A Very Disappointing Experience

I am beginning to lose patience with Paypal. For the last three months, I have been trying to transfer funds from my paypal account to my personal bank account; and I have not been successful so far. I followed each step on how to transfer funds carefully. I even consulted my blogger friends before I started doing the transfer. But still all my attempts were unsuccessful and I am getting very disappointed.

On my first attempt, I tried transferring funds from my paypal account to my eon account. As I said, I followed each step carefully, I am aware of the fees, I am aware of the minimum amount of funds that must be transferred. And by the way, my account has been verified already. Otherwise, I won't even be receiving monies from my paid opportunities. I waited for about 3-4 days. Then I received an email from paypal with the following message -

An electronic funds transfer from your PayPal account to your bank account was rejected today for this reason:

Invalid Bank Account Information

Our system was not able to process the transaction with the bank information listed on your account. You should contact your bank regarding the bank account information required for electronic funds transfers. If you still need assistance, you may email us through our secure server at

Thanks for using PayPal, the world's #1 online payment service!
Sincerely,
PayPal

I called Union Bank immediately after receiving this email. They verified my bank information, and they can't see anything wrong with it; they suggested that I should coordinate with paypal and ask them what specific bank account information are they referring to as invalid. The bank gave me paypal's toll free number. But I discovered another unfortunate thing, the "toll free" number is NOT toll free! That's what the voice prompt said! And so I just emailed paypal using the link they gave... so far, until now, NO WORD from them yet (talk about customer service!) Btw, I was charged with fees because my transfers were rejected and unsuccessful.

I tried to check and compare the information I registered to paypal and to my eon account. Because I read from other blogs that it is important that all the information I gave to these two entities must match. After carefully updating the information, I again tried to withdraw funds from my paypal to my eon card. And AGAIN, it was REJECTED. I received the same email from them. Oh my... And I was CHARGED with FEES AGAIN.

On my third try, I added a new account. I added my personal account with China Bank. Carefully, I followed the steps in withdrawing funds. I was very hesitant actually, because I don't want to be charged with fees again. At this point, my charges reached an estimate of Php750.00 (sad face). After waiting for 4 days, the transfer finally got through. I checked my account with China Bank, the transaction was successful indeed, BUT, I only got half of the amount!! I transferred $10 from paypal to my China Bank account. Suppose to be I should have received Php468.00, but I only got half of it!!! I called up China Bank to inquire if they impose charges for transfer of funds from paypal. And they told me that they do not have fees/charges for this type of transaction. By the way, the China Bank people assigned in Bonifacio-Balintawak branch are very pleasant and helpful; unlike the people from the other entities involved in this roller-coaster-transfer-of-fund-experience (and one of them, I was not able to speak with at all!)

It was at this point that I decided to blog about this very disappointing experience. I was also informed by one of my blogger friends, that her cousin experienced the same thing when she tried to transfer funds from her paypal account to her personal bank account (sigh...)

I shared this experience to my friend JP of Something About Finance and Computers. And thanks to him, I was able to get my earnings with NO CHARGES and FEES. Well, that is because I did not use the withdrawal of funds service of paypal (it sucks... it sucks my funds..lol!) Anyway, will tell you more about the medium I used to get my funds from may paypal account to my personal bank account. For the meantime, check out JP's blog; you might be able to get a clue (wink, wink). His blog is the featured Guest Blog on side bar. Thanks again Jeyps! Cheers!

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