I too am having this problem. They say go to History and there should be a cancel button. There is an "Order Status" button where, according to the rep, the cancel button is SUPPOSED to be but it's not there. They said they are not authorized to cancel transactions and suggested I contact my bank and ask them not to allow the transaction to go through. But the bank will not guarantee that they will catch the transaction. The money is no longer there so, if they don't it means I am going to get hit with an NSF fee and it will be Paypal's fault.
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