Saturday, April 17, 2010

Still PayPal is having some issues with Indian Bank withdrawals



In my previous posts I have explained about some issues related to bank withdrawals from PayPal in India.

These issues were solved by introducing purpose code.

It seems again PayPal is facing some difficulty with Indian Bank withdrawals.

Especially the withdrawals initiated during April 7th and April 9th are still in pending status only. You can see some discussions about this issue here.

I too face such an issue with PayPal.

The withdrawal initiated during April 7 th is still in Pending while withdrawal done on April 13th got completed.

So, I contacted the PayPal support Team.

I sent below email to them.
(I have replaced some details with ####)


'I started withdrawal to my bank account on
##-Apr-####.

But the status is still showing as "pending" only even after # days.

Can you please update me why it is showing as "pending" and let me know
when it will be completed?

I came to know that many discussion forums are having lot of different
stories as reason for this issue.

Why not you simply send some updates about this issue so that I will not be confused by these discussions?

I am expecting your reply soon.

Thanks,
Rajamanickam'


I got below reply from them.

Dear ###,

Hello my name is Luis. I am sorry to hear about this situation, and
understand your frustration and concern regarding your withdrawal
status.

I’ve just checked your account and I confirmed as you told me that you
make a withdrawal to your bank account on April 7 2010.

When we withdraw money it takes from 4 to 7 business days to appear con
your bank statement. If in 14 business days it doesn’t appear

Then PayPal can star a tracking process of your money.
But in this case we recomend you to wait for the 4 to 7 business days to
complete.

Thanks for sharing your concerns with us. We value what you have to say,
and we know situations like this can be difficult. If you have more
questions, visit our Help Center by clicking "Help" in the top right
corner of any PayPal page.

Sincerely,
Luis
PayPal, an eBay Company



I sent the below reply after 4 days.



Thanks for your reply.
Still the status is showing as "Pending" only even after 7 business days completed.
Please let me know whether I need to do anything from myside.

Thanks,
Rajamanickam


And, I got below reply.


Dear ### ###,

Thank you for contacting PayPal.

At this point, there is no need to submit further information, the
deposit will be arriving at your bank account, only that it may be
delayed and should post within 14 business days. We apologize for this
inconvenience, and please do contact us again if you still have not
received the money after said date.

Thank you for giving us the opportunity to be of service and for
choosing PayPal for you online payment needs. We value your business and
we look forward to further strengthening your customer satisfaction. For
further assistance, you may call 1-402-935-2080.

Sincerely,
Ralph Veron
PayPal, an eBay Company


I thought this reply was completely meaningless. So I replied as below.

Hi,
Thanks for your reply.

Really, I couldn't understand why you are telling as 14 business days now, whereas it is mentioned as 4 business days everywhere in the paypal site.


Can you give more details why it is still showing as "Pending"?
I am really frustrated with this behaviour.
I am planning to set-up some shopping carts using paypal alone. But, these type of behaviour really force me to think about using paypal in shopping cart.
And, basically I am web developer, currently I am recommending our clients to use paypal in their shopping carts. But recent issues with paypal reduces my reliability among our clients. It is really worst thing in my development career.

Thanks,
Rajamanickam



And, I received below reply.


Dear ### ###,

Thank you for contacting PayPal.

I am responding to your recent inquiry regarding the ACH electronic
funds transfer that you requested from your PayPal account. Our records
indicate that this transfer has been successfully sent to your ###
Bank account ending with ### on ### in the amount of ###
USD. This ACH transaction has not been rejected back to us by your bank;
therefore we suggest that you contact your bank to see if these funds
have posted to your account. PayPal has no control over the length of
time it takes your bank to post their credits, and we do not receive
confirmation when your credit has been received by your bank. Please
note that the funds may have posted with our processing bank name and
not the name of PayPal.

If you would like us to initiate a trace for that transfer, we would
first need to receive a copy of your physical bank statement from Apr.
1, 2010 through Apr. 15, 2010. Please fax that information to 070 359
910, Attn: Global Services Trace Request. As soon as we have received
this information, we will initiate a trace and contact you with the
results when they have been received.


Please note:

- PayPal has no control over the length of time it takes your bank
to post their credits, and we do not receive confirmation when your
credit has been received by your bank.
- Please note that the funds may have posted with our processing
bank name and not the name of PayPal.


If you require more information other than what I have provided, please
give us a call at 1-402-935-2050 and we will try our best to give you
immediate answers. Thank you for choosing PayPal for your online payment
needs. We appreciate your business.

Sincerely,
Jasmine
PayPal, an eBay Company



I feel that this reply is meaningless. And, all these email communications didn't help in anyway other than just knowing some names of PayPal support Team members.

So, I sent below message. I copied this message to farhad@paypal.com also.



Thanks for your reply.

You have mentioned as Our records indicate that this transfer has been successfully sent to your ICICI Bank account ending with ### on ### in the amount of ### USD.

If the transfer has been sent to the bank account means why status in paypal is still showing as "Pending"?

From your statement "we do not receive confirmation when your credit has been received by your bank" I understand that "completed" status in paypal represents the transfer completion from paypal side. Then why it is still showing as "Pending" while you are saying that transfer to bank is completed?


So, I believe contacting the bank with paypal "pending" status is completely meaningless.

Previously, I have worked with IT division of some banking and financial institutions (BNY, citigroup) . I understand that all financial institutions will have proper settlement systems.

So, I can contact our bank only if the status in Paypal got changed to "completed".


Please let me know if I am understanding anything wrongly.

I really appreciate your proper reply for my questions. But I believe solving the issue will be much more better than giving answers.


Thanks,
Rajamanickam


I am just thinking that why there are no effective alternates for PayPal. I heard that some Indian based payment gateways such as ccavenue are available . But will they attract international customers?

If RBI regulations are the root cause for these PayPal issues, will RBI take any solid steps to promote any India based Payment processor/gateway?
For example, if I want to develop a payment gateway by following RBI regulations completely, will RBI give enough guidance to make our Payment gateway more successful than PayPal?
Since India supports Globalization, I believe internationally accepted payment gateway/processor in India is very much required. Either we need to develop our own gateway internationally or at least we should force any existing gateways such as PayPal to act properly for serving Indian customers without any issues.

If the Indian users spend most of their time dealing with meaningless and unnecessary issues, how they can spend time to develop their business? Does the RBI think that all Indian are born in India just to serve the foreign corporates by doing the work ( Data entry, customer support )which they don't want to do by their-self.

I heard that RBI is still corruption-free. So, I believe it will take some solid steps to solve all these issues.


Updates on April 19.
I got below message as reply for my previous mail. This reply also doesn't solve the issue. Anyway, atleast they included my account to ticket specific for this issue. So, I believe it will be solved soon.


Thank you for contacting PayPal.

In review of your account, I can see here that our records indicate that
this deposit has not been rejected back to us by your bank. I understand
that you are still seeing 'pending' status in your account. We are aware
of this issue and I sincerely regret the inconvenience it has caused
you. I have been added your account to the ticket that we have regarding
this issue. Rest assured that we will resolve this as soon as possible.

However, I still suggest that if it has been more than 7 business days
and your withdrawal is still not reflecting in your bank account
balance, please contact your bank to check on the funds. If it will not
be posted, the money will be returned back to your PayPal balance.

I'll be glad to hear from you if you need clarification. Just give us a
call at 1-402-935-2050 and we will try our best to give you immediate
answers. Thank you for choosing PayPal for your online payment needs. We
appreciate your business.

Sincerely,
April Marie
PayPal, an eBay Company

Update on April 20
Finally April 7th withdrawal got reversed and re-initiated the withdrawal again today.
Reversed amount is less than original amount due to fees and conversion rate difference.
Anyway, I think paypal will add the difference amount soon as they mentioned in their email (refer the below message).



Due to a technical issue we were experiencing between April 6 and 9, the withdrawal you initiated to your Indian bank account was not completed.

This issue has been resolved and we are in the process of restoring your PayPal account balance. In addition, you will see a reimbursement during the coming days for any applicable fees. After this has been completed, you may request another withdrawal to your bank account at your convenience.

We apologize for any inconvenience that this may have caused.

Sincerely,
PayPal






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1 comment:

Sameer Bulakh said...

Hi Rajamanickam,
I am having the exact same issue with PayPal. My request initiated on 6th April 2010 is still pending. The only thing I did differently is that I have faxed them my bank statement.

They have confirmed that they have received my documents and would take another 3-5 days to process them.

I think there are some issue with the withdrawals initiated on 6th and 7th April 2010

I will keep you posted if U get any response from them in this matter. You can also mail me if you need any help.

Thanks,
Sameer Bulakh



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