I did some first hand research and here is paypal’s official message on echecks and products:

Payment Type:
eCheck
This eCheck payment will post to your PayPal balance once the funds have cleared from the sender’s account, which usually takes 3-5 business days. Please do not ship any items until the funds have cleared.

To refund a pending or uncleared echeck, you need to sign in to paypal and click on the “details” of the particular transaction. From there, scroll to the bottom of the transaction details page and you will see:

Refund:
You can issue a refund for up to 60 days after the original payment was sent. PayPal refunds the payment and fees, including partial fees for partial refunds.
Issue Refund

Simply click on “Issue Refund.” Which still begs the question – what if I refund an echeck that doesn’t clear? Am I out the money?

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