So today i got my bank statement, had one a while back saying i had -£1 but i soon paid that back and was once again in +. I had +£11.76
Sotoday it came through the post, i came in from school and was surprised to see it, so i opened it.
So now i am shocked, I'm thinking "OH GOD" so i turn over to the next sheet, i see a couple of normal payments that I know about, i come to the end of the list:
At this point I'm starting to get really worried, where is this from?
So i tried to think back and remembered earlier in the month my paypal had -$1.79 or something, so i quickly, as soon as noticing sold some stuff to get my account back into +'s.
So it was back into $2.00, the paypal error had gone and there was an email saying they'd taken the funds to recover the debt, and all was well. I got NOTHING to say I'd have to pay £38, so wtf is this from?
How do i owe them so much, when i paid them back straight away?!
I seriously can't afford £75, let alone £10, what do i do?
Oh well then im not sure what else to say. I guess try and sell something to come up with the money. I know thats not what you wanted to hear but if your under 18 you would lose the account.
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www.tylerkennedy.com a Pittsburgh Penguin and Tyler Kennedy fan site.
Overdraft fees bud. Basically paypal tried to recover their money from your bank and they found there was none when they tried to withdraw it. Which in turn is basically like bouncing a check and hence the overdraft. So you get charged by paypal and your bank.
i don't think there's any way for you to fight these fees. i'd say borrow the money from your folks and do some more chores around the house for a month.
Yup the £38 is your banks charge for bouncing the payment.
Contact your bank and ask them for this to be returned.
It is likely in a few days you will also receive a charge for £28 for an unauthorised overdraft.
BUT,, im not 100% sure it is even legal for the bank to take this money from you, especially as you are underaged and can't receive credit.
Speak to the CAB (Citizens Advice Bureau), alternatively, PM me and I can give you some more information on getting this money back and the laws your bank is breaking taking this money from you.
Firstly there is an argument that the charges exceed customers losses and are not enforceable by law this is covered in the Unfair Terms in Consumer Contracts Regulations 1999, Unfair Contract Terms Act 1977 and at Common Law.
Basically £38 isn't considered to be a true cost of to the bank of bouncing this payment and they are not legally allowed to apply penalty charges to your account for this. Credit Card Companies have already been told they can't charge the amounts they were, banks are being investigated for it.
Secondly, Squid is not 18 and not allowed credit, by forcing him into an overdraft they are effectively giving him credit. They will charge him interest and charges for this overdraft also. But how can they charge him for something they can't legally offer him.
Because in the USA if you are under 18 you have to have a guardian on the account with you (Co-Signer type of thing). So if an overdraft of this kind happens then the parent or guardian would be ultimately responsible for the charges. There for charging the parent or guardian credit not the child.
As for the amount the fees happening, in the US its usually $26 for a bounced check or item(ATM) Per transaction. So in all honesty i dont think this applies to the act you are reffering to.
The account is a "cash card" account, i was never allowed to go overdrawn, i shouldn't have anyway.
This happened once before, i was £1 overdrawn and they did nothing, so i went into the bank and deposited money into my account and my account was once again, positive.
I don't have a clue why i can go overdrawn, my card isn't even a debit card, it's simply "Put money in, take money out".
I had that showing in my account, so i went and sold some NP$ and got my balance back to positive, this was within a few hours and Paypal didn't email anything about owing them after that. Then today i get this :/
Paypal phone support is terrible, i explained they'd taken £76 from my bank account and she said something about "It's not in your account history" she clearly didn't understand the problem :/
I was reading up on these "cash card" accounts, and it say that when you get the account you agree on an overdraft limit. So it is possible to get them on these.
In this instance you prolly had a limit of zero(0). So you got charged for that. Now to my understanding the usually fee for this is £30 per transaction. So in this case this seems reasonable and no laws were broken.
Holy suggested i go into the bank and talk to them, so that's what I'm doing. I was never told of an overdraft limit and i never agreed on anything like that - i just wanted somewhere to store my money.
Tivo go read Holyrollers post again. Banks are not allowed to give credit to minors (people under the age of 18) without first taking a garauntors signature.
By putting his account in debit they have effectively given him credit thus breaking the law.
And regarding the banks charging unreasonable fees. If you do not believe it to be the case take a look at articles such as http://news.bbc.co.uk/1/hi/programm...box/6530315.stm banks refunjded millions of £'s worth of bank charges because they were deemed to be excessive.
As for the credit thing i that i had stated is true. It will go against the parent or guardians credit not the kids.
My brother had racked up $1000 in overdraft fees once and it was charged against my mothers credits since she was on the account with him. So in all reality the bank did nothing wrong.
As for the refunds of unreasonable charges, i have had overdraft fees overturned as well. A bank is willing to do this for many reasons but if it becomes habbit they will stop doing it.
So advice is go talk to your bank and make sure when you get an account with a bank make sure you read EVERYTHING.
you are talking of US law squid is in the UK. If no garauntor has signed then they are not allowed to give credit.
Also did you read the link I posted? It isn't banks giving money back off of their own back. They have actually been taken to court and forced to pay back money. The banking ombudsman actually made a ruling saying the charges were unlawful as well.
When i had my account with the bank created, my mum signed the papers, but nothing was ever mentioned about any sort of overdraft, all she had to sign for was to prove i was who i stated, incl. my address etc and provide my birth certificate.
Thats the thing you HAVE to has a parent or guardian, even in the UK, to open a bank account if you are under the age of 18. The reason is someone under 18 is not allowed to enter a binding contract without a parent or guardians consent. Im sure if you read the paper work it will say things about the parents credit and all the overdraft things in there.
Yes i did read the article. It talks about people getting refunded money for their overdraft fees. This happens on a daily basis. Honestly they should make most people pay for this to teach them a lesson. If you go in to overdraft then you dont know how to manage your books.
