Can someone talk to me about PP Instant Transfer and overdraft fees?

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  1. This is a follow-up thread to an earlier post...

    I bought something from Bonanzle and stupidly completed the transaction (pushed the wrong button, it went through and I couldn't stop it) authorizing an instant transfer from my linked (confirmed) checking account. I did this just a couple of hours ago Sunday night. The problem is, my account is short a little under $100. I know, STUPID. I'm so angry at myself for completing the transaction. So I'm freaking out about overdraft charges and don't know anything about this kind of stuff. I've never overdrawn my account before. So here's what I'm wondering:

    If I go to my bank first thing Monday morning and deposit a check to cover the amount, will that post before the instant transfer hits my account and keep me from getting the overdraft charge? I guess I'm trying to figure out

    1) When does the instant transfer post to my checking account
    2) If there is anything I can do at the bank first thing in the morning to prevent overdrawing my account. The check I would deposit would be from my husbands checking account (with his permission of course, I'm not trying to do anything shady)

    It's almost 1am and I'm so sick about what happened I can't sleep. I've heard nightmares about crazy overdraft fees and I'm so worried. I know, I screwed up, it's my own fault, but I'd really like to try to fix this and minimize the damage. Any suggestions? Thanks for reading this rambling, whiny post.
     
  2. Generally speaking, instant transfers from your checking to your PP account go through instantly, sorry to say. I'm not sure what PP's policies are about NSF, so have you checked your PP account to make sure the funds have gone through, and have you checed your bank account balance?

    Also, if you have never overdrawn your account before, your bank may be willing to wave all fees this one time for overdrafting. If you did indeed overdraw yourself, call your bank in the morning and explain the situation - they may be willing to work with you.
     
  3. Thank you for your quick response. According to Paypal, the payment is complete and the seller stated that things went through on her end. I've checked my online bank account and nothing is posted, I'm assuming because it's so late on a Sunday. So maybe it has gone through but hasn't showed up. I just don't know how this works.

    It was my understanding that Paypal sort of 'fronts' the money to the recipient, then takes it out of your account. I have a cc link for backup funding as well, but from what I've read Paypal only goes after that once they've tried the checking account several times. I'm going to the bank in person first thing in the morning to explain what happened, I'm sort of hoping there might be a delay before the Paypal charges shows up on my banks end and I can sneak in some extra funds to cover it. Wishful thinking, I guess...I really hope they are willing to work with me. I've never done anything like this before.
     
  4. You can ask the seller to refund your money and then pay again right away with a card, or whatever was your preferred payment method. If that doesn't work, banks like keeping their customers. Just be polite and honest (and remind them that you've never made a mistake like that before), and ask for a refund of the overdraft fees.
     
  5. I believe that it takes about 3 days for the PP charge to hit your account, so I would just put the money in the account and see if that works. If not, then you can see if the bank will waive any fees for you. PP should go to your CC if the bank account doesn't work.
     
  6. BTW I had a similar thing happen where I clicked on a closed bank account by mistake (which PP wouldn't let me remove) and it went thru. I was worried about it, but since it was closed, I got a message 4 days later saying it was declined and that my CC would be charged now. The good thing is that PP also removed the closed account! I always tried to remove it, but since I had all these "pending transactions" going on with my PP account, I couldn't remove it even though I never used it.
     
  7. Do you also have a credit card linked to the account?
    My pp account has my confirmed checking account and my Discover card. It automatically takes payment from my checking (unless I change it) but if there isn't enough in the checking, it will automatically take the balance from my credit card.
     
  8. Thank you for all the replies everybody. I was able to deposit money this morning and the bank assured me I'll be fine.

    traumafinn--yes I have a confired cc linked to the account. When I googled information on using that as 'backup' funding, I read complaints of paypal trying to get money from the checking account a few times before moving to the cc, resulting in overdraft fees from paypal trying to withdraw the full amount. So I got really nervous that the 'backup' funding wouldn't work.
     
  9. Good you are lucky. My PP transfers clear my acct the next business day. Maybe your does not clear until Tues? If you do not see the transfer come out as of now, and you put money in you will be fine. The transaction will go through to bonanzle and you won't get an over draft.