Before christmas i transferred 300 dollars from my paypal account to my checking account thinking i'd have the money right away.
i just logged in today to realize i have negative 703.04 because i got 14 overdraft fees and my paypal balance did not transfer yet!
i do not have this money and i need 500 by tomorrow to pick my car up from the shop (500 dollar deductible).
If i explain my story to someone there will they have any sympathy or am i screwed?
2007-12-27 09:02:43 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It's not likely. It's not their responsibility to ensure that you don't overdraw your account, it's yours for not checking that the transfer had cleared before you wrote checks on it. The bank had a right to take that money away.
To prevent this problem happening again, you might want to inquire about an "alert" system...basically, if an overdraft is imminent, funds will automatically be transferred from savings to checking to help prevent it, in addition to a small "overdraft protection" fee (I've already used this feature once).
And be more careful in the future...take it as an expensive lesson learned to keep track of your accounts a little better.
2007-12-27 09:38:52 · answer #1 · answered by Vangorn2000 6 · 0⤊ 0⤋
You can TRY, but is seriously doubt any bank will reverse 14 overdraft fees. If this was your first time and there were only 1 or 2, I would say you stand a decent chance. As it is, i think you would have been overdrawn even without the overdraft fees. I am POSITIVE you would NOT have $500. Even allowing for the $300 from PayPal, each overdraft fee would have to be at least $60 to make that much difference.
2007-12-27 10:38:38 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
What ever you do, do not let your account go to collections. Doing so will affect you openjng an account at ANY bank. Your best bet is to contact the bank and see if there is any way to get a portion of the fees waived. If you have a good relationship with the bank they will help you out more. If you have items "pending" or on "hold" it typically means the merchant hasnt come and taken their money yet, but your bank took away those funds to ensure that you do not spend them, now because you had an autodraft come out, it took those funds away from each merchant, causing you to overdraw. So to sum up, contact bank, pay remaining balance off, look into overdraft protection options. Banks are full of options to help prevent things like this happening.
2016-05-27 08:20:40 · answer #3 · answered by ? 3 · 0⤊ 0⤋
If it was your first time the bank will usually let 1 or 2 slide, but 14 not likely. You should contact paypal and ask them wtf is going on. The bank is not responsible for the money not being there. You basically are, but if you had to point the finger it would be paypal. If you have a documentation showing the transfer you might get the fees waived, but might want to contact pay pal about the whole situation for starters.
2007-12-28 10:43:24 · answer #4 · answered by JosefStalinsTroll 6 · 0⤊ 0⤋
One, maybe. But 14 is a habitual problem and they won't reverse them. You can always ask them and see.
Your responsibility to make sure the money was there before you spent it. Paypal takes a few days anyway and with the holidays everything got behind.
2007-12-27 09:14:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Your screwed. It is up to you to make sure the money transfers before writing the checks.
2007-12-27 09:06:18 · answer #6 · answered by Tim 7 · 0⤊ 0⤋
tis the holiday season
go in and tell your story, providing that you do not have
a history of overdrafts that might help you and in all god's
honesty if they don't then they are just being jerks because
they can if they want too.
2007-12-27 09:08:10 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Depends on how nice they are feeling. They might reverse all, or some.
2007-12-27 09:41:16 · answer #8 · answered by Stefanie B 4 · 0⤊ 0⤋