Friday, August 5, 2011
Overdraft fees that I simply cannot afford to pay. Simple mistake but what do I do now? Please Help!?
Alright, I've really screwed up here and I really could use some advice on how to go about getting out of this dilemma. I'm a college student and I don't have much money to begin with and I just checked my online banking statement only to see that my checking account balance is somewhere around negative $-1700.00. When I looked at the statement history it turns out that i've been charged overdraft fees on a consistent basis for transactions from paypal. I have a paypal debit card as well as a credit account with paypal and when using the debit card, you have the option of choosing a back up funding source to fund your purchases if there isn't enough money in the paypal account to cover the transaction. I have been thinking for the last two months or so that I chose to use my line of credit with paypal as my backup funding source however it appears that this was not the case and paypal had been using my checking account as the back up funding source for my debit card purchases. This is a problem because i've been aware that I don't have much money in my checking account and that is why I attempted to set the line of credit as the back up funding source but since this change never went through with paypal, everytime I didn't have enough money in my paypal account to cover a purchase, paypal attempted to debit my checking account instead of the credit line that I thought they were using to cover the purchases. Therefore every time I used my paypal debit card for around the last month or so, my bank account would get debited without my knowledge and the meager funds that I did have in the checking account quickly dried up and every time I would make a purchase, my bank account would be overdrawn and I received a $35 fee for each transaction of this sort... there were a lot of these transactions because since I was under the impression that my credit line would be used for my purchases, I would often knowingly use my paypal debit card when I knew that there wasn't enough cash in my paypal account to cover the purchase. I thought nothing of it and there wouldn't have been a problem with this if things had been set up the way I thought they were. The fact is that I have truly been in the dark about this and i've racked up quite a hefty collection of overdraft fees that I have no way of paying. I simply do not have an extra $1700 laying around to give to the bank because of my honest ignorance to the fund sourcing. I need to pay for classes this summer and my financial aid is about to be deposited into my checking account. I get about $3500 in financial aid every quarter, all of which I need to pay for my classes at the university and since i'm in the hole with the bank, If that money gets deposited into my checking account, $1700 of that aid money will be thrown away and lost to the overdraft fees. I am close to finishing my degree and truly cannot afford to pay for school without the full $3500 in financial aid. What should I do to resolve this situation? If you have ever delat with a similar situation or have dealt with the bank concerning overdraft fees, please let me know the best way to go about getting the fees removed. I feel like there has to be a fairly simple solution to this careless mistake, I was honestly unaware of what was going on with my finances and I can't afford to let this go uncorrected. Please let me know if you have any advice for me to help me get out of what is a very daunting and sticky looking situation from my perspective. Any help is greatly appreciated. Thanks and wish me luck:(
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