from somewhere, if the "merchant" cleans out the account. My guess is that is comes from the 3-6% that get somehow lost in every CC transaction...

Do you have any recourse with your bank when you use PayPal and fund it through a "direct leech" approach ?

P.

when using paypal there is NO vendor that has access to any accounts. only paypal has access to any of your accounts and only acts as a go between. in every transaction they give you the choice of where the money comes from. either a bank acct. or a credit card. during the transaction only the receiver of the money pays for the transaction not the buyer. just like any other store. its no different than using a credit card in walmart, they charge apx 3.7% to do this. no one can access your account except paypal. to even do a transaction you have to log in each and every time. and you will get a e-mail saying that the transaction took place. it will give the ammount, where it came from, and who it went to. it will even tell you what the name is or who is receiving the funds. also will tell you what to look for on your credit card. meaning what name. its a good thing to use. i personaly, will not do a transaction if the seller does not use paypal. because each transaction is insured. whew!! oh yea i dont work for them. i have been using them for a couple of years and never a problem.