Whoa! PayPal is once again back with its weird changes in policy. Just four months back, PayPal had introduced “Purpose Code” for Indian transactions, which was not so great move by the company.
Now, they have decided to stop electronic funds withdrawal method for Indian users, which means people will have to rely on cheque withdrawal method. From tomorrow i.e. July 29th, online users in India would not get a chance to ask for electronic transfer from their PayPal accounts.
Here’s what the company has to say about the new policy change -
In accordance with regulatory instructions, there will be a change in our withdrawal functionality in India starting on August 1, 2010. At present, you can request for either an electronic or cheque withdrawal of funds from your PayPal account. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.
We sincerely apologize in advance for any inconvenience caused from this change and we are working hard to restore the electronic withdrawal service. In the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly.
Although the electronic transfer service is being discontinued, the PayPal team has assured to resolve this issue as soon as possible. They have also promised to refund $5 processing fee to users’ accounts. If you are not sure about how to use cheque payment method, use these guidelines.
For those who don’t know, cheque withdrawal does take a lot of time as compared to the normal electronic transfer. It’s certainly not a good policy change. You just have few more hours left to withdraw money using electronic transfer. Go, check your account!
What’s your opinion on PayPal’s new policy change? Do share it with us.
Update: PayPal has resumed its EFT service in India. Read more.