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http://www.cnn.com/2013/07/17/tech/paypal-error/index.html?hpt=h...

From the screenshot (despite the story), it looks like he was in the negative! Surprised they didn't sieze every linked bank account... Very un-Paypal of them.

Member Summary

It a credit statemnent.

The 140.25 was his previous positive balance that he owed.

The -92xxxxxxxxxxxxx is a negative balance owed or a credit balance.

Some banks deliberately put a balance into the high negative. Not sure if I agree with their logic, but it's to stop any additional charges from going thru.

Notified my son's credit card company when I saw what appeared to be a bogus charge show up via his alerts he had set up on his phone. He was in intensive care in the hospital for over a day when I saw the charge. The next morning I saw an alert for several hundred thousand. The idiots at the bank just put my stress thru the stratosphere, thinking some dirt bag was taking advantage of my unconscious son. At least they could of told me when I notified them.

Treffen said:   It a credit statemnent.

The 140.25 was his previous positive balance that he owed.

The -92xxxxxxxxxxxxx is a negative balance owed or a credit balance.

How do you figure? Paypal accounts are positive-balance accounts, not credit accounts. The transaction detail clearly shows a "refund" adding positive funds, and a payment subtracting funds.

Glitch99 said:   Treffen said:   It a credit statemnent.

The 140.25 was his previous positive balance that he owed.

The -92xxxxxxxxxxxxx is a negative balance owed or a credit balance.

How do you figure? Paypal accounts are positive-balance accounts, not credit accounts. The transaction detail clearly shows a "refund" adding positive funds, and a payment subtracting funds.


The graphic clearly shows a refund as a positive, and a payment sent out as a negative.
Therefore it's a regular paypal deposit account, not a 'bill me later' account, and a minus sign means overdrawn.

Trust CNN to get it backwards. (on-topic commentary reinserted by taxmantoo after moderator delete, there was also off topic commentary which remains pooferated)

then adds insult to injury:

link

Chris Reynolds, a 56-year-old PR executive from Pennsylvania, discovered his balance for the online payment service had soared to a barely imaginable $92,233,720,368,547,800 (60,630,193,209,553,728).

That would make Mr Reynolds - who uses PayPal to receive payments for selling vehicle parts on eBay - over a million times richer than the world's richest man, Carlos Slim.

The fortune of Mr Slim, a Mexican telecommunications magnate, would pale in comparison at a mere $73 billion.

As would the world's annual gross domestic product, at $71.83 trillion - less than one thousandth of Mr Reynold's online wealth.

But his time bearing the mantle of the world's only quadrilionaire was soon to be curtailed.

Unfortunately for Mr Reynolds, when he logged in to his account online, it was empty, his balance reading the correct amount of $0.

To add insult to injury, he then received a notice from PayPal asking him to verify his credit card information or the account would be unusable. "It's a curious thing, I don't know, maybe someone was having some fun," he said according to CNN.

Had the windfall been genuine, Mr Reynolds said he "probably would have paid down the national debt" and then bought the Philadelphia Phillies baseball team.

The biggest sum Mr Reynolds has ever before received on PayPal was "a little over $1,000" - 656 - selling a set of vintage BMW tyres.

PayPal acknowledged its mistake and said that it would make a donation of an unspecified sum to the charity of Mr Reynold's choosing.

"This is obviously an error and we appreciate that Mr Reynolds understood this was the case," the service said in a statement. It did not disclose how the mistake had occurred, saying it was against company policy to reveal information on customers' accounts.

It would take FOREVER to get that much money out of a Paypal account

misterspaghetti said:   It would take FOREVER to get that much money out of a Paypal account

Let's not exaggerate since this is a finance forum. Based on how long it too me to get $25 out in a year, it would only take him 3.68 quadrillion years to receive the money from Paypal.

He'd buy the Phillies, huh? What's that saying about "a fool and his money..."

Paypal compensated by donating to the guys charity:

snews://news.gmane.org:563/x1-IVDrEqi/Ij3W6FES2eWE/5lrUpE@gwene.org



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