We have also had this issue occur this morning on one of our business accounts at Suntrust.
There is nothing corresponding to the transaction on our Paypal account that is associated with that account.
In looking at our the daily report I print out from our bank the Bank Reference did not say PAYPAL as it usually would. The Bank Reference says IVAN <removed>. When looking at the detail it says "ACH DEBIT IVAN <removed> IAT PAYPAL770510487C".
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