Oops, I Withdrew My Paypal Money to a Closed Account

Last October 2nd, I tried to withdraw some money from my Paypal account. I do this at least once a month so I was already comfortable with the procedure. However when I checked my online accounts at my local bank I was shocked to see that one of my accounts was missing and that’s precisely the bank account where the Paypal money will be sent.

The first thing I did was to check with BPI, my bank. I called them on their hotline number. The first time I called I waited for a long time only to be disconnected in the end. The second time I was lucky enough to speak to a representative. She said that my account closed because their local branch closed and now I still have that account but with a different account number altogether. Whatever she said I didn’t believe. What kind of bank will do that? Obviously, she didn’t know what she was saying.

I stopped calling because calling them was just too stressful for me. Speaking to agents that don’t know what they are talking about a waste of my time. Also, from what I know the money will be refunded back in my Paypal account in a few days.

After 7 days I still saw no money in my Paypal account. So I called BPI again. I got a better answer this time. Just as I suspected, the account closed because it was running low in balance. I paid a huge bill prior and I forgot that it will put me below the limit. I asked if she can open the account again since money will be coming there in a few days. She said the only way that’s possible is if we go personally to the bank. Since I can’t go out during banking hours I declined. I didn’t want to open it anymore too because we still have other accounts that we can use. Just as a reassurance I asked her what will happen to my withdrawal now that my bank account was closed. She said the money will go back to the remitter. It was all I wanted to hear.

My next step was to email Paypal. They responded in a few days. They said what I knew all along that the money will return to my Paypal account. What I didn’t expect was that it would return in approximately 20 days.

Yesterday, when I opened my Paypal I was ecstatic to find that the money was already there. Instead of taking 20 days it only took 10 days for the money to return. Sure, I was charged a P250 return fee but it was okay as long as the money is back. The lesson I learned, be careful when transferring money. Check if your account is still intact before transferring money to it. This way you’ll avoid the inconvenience and the uncertainty of wondering if you’ll ever see your money again.

I’m glad that’s all over now. I have withdrawn my money to another account and this time I checked first if it was still there before I pressed the withdraw button. In five days the money will be there and I can buy some of these murano pendants I’ve been eyeing. These accessories will look great in girly outfits that’s why I’ll be picking a few for my use.

13 thoughts on “Oops, I Withdrew My Paypal Money to a Closed Account

  1. pinaymomscare

    It also happened to me before I send my money to my card number instead of sending it to my account number. Gladly the money came back to my paypal account. I didn’t count the days it doesn’t matter to me the only matters is the money to came back. I worked hard for it and I deserved it. I’ve learned my lessons and from then on i always re checked if i’m doing the right thing. God bless!

  2. Aileen

    That is one stressful event and some agents just don’t verify the info they give out, thus aggravating an already stressed caller. That sort of thing happened to me while processing payments through internet banking. I ended up suggesting the solution myself hehehe…At the back of my mind, they should have suggested that in the first place so I would have been spared of the stress and I would have stopped hounding them day 1….Lesson learned and it was a good test of patience. :-)

  3. Louise Antonette|Mommy Practicality

    That’s good for you Paula. I’m having trouble now with the verification of the account I registered at PayPal. They were supposed to give me th 4-digit verification code, but I don’t know where they will send it. I should email PayPal directly then. Thanks for sharing this. :)

    1. admin Post author

      How did you verify your Paypal, Louise? In my case, I used our BPI credit card. It should show in your credit card statement. And since my bank has an online facility I saw it after two to three days and I didn’t have to wait for my credit card statement to arrive.

    1. admin Post author

      You’re right. I breathed a huge sigh of relief afterwards. If hindi nabalik masasabon ako ng asawa ko ng todo. haha

  4. Lady Spring

    This happened to me too :( I wasn’t keeping track of my checking account. It turns out it was running way below maintaining then each month the account was taking penalties. One day I checked my accounts online and it said my account closed. huk T^T Glad I didn’t issue any post-dated checks with that account or I’m in big trouble :/

    You know when I was selling online I didn’t like Paypal’s policies because it leaned towards the buyer but now that I’m using their service more as a buyer, I’m at peace that my money is protected. :)

  5. tet

    oh shoot! I don’t want that to happen to me! :( super nakakastress. I’m still not aware of several banking transactions that much and if that happens , I will be in shock! Good thing it was returned :)

  6. Krizza

    Oh! Glad to hear that your money was back to your Paypal Account. Going through all these is really stressful. I agree that we have to be careful with these things to avoid problems and long wait.

  7. Mommy Maye

    Mabuti naibalik in less than 20 days. Anyway sis, how much ang remittance fee ng BPI? Ang BDO kasi parang 200 ata. I will try to get EON sana kaso medyo malayo un branch nila dito sa amin. Thanks!

  8. Vera

    I’m glad there’s a happy ending to the story. :) Does BPI charge fees for receiving Paypal funds? I remember before that BDO has a 250 pesos charge. My Unionbank account which I used to use for my withdrawals is still active, but the ATM is already expired. It was from my old payroll account many many years ago and to get a replacement card takes effort and time I’m not willing to give. hehe. It might be more worthwhile to open a BPI account for this purpose instead. What do you think?


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