Reversed Electronic funds by VW from my account

[Armby]

Correct ! (your account will show negative balance meaning you owe that money to the bank...)

In that case, if it was their error and it was not corrected, I would shut all my accounts and take my business elsewhere. They would have a hard time collecting.

Your bank should have denied the reversal since it was so late after the original transaction. They exposed themselves to you walking away from them.

Anyways, now its been corrected. All is well that ends well. Will be interested to hear if you find out why it happened in the first place.

 

[k1xv]

I had an uncle, now deceased, who used to keep money in bank certificates of deposit. Often as much as $30k in a certificate. He would jump from bank to bank, depending on who was publishing the highest interest rate that week. When he would close an account, he would demand cash. Drove the bank employees nuts as he would either clean them out, or they would have to call couriers from other branches to bring in additional cash.

I guess he figured if he made it out the door with cash, there was no way they could stop payment. He was an eccentric older fellow. Lucky nobody ever grabbed his brief case.

It would also create some consternation at the bank where he was then depositing the money. Often, it was a bank where he had no prior account, and they were wondering why is this old guy bringing all this cash, and where did it come from?

 

[tsingtao]

And I'd expect my bank would reject an attempted debit when there are insufficient funds available to cover it.

I accidentally transferred money from the wrong account once by an EFT originated at another bank. It was more than I had in the account but the bank paid it and left me with a negative balance and charged me 35 bucks for an overdraft fee. As it was my mistake I paid the 35 bucks and put money back in the account to cover it.

 

[uncle fishhead]

I had a cash transaction reversed once.

I was doing some contracting work for a friend. I didn't trust him that much, so I went to the bank with him. We were in line together and he turned in a check for $600. I had a deposit ticket for $600 (cash). I told the teller she didn't have to count out the money since I was just going to deposit it.

About a week or two later (after all the work was done), they reversed the deposit. Turns out there was a hold on his account and they should not have released the money to him.

I went in and talked to the branch manager. "how could they reverse a cash deposit?" They said they knew where the cash came from, so they could do it.

I tried for about three months to get them to return the money. No dice. About several meetings, their lead counsel finally took pity on me and gave me the clue that "we're never going to decide to return these funds to you.

So I visited an attorney. We sued in Federal Court for $600 and $50K in punitive damages. About an hour later, the bank offered the $600 back. I told them, no dice.....you were the ones who made me hire an attorney. About 2 hours later we agreed to settle for $600 plus filing fees plus the attorney fees. Clearly they didn't believe they had a good legal position...but that didn't stop them from trying to screw me over.

Banks are big institutions that rely on the fact that they have in-house attorneys and that the people they wrong do not.

 

[wfg97079]

Any update?

Just wondering if you have gotten any answers here.....

Hello all,
just noticed VW have reversed my electronic transfer today and my account is showing negative.
Vehicle: 2010 A3 Hatchback 4D TDI Premium Plus

Electronic Credit by VW received on 12/30/2016 – Amount $24436.73
Electronic Reversed Credit by VW on 01/09/2017 - Amount $24436.73
Turned in Audi A3 TDI on 12/28/2016 – Receipt Received by VW.

 

[Lightflyer1]

See post 23

 

[wfg97079]

Thanks

Thanks, sorry looked right past that update...

See post 23

 

[2015vwgolfdiesel]

Totally irrelevant, but this advice is also good for PayPal use as well. Never link your main accounts with PayPal.

You got it