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Lets see. I am in India. They have frozen bank withdrwals without any prior intimation, and this is almost unbeliveable any personal intimation after that as we

by shabda 17y ago

Lets see. I am in India. They have frozen bank withdrwals without any prior intimation, and this is almost unbeliveable any personal intimation after that as well. 1. Bank transfers to India have been frozen since 27 Jan at least (Not personal exp, other people exp on various forums). The first communications from Paypal was 6th Feb, when the shitstorm was already out. 2. I have ~45KUSD with Paypal, which I cant withdraw right now. There had been no email sent to me. All I can read is their Paypal blog. 3. I had a withdrawal initiated around 6 Feb. This withdrawal was reversed, Still no email was sent to me. 4. I have been in touch with Paypal support, and while the response has always been. "Yeah you cant withdraw, we are sorry, and we wont give you any timeline when you can do that". 5. On 9th Feb. tha paypal blog said "Customers should be able to withdraw their funds to a local bank within the next few days." This has still not been made available. (As of my communication with support yesterday). I have no idea what to expect of the phrase "next few days." 6. The Paypal blog post was commentless for the last few days,(which has been only channel of public communication), they did not publish or answer my comments. Here is a a screenshot, http://www.ubuntu-pics.de/bild/42471/screenshot_019_w06Yk5.png http://www.ubuntu-pics.de/bild/42471/screenshot_019_w06Yk5.p... whether this is insulting, inflamatory etc, is left to your imagination. 7. In response to my question to support of whether the suspension is a "regulatory or technical issue", they responed its a technical issue. I am still willing to believe that it is a regulatory issue which is hurting them, the absokute lack of transparency and communication is absolutely unfogivable. If github goes down for an hour we expect them to keep a 15 minute-updated status blog statins what is the issue, and what they are trying to resolve that. WHy is it unreasionable to expect this of Paypal. I have ~45K with Paypal, which as a 25 yo Indian is quote a bit to me. (Its more than what I have ever kept at one bank at one time ever.), so I obvioulsy trusted Paypal a lot. This time they have proved themselves entirely incapable of keeping that trust to me. Paypal is still convinient enough that I will accept them, but you can be sure I am not gonna be advocating or having them as my first preference. Right now to me paypal is evil

dangrossman 17y ago
PayPal's issue with Indian accounts was due to your local banking regulations. PayPal cannot violate your local laws, so if you want change, then change the laws. You can't blame them for being cut off by your banks. And github keeping you updated on their server status isn't the same as a publicly traded international corporation keeping you updated on private talks with a government and banks. The lesson you should take away has to be that you shouldn't treat a payment processor like a bank and hold $45,000 there. Doing business is in part about assessing risk, and holding all your money in a PayPal account should've jumped out as a major risk even without this situation.
- shabda 17y ago
  > PayPal's issue with Indian accounts was due to your local banking regulations. As I said, 1. Paypal support said it is technical, not a regulatory issue. Their blog only confirms it only personal transfers being a regulatory issue. They have stopped all transactions, including my business account, which accepted no personal transaction. 2. In spite of their saying otherwise I am willing to believe it is a regulatory issue, my major issue is with their absolute lack of transparency and willingness to commit too any timeline. > The lesson you should take away has to be that you shouldn't treat a payment processor like a bank and hold $45,000 there. Doing business is in part about assessing risk, and holding all your money in a PayPal account should've jumped out as a major risk even without this situation. 1. Totally agree that I failed in accessing risk, however Paypal is classified as bank in a number of jurisdictions. http://en.wikipedia.org/wiki/PayPal#Bank_status http://en.wikipedia.org/wiki/PayPal#Bank_status . I hope you would agree that this behavior should be enough grounds t revoke their bank status? 2. Its not all my money, though quite a significant percentage of it. However, I am assuming that there a quite a number of people in India whose weekly transaction is > 45K$, so holding that in a Paypal account is not really unheard of.

by shabda 17y ago

dangrossman 17y ago

PayPal's issue with Indian accounts was due to your local banking regulations. PayPal cannot violate your local laws, so if you want change, then change the laws. You can't blame them for being cut off by your banks. And github keeping you updated on their server status isn't the same as a publicly traded international corporation keeping you updated on private talks with a government and banks. The lesson you should take away has to be that you shouldn't treat a payment processor like a bank and hold $45,000 there. Doing business is in part about assessing risk, and holding all your money in a PayPal account should've jumped out as a major risk even without this situation.

shabda 17y ago
> PayPal's issue with Indian accounts was due to your local banking regulations. As I said, 1. Paypal support said it is technical, not a regulatory issue. Their blog only confirms it only personal transfers being a regulatory issue. They have stopped all transactions, including my business account, which accepted no personal transaction. 2. In spite of their saying otherwise I am willing to believe it is a regulatory issue, my major issue is with their absolute lack of transparency and willingness to commit too any timeline. > The lesson you should take away has to be that you shouldn't treat a payment processor like a bank and hold $45,000 there. Doing business is in part about assessing risk, and holding all your money in a PayPal account should've jumped out as a major risk even without this situation. 1. Totally agree that I failed in accessing risk, however Paypal is classified as bank in a number of jurisdictions. http://en.wikipedia.org/wiki/PayPal#Bank_status http://en.wikipedia.org/wiki/PayPal#Bank_status . I hope you would agree that this behavior should be enough grounds t revoke their bank status? 2. Its not all my money, though quite a significant percentage of it. However, I am assuming that there a quite a number of people in India whose weekly transaction is > 45K$, so holding that in a Paypal account is not really unheard of.