I mistakenly made a payment using the wrong account in Paypal, and needed to cancel it. I called Paypal within three minutes of submitting payment, and was walked through cancelling my Payment. I was assured that no withdraw would come out of my bank account. The customer service representative then suggested that I call my banking institution and have them deny the payment, in case it had gone through. I immediately did just that. As of 5:19 PM, 11/17/11, Chase showed absolutely no contact between them and Paypal. After all, I had just cancelled the payment. This means that the transaction still went through even after I cancelled it online, and spoke with a CSR from Paypal. It was NOT an instant transfer, as far as Chase is concerned.
What I find most appalling is that numerous calls to Paypal's customer service line have proven to be useless. None of the people I spoke with seemed to have any bit of concern for my situation. I did in fact lose my temper with one of them. I know that there is ALWAYS something that can be done. Not one person offered to provide further assistance by calling their supervisor, or even their IT department. I've seen numerous other Web-based companies do this before. It CAN be done.
Furthermore, this situation is costing me money. By failing to cancel my payment when I requested, Paypal caused my bank account to be overdrafted, due to automatic payments that were already scheduled. In addition to this, I will be late on paying at least two other bills because of your failure to issue credit in a timely manner. It is also my assumption that once Paypal does in fact refund my $400, that I will be charged the 2.9% fee for using paypal. Finally, it is assured that I will go into a long, holiday weekend with no money in my bank account.
I've used Paypal for nearly ten years now, and have recommended it everybody I know that shops online. I can tell you now that I am so disgusted with the service I received, that will no longer happen.