Accidentally over-Withdraw and Get into Debt Unwillingly

gozyla86 on 27/06/2019 - 16:56

Hi,

I would love to hear some constructive advice.
I am with Up Bank for a few months, and happy with them until the last incident.

  • I purchased something overseas, let say on day 1. As I remembered, the money was taken out of my account on the very same day (day 1) (The vendor also confirmed that they received the money on day 1 as well)

  • 2 days later (day 3), I received some money into my account which I thought it was my income so I spent it on bills and rent ( I should have checked the name of sender but it was nearly the same as my payday)

  • On day 20, Up Bank suddenly withdrew x 2 the amount that I paid for the international purchases. The transactions were shown under the name of the vendor. I tried to contact the vendor for a refund, and they showed me that there was only one transaction that happened on day 1. They asked me to contact the bank

  • I contacted the bank. Their explain was the vendor REFUNDED the money that they took. But the problem is the refund process was much faster than the money going out so that was the reason I received the money on day 3. And then the actual transaction went through on day 20, so I had to pay x 2 the amount and it made me over withdrew.

  • Up Bank now give me a week to review my financial and they said that I can go with a payment plan. They said that they sorry for the inconvenient, blah blah but I am still in debt and requested me to make up the amount.

Can I do anything? Are there any ways to talk to them? I can pay the actual amount of the purchase, maybe some more but I am not happy with the fact that I was put in debt unwillingly because of their confusing process.

It is complicated. I tried my best to explain as much as I can.

Thank you

Financial

Comments

  • garetz on 27/06/2019 - 17:12
    +3

    So what happened to your actual pay, im assuming you received that between day 3 and day 20. This is entirely your responsibility, just add it all up, and you should of been able to tell how much money you had available to you to spend.

    If your pay covered your rent/bills then there should be no debt on day 20. Something doesnt add up here.

    • gozyla86 on 27/06/2019 - 17:36

      I have received income weekly basis as well as freelancer's income. So there is irregular money in and out my account.

      • [Deactivated] on 27/06/2019 - 17:49
        +9

        It isn't the banks job to call you up, tell you about your income, try to understand your sources of revenue and shape your spending.

      • garetz on 27/06/2019 - 20:44
        +1

        From what you have described, i think ubank actually did you a service, you should really thank them not try to vilify them.

        • Richfield on 27/06/2019 - 20:52
          +1

          UBank?

          • garetz on 28/06/2019 - 17:34

            @Richfield: I meant your bank, but accidentally said ubank instead.

  • [Deactivated] on 27/06/2019 - 17:16
    +2

    TLDR - you spent money that you assumed was your income but was infact a refund for an item that was double paid, ergo, your initial account total didn't increase.

    It was your mistake to assume that money in your account means you've made money or received income. You spent the money before verifying the source of the money or that you even had the money.

    You expect some compensation for that?

    • gozyla86 on 27/06/2019 - 17:44
      -1

      Hi,

      It was my fault cos I did not check. But it was their fault in the first place and I took all the blame.
      There is a thing that did not add up: The vendor confirmed that the money went through on day 1. They even took a screenshot to prove that. They never did a refund, not at all.
      I don't think it is right to move money in and out of my account without my approval. They can't just add money into my account and then take it out later, whenever they want to.

      Their mistakes/their faults, or whatever you want to name it, created a problem to me first.

      • [Deactivated] on 27/06/2019 - 17:46
        +10

        It was my fault cos I did not check.

        Yes.

        But it was their fault in the first place and I took all the blame.

        They're not at fault. They didn't spend your money.

        Their mistakes/their faults, or whatever you want to name it, created a problem to me first.

        The problem started when you spent the money. If you didn't spend the money, there would have been no problem. The money spending is the problem. You caused the problem. You spent the money.

        • gozyla86 on 27/06/2019 - 17:52

          But they were the one that sent money into my account in the first place and named it under "REFUND" but it was not the truth.
          can you possibly explain why they did that to me? I am curious about this.

          • [Deactivated] on 27/06/2019 - 17:55
            +2

            @gozyla86: Obviously because the bank is trying to get rich.

            Step 1. Refund amount that was mistakenly charged.

            Step 2. Make sure the refunded amount says REFUND.

            Step 3. ???

            Step 4. Profit

            OR

            The system detected an error and corrected it. Now the balance is correct.

  • orangetrain on 27/06/2019 - 17:46
    +3

    Not complicated. Pay it off with your salary when it comes in. Looks like you didn't get any interest by Up Bank. Remember to thank them.

    This is assuming you got the correct refund and correctly charged despite prematurely paying bills.

  • gozyla86 on 27/06/2019 - 17:53

    I am just really curious about what really going on here with Up. There was no refund made by the vendor at all. and then money still in under the vendor name, and then moving out.

    • orangetrain on 27/06/2019 - 18:16

      UBank (profanity). You did get an advantage with interest free loan to pay bills. They know they (profanity) up so they're asking you to do right by them.

  • djones145 on 27/06/2019 - 18:25

    are we talking about hundreds or thousands? ir millions!

    couple of hundred, even with daily interest wont be that much

    thousands, slightly more painful but manageable
    millions time to declare bankrupcy!

  • robbyjones on 27/06/2019 - 18:27
    +1

    A mistake was made, for which they apologised and it appears they are not charging interest on the money of theirs you spent. Reconcile your accounts more promptly and don't spend money that you aren't certain is yours, it's not hard. Quit moaning and pay the money back that you spent.

  • whooah1979 on 27/06/2019 - 19:39
    +1

    We sometimes have fund stuck in pending weeks. Common sense is to not spend while this is happening.

  • bobbified on 27/06/2019 - 20:23

    How much are we talking about here?

    I can't imagine your overseas purchase being that big so are you just making a mountain out of a molehill over here?

  • Almost Banned on 27/06/2019 - 22:11

    Did you have a consumer credit agreement with Up Bank?
    If so, you'll probably just have to wear the costs.
    If not, why did they extend credit to you?

    • gozyla86 on 28/06/2019 - 15:56

      I did not have any credit agreement with Up. Not even over withdraw. Hate to be in debt

  • Nutrino on 28/06/2019 - 07:37

    Where is the ms paint diagram?.

  • Gandalf the Thrifty on 28/06/2019 - 07:59
    +1

    To avoid in future, get a credit card or open separate spending bank account and buy things from that.

    • brad1-8tsi on 28/06/2019 - 08:49

      OP sounds like he lives from pay-to-pay so maybe a CC isn't a good idea.

  • Evelyn288 on 28/06/2019 - 09:29

    Is the "debt" you are complaining about just the bills you shouldn't have paid or is there an advance/interest charge? What extra has this scenario cost you?

  • Love a bargain on 28/06/2019 - 13:46

    Still don't understand how this caused you to be in debt. Was money actually taken out of your account on day 1 and then refunded on day 3 and then for twice the amount to the charged again on day 20? Or did you over-spend because you thought you had more money than you actually did?

    If it's the former, then the bank has over-charged you.

    If it's the latter, that's your problem.

    • HeWhoKnows on 28/06/2019 - 17:02
      +2

      OP hasnt got a clue by the sounds of it….No idea.

  • HeWhoKnows on 28/06/2019 - 17:01
    +2

    Most intelligent people..

    a) have control over thier finances
    b) always have more than sufficient funds in thier account to cover any expenses and purchases
    c) have a good idea of whats going into thier account and whats going out

    Seems OP appears to be a FAIL on all accounts.

    Not sure what constructive advice to provide.
    OP is beyond help I'm afraid.

    Just get your act together OP is all I can say and stop living (financially) day by day.
    Get some serious cash behind you to cover unforeseen circumstances.

  • Never Pay RRP on 30/06/2019 - 03:03

    So have you actually been overcharged?
    Your story is a bit hard to follow, so is the below correct (aside from the dollar amount which I used $100 as arbitrary amount)?

    Day 1 debit $100 for the purchase
    Day 3 credit $100 labelled as refund that you thought was your pay
    Day 20 debit $200 (since you mentioned x 2)

    If so, there is definitely a problem as you have been charged $200 for a $100 purchase. Our was the day 3 credit $200?

    If not can you plug in the dollar figures and the debit/credit descriptions so this means sense?

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