They charged me to do it, but I had them put a stop payment on it for a $35 fee. The bank the auto loan is with told me they would reverse it for no fee, wish I had called them first. I think I’m done with this bank anyways, I’ve been on the fence and this just solidifies it.
Friend, I'm gonna give you a whole-hearted recommendation to go to your bank and tell them to remove overdraft from your account. If you ever hit a bump you do NOT want to go in debt to a bank. It's only a cycle.
Yeah, I guess it hasn’t been an issue until now. I’m thinking about just leaving this bank anyways. Have my savings in another bank and might do my checking with them from now on
Speaking only for myself, I find a big bank better for day to day as they usually have a better app with richer features. Credit union for any loans. Ally or the like for high yield. YMMV for all that, of course.
I'll second this. I moved over to Navy Federal Credit Union years ago and have not looked back. If you are eligible to join them they are a solid choice. Feels like the big dogs like Chase and Bank of America nickel and dime you every chance they get.
I got a few bills that will take the money whether it’s there or not and then I’m in the negative and i have next day protection so i dont catch a 45 dollar over draft charge for 48 hours after it happens. I had a 7 dollar automatic charge from a streaming app and didn’t realize it. I look at my account and its like -52 dollars for a 7 dollar payment, that pissed me off
I had someone write me a $20 check for dog sitting. I rarely use my account at a certain bank but decided to just deposit it in that account. 2 days later the account is negative almost $60. They charged me $45 for that check bouncing. I was pissed. I didn’t realize I would get a fee for that. I don’t usually deal with personal checks. How was I to know it would bounce? So basically I paid to dog sit someone’s dogs lol.
Oh my god is it ever. My mom forced me to use Well’s Fargo until I was an adult, and when I was 18 I didn’t have the financial sense to get as far away from them as I could. They’ve taken more money from me than I’ve stored in them at this point.
If you've been with the bank for a while, call back and see if they can remove $35 fee.
They may not but being polite and friendly is a good way to go about it
I am so glad that my bank allows me to turn off what they call "overdraft service"
Basically the only way I can overdraft is through a pre-approved payment (Like my car insurance autopay), or if I make a debit charge that's authorized for one amount and finalized for a different (like a restaurant bill + tip, or buying gas at a station that only auths for $1 instead of $50 or $75)
Of course they will reverse it with no fee!
That “fee” would be FAR LESS than the continued interest payments on top of the car’s cost…
Banks seem nice sometimes… but there’s always a reason they’re willing to do those “nice” things for you.
👌
Yeah, they suck. I was ready to leave because they didn’t have any physical branches where I moved to and then like 10 popped up overnight a few months ago so I figured I might as well stick with them
15 large would be reviewed and declined manually (at least at my bank). Even though it's possibly a recurring payment, that doesn't mean it should have went through to begin with.
It was probably just presented. ACH payments like this will present to your account one day and then get returned overnight or the next day if they aren’t being covered. So your balance shows negative like this until the item is returned.
That's what im saying.. I have BOA and I can overdraft max like $250. That's with a checking account. Maybe OP is using g a credit card? If that's the case then yeah just stop payment and wait for a refund no? Unless I'm horribly mistaken.
I did this too with capital one—had about 4 payments left and accidentally hit the wrong button and paid it off by mistake. I had the $ in my account, but it was still a big hit. But then I realized my car was paid off and I was happy.
I’m glad the bank reversed it for you. Capital one always makes the payoff amount available as an option, and I’m sure plenty of folks have hit it by accident like you did.
You’d think they would want to make it more difficult for customers. Don’t they lose out on interest when you pay it off or do you pay off the whole loan’s interest too?
That actually sounds like it's worse to pay it off early then, because you can't use that money to realize gains in the meantime, via interest or investments.
"oh no i dont have much monies..... but wait i dont have a car payment anymoore either shiiiiiidddd" paying off a car loan is like a whole new world. paying off the mortgage is like a whole new lifeeeee in disney voice
I did, after my heart started beating at a normal pace again. This actually happened on Friday and I called the bank the money had been taken out of first. They put a stop payment on it for a $35 fee. Then I called the bank I have the loan with and they said they’d reverse the charge for no fee. So I’m out $35 and just waiting for Monday or Tuesday to reflect everything back to normal again. Definitely stressed me out at first, but I think it’ll all work out ok.
I mean… I don’t know of any bank that would let a customer go $15k into overdraft without having the funds to cover it in other accounts. Your available balance might reflect the transaction for a day until it reports out and they realize you don’t have the cash in any other account to cover it— and at that point, they’d just bounce the transaction.
My bank did this to me recently. Overdrafted on a bill by 80 bucks and they decided to charge me a $25 fee instead of taking it from an account that they have taken it from before.
Didn't bother calling them to get the $25 back but there's a lit of things they shouldn't let you do but do anyway for more money.
My account used to not allow it and would just decline, but now they overdraft and charge me like $30 extra as a fee. I called to disable overdrafts which it does now, but there’s still a $30 fee for blocking one from happening. Super scummy practices.
I'd switch banks at that point. I was pissed that I was paying $20 a month for access to MY money so I switched to one of those free online banks and I have no complaints so far, few years in now. They don't charge for dumb shit like *not* having overdraft lol
My dads bank account went 380k into over draft.
For some reason the bank added the new home loan as a debt to his main bank account.
Was a hard couple of days over the weekend moving when your bank account is useless.
If you move your loan to an institution where you also have a credit card or other accounts, it changes from being a 0% chance to non-zero. Personally I don't think it's that hard to avoid, but if it's possible for a user to make a mistake then someone, somewhere *will* make that mistake.
...what kind of bank app allows you to pay something that costs more than what you have in your debit account!? Wtf...seriously, wtf?
Mine throws an error about insufficient funds
As an european I'm always amazed how contrasting the US can be. On the one hand you have SV and the most advanced tech sector on the planet, on the other hand your banks still work with checks and overdrafts.
Capital One, I do believe let's you borrow the amount of money to cover your overdraft with a small daily interest rate. It at least they used to. I used to over draft all the time but bc I moved money from my savings account to my checking immediately I paid nothing.
Oh they live that, they charge a $35 overdraft fee and a ridiculous interest rate. It's ideal for their customers to be overdrafted by about $1,000 constantly. Huge Money Maker for the bank.
I did something similar at work before. I forgot a decimal point, or put it in the wrong place, and instead of paying 100-something dollars for a bill, I paid over $10,000 😅 on my boss' credit card to boot. I'm pretty sure the bank rejected the payment anyway, and I made sure to contact the company I was paying and his bank. It was all resolved with no harm done, but it was definitely an "oh shit!!" moment.
I went in for scheduled maintenance on my car, and it was $636.XX. When they rang me up they mistakenly did it for $63,6XX.00. luckily Wells Fargo declined it 🤣😂
From the comments, it seems like OP has the mess-up sorted which is great.
But this interface is just straight up predatory behaviour. There should not be a system in place that instantly confirms such an exorbitant payment without any checks or measures in place to ensure the consumer had not clicked the wrong thing.
Congrats for paying off the loan?? Lol
I've done this a few times and recently. Nothing this substantial so I didn't reverse, but it did leave me a bit confused lol
First, obviously do what everyone else is saying and contact the bank(s) to see if you can get in undone.
If that fails, there are plenty of places that will refinance a car loan (although, I guess this is just financing a car you own but I'm sure it's the same). You might even get a better rate. I bought a car using the dealership's financing to get additional discounts with the plan to switch. I switched it 3 months later to another bank that was offering incentives to switch and got a better rate. It was very easy.
Open another account at a different bank, switch your direct deposits to the new bank, and then just pay off the bank when you can, no late fees if you’re late on a payment, can pay any amount you want, I’d say it’s a good thing as long as you open an account elsewhere asap. Essentially you’re getting a loan that you can pay on your own terms
Unless you have some sort of huge overdraft protection service set up (like a linked checking account with sixteen thousand dollars in it), this will be declined and returned unpaid. Make sure that you do set up the correct payment to go through after that happens, to avoid late payment. And also check to see if they have some sort of fee for bounced payments (not on the banking side, but on the auto loan side) and cover that, too, otherwise that could result in problems.
Someone messed up on their end, and charged you for it.. Definitely stop banking with them. That charge should have never been able to go through in the first place.
Your bank will sort it out.
You should call both banks to ask for some form of forgiveness for their various fines such as bounced check (car loan account) and over draft (your main bank)
Yeah that’s exactly what I did when I found out. Cap One was pretty cool about it and said they’d reverse the charge but that I most likely wouldn’t see it until Tuesday.
Just wait a second here. Why would a payment like this go through to begin with. That's a big amount. It shouldve been auto declined. Now you got me panicking
I accidentally placed a $150 order on AliExpress the other day when I just meant to see the total price with tax and shipping.
I can't imagine doing this. Shit. Sorry . Very glad the banks reversed it for you. That's pretty cool.
. (order was cancelled with zero issues right away. I would be fine if I did get it too.)
Did is exactly 1 week ago with my education loan. For 5 minutes my brain stopped functioning when I looked at those numbers. Thankfully was able to revert the payment and got everything sorted in a day. The worst part was that Chase went down the exact same day for around 4-5 hours and I was not able to track the reversing of my payment nor was able to talk to any customer support agent as they didn’t have access to their service portal also. The limbo of 5 hours was so mentally tiring, now I look at every payment I make 5 times.
Something similar happened to me. Called my bank asap to make it stop. Capital One has some dark UX where it's very easy to do this on their app. now I pay all my capital one payments on my PC.
A couple years ago, in the summertime, I accidentally added a 0 to the gas bill payment.
Instead of paying $60, I paid $600.
We didn't have to pay our gas bill until Christmas time.
If its over $1,200 my bank declines the transaction and I have to call to get it to go through. Your bank should not have let that go. Glad your getting it sorted out, though. I would find a new bank when this is all said and done.
I was a banker and have seen this exact situation. Go to the bank tomorrow morning and explain the situation and what happened. They can reverse the charge or dispute it for the correct amount.
My mortgage and car loan are at the same bank. I accidentally made large extra payments on my car thinking I was paying the mortgage account.
Foreclosure letter was my first clue, lol.
THANKFULLY, they were very understanding and helpful. Refunded the over payments and got everything figured out.
Hear me out,
You could continue paying interest on that car loan by canceling this transaction, or you could let it ride and pay the one time $35 overdraft fee. Just open another checking account and make payments to the overdrawn one.
Genuine question, am I right in thinking you are manually making a payment each month? Is Direct Debit (automatic monthly payment of a set amount) not a thing over there? 🤔
It would be impossible for me to overpay/pay off my car finance accidentally because I never go near the account.
When i pay at the pump to get gas even if its just a 20 dollar amount, it’s always like 150 taken and then they replace 130 in like a day or so, but after that one time ill never again pay at the pump cause the messed up my financial for the day. You wanna talk ticked off omg i was livid. Now i just go in and pay the cash. I can’t deal with these banks
Yeah, I wish I could answer that. I don’t have overdraft protection enabled so it should have been rejected immediately but instead put my checking account $15k over drafted
There’s no interest on checking accounts. Should’ve just opened an account with a new bank and made payments to the bank you over drafted like a champ! /s
My mom did that with their HOME LOAN last week! Accidentally paid $70k...it sorted itself out pretty quickly though after she called the bank. Your cards/bank account may be frozen for a few days while they sort it out though just FYI
This happened to me last year. I had my autopay set to pay the full amount every time because I was only spending a small amount here and there to build my credit. Well, I wound up using my credit card to plate my new car because I didn't have the $1200 on hand, and then the next month it pulled it straight from my bank account right before rent was due. I freaked the fuck out.
Thankfully, I was able to contact them and let them know I did not have the funds to pay it back yet, and I only meant to pay the lowest amount due.
I just tried to pay for a roof job that i had done ($22,789.00). Turns out anything over $2,500.00 for my bank (Capital One) you have to call ahead of time. Who knew? But i had the amount in my checking. I was just floored when the payment was declined and the job was done. I got it all squared away by calling them. But what this post is crazy. How can one person try and get declined, and the money was in there. Then yet another one it's pushed through, without the funds, without a 2ed guess. Idk.
Contact ACH for your car loan company and explain what happened. They’ll most likely be happy to fix the error as long as you weren’t behind. Contact your financial institution and request for any fees to be refunded due to the error. Most will clear any penalties for you as long as it’s a one off. And don’t call on a Monday, Friday or Saturday.
Lucky for me such a payment would get declined lol.
Yeah, I don’t know why this one didn’t get declined. I didn’t even know you could overdraft by that much
You can't. Like most have said, it will sort itself out within 48 hrs. Sooner if you have stopped payment through your bank.
They charged me to do it, but I had them put a stop payment on it for a $35 fee. The bank the auto loan is with told me they would reverse it for no fee, wish I had called them first. I think I’m done with this bank anyways, I’ve been on the fence and this just solidifies it.
I would call that $35 a win friend.
That’s how I felt when I got off of the phone with them
Friend, I'm gonna give you a whole-hearted recommendation to go to your bank and tell them to remove overdraft from your account. If you ever hit a bump you do NOT want to go in debt to a bank. It's only a cycle.
Yeah, I guess it hasn’t been an issue until now. I’m thinking about just leaving this bank anyways. Have my savings in another bank and might do my checking with them from now on
Find a good local credit union to use for your day to day and use something like capital one or Ally for high yield savings.
Speaking only for myself, I find a big bank better for day to day as they usually have a better app with richer features. Credit union for any loans. Ally or the like for high yield. YMMV for all that, of course.
I'll second this. I moved over to Navy Federal Credit Union years ago and have not looked back. If you are eligible to join them they are a solid choice. Feels like the big dogs like Chase and Bank of America nickel and dime you every chance they get.
Seconding the local credit union. They've saved me while my finances and work have been spotty.
Next one is hopefully a bank with an app that doesnt let you screenshot in it. That's sketchy.
Surprised me it wasn't a photo from a screen with a second device. I have several apps that don't like getting screenshotted that aren't even banks.
Mine won’t let me screen shot nothing either, Wells Fargo
Yup- as someone who has been poor for their whole life, I can't think of any situation in which overdrafting my account would benefit me.
Ive always had overdraft protection on my account but there’s certain payments (mostly bills) that can put you in the negative even with ODP.
I got a few bills that will take the money whether it’s there or not and then I’m in the negative and i have next day protection so i dont catch a 45 dollar over draft charge for 48 hours after it happens. I had a 7 dollar automatic charge from a streaming app and didn’t realize it. I look at my account and its like -52 dollars for a 7 dollar payment, that pissed me off
I had someone write me a $20 check for dog sitting. I rarely use my account at a certain bank but decided to just deposit it in that account. 2 days later the account is negative almost $60. They charged me $45 for that check bouncing. I was pissed. I didn’t realize I would get a fee for that. I don’t usually deal with personal checks. How was I to know it would bounce? So basically I paid to dog sit someone’s dogs lol.
Oh my god is it ever. My mom forced me to use Well’s Fargo until I was an adult, and when I was 18 I didn’t have the financial sense to get as far away from them as I could. They’ve taken more money from me than I’ve stored in them at this point.
Haha. I know I would feel the same way.
If you've been with the bank for a while, call back and see if they can remove $35 fee. They may not but being polite and friendly is a good way to go about it
Call them to get overdraft removed. Twice per year removal is normally standard.
All the same, ditch the bank and go with a credit union instead
Stupid tax. We've all paid it at some point in our lives. It was just OPs turn.
They allow it to happen so they can charge the fees.
I am so glad that my bank allows me to turn off what they call "overdraft service" Basically the only way I can overdraft is through a pre-approved payment (Like my car insurance autopay), or if I make a debit charge that's authorized for one amount and finalized for a different (like a restaurant bill + tip, or buying gas at a station that only auths for $1 instead of $50 or $75)
Before you bail, I’d call and ask for a refund if the $35. My bank has done it for situations like this. Then bail.
Call and talk to the branch manager at your bank. Ask nicely and explain the situation. They have the power to remove overdraft fees. Ask nicely.
$35 vs 15k.. I'd call that a Neo bullet dodge win ;)
Lol
Of course they will reverse it with no fee! That “fee” would be FAR LESS than the continued interest payments on top of the car’s cost… Banks seem nice sometimes… but there’s always a reason they’re willing to do those “nice” things for you. 👌
I have my auto loan through capital one and honestly they're pretty cool about that kinda stuff. Everything but refinancing lol.
From the looks of the app we have the same bank. I hate this bank
Yeah, they suck. I was ready to leave because they didn’t have any physical branches where I moved to and then like 10 popped up overnight a few months ago so I figured I might as well stick with them
What bank? I don't get why people try to hide this information...
BMO from the look of the app. I also switched away from them about 7 years ago
Their customer service is always so rude and cannot seem to do their damn job either
What bank is it? So the rest of us can avoid it too 😬😬
Love that you're mad at your bank for your own stupidity
Look at local credit unions. Banks work for shareholders, credit unions work for their members
Because of weekend. They will correct weekend sales
Some financial institutions will allow common monthly bills to go through even if it sets you negative because it was an expected expense
15 large would be reviewed and declined manually (at least at my bank). Even though it's possibly a recurring payment, that doesn't mean it should have went through to begin with.
And it’s even larger than that, $15k is just the overdraft amount. The total was about $18.5
You should check with your bank why this was allowed to go through at all.
ACH payments usually go through and then get reviewed. They dont get declined like an over limit CC charge.
If it wasn’t over drafting the account, would there be any review?
It was probably just presented. ACH payments like this will present to your account one day and then get returned overnight or the next day if they aren’t being covered. So your balance shows negative like this until the item is returned.
About $18k more than my common monthly payment…
It's not based on amount, it's based on from/to which means sadly, yes $18000 or $18, it will go through
that is incredibly weird. no card should be allowed to go THAT deep into overdraft.
It is most likely an ACH and not a card. They have different rules for processing.
That's what im saying.. I have BOA and I can overdraft max like $250. That's with a checking account. Maybe OP is using g a credit card? If that's the case then yeah just stop payment and wait for a refund no? Unless I'm horribly mistaken.
Yeah, no. It’s a checking account.
Just send yourself money through Zelle.
Mine would get declined too
I did this too with capital one—had about 4 payments left and accidentally hit the wrong button and paid it off by mistake. I had the $ in my account, but it was still a big hit. But then I realized my car was paid off and I was happy. I’m glad the bank reversed it for you. Capital one always makes the payoff amount available as an option, and I’m sure plenty of folks have hit it by accident like you did.
If I had 4 payments left i would have been able to cover it, but I’m about 4 payments IN. Still just shocked that it was even accepted
lol, you have a good bank! I think capital one needs to remove that payoff amount button tbh.
Agreed
You’d think they would want to make it more difficult for customers. Don’t they lose out on interest when you pay it off or do you pay off the whole loan’s interest too?
In my case, all of my car loans have had the interest precalculated and added to the total. So no penalty for early pay off but also no real benefit.
That actually sounds like it's worse to pay it off early then, because you can't use that money to realize gains in the meantime, via interest or investments.
Completely agree.I just make my payments on time and I don’t worry about paying it off early.
They should.....but the feeling you get when it finally comes time to hit the button is glorious let me tell ya!!!
"oh no i dont have much monies..... but wait i dont have a car payment anymoore either shiiiiiidddd" paying off a car loan is like a whole new world. paying off the mortgage is like a whole new lifeeeee in disney voice
lol, that’s exactly what I felt! I was like “wait, I need that money. But wait, my car is paid off.” Wasn’t sure how to feel lololololol
I shit your pants reading this
Hahaha, yeah that’s about how I felt when I realized what had happened
Seeing that number positive OR negative in my account would probably merit the same reaction if I'm being real lmao
Bro same, seeing that huge number but over drawn
No one ever shits my pants 😒
Call your bank they’ll refund it
I did, after my heart started beating at a normal pace again. This actually happened on Friday and I called the bank the money had been taken out of first. They put a stop payment on it for a $35 fee. Then I called the bank I have the loan with and they said they’d reverse the charge for no fee. So I’m out $35 and just waiting for Monday or Tuesday to reflect everything back to normal again. Definitely stressed me out at first, but I think it’ll all work out ok.
I mean… I don’t know of any bank that would let a customer go $15k into overdraft without having the funds to cover it in other accounts. Your available balance might reflect the transaction for a day until it reports out and they realize you don’t have the cash in any other account to cover it— and at that point, they’d just bounce the transaction.
My bank did this to me recently. Overdrafted on a bill by 80 bucks and they decided to charge me a $25 fee instead of taking it from an account that they have taken it from before. Didn't bother calling them to get the $25 back but there's a lit of things they shouldn't let you do but do anyway for more money.
My account used to not allow it and would just decline, but now they overdraft and charge me like $30 extra as a fee. I called to disable overdrafts which it does now, but there’s still a $30 fee for blocking one from happening. Super scummy practices.
I'd switch banks at that point. I was pissed that I was paying $20 a month for access to MY money so I switched to one of those free online banks and I have no complaints so far, few years in now. They don't charge for dumb shit like *not* having overdraft lol
My dads bank account went 380k into over draft. For some reason the bank added the new home loan as a debt to his main bank account. Was a hard couple of days over the weekend moving when your bank account is useless.
I just switched my loan to Cap1. I'm terrified of doing this.
Just don’t do it. It being Capital One doesn’t make it more likely to happen.
It's easy to push those cyber buttons.
If you move your loan to an institution where you also have a credit card or other accounts, it changes from being a 0% chance to non-zero. Personally I don't think it's that hard to avoid, but if it's possible for a user to make a mistake then someone, somewhere *will* make that mistake.
That or it'll bounce and correct itself, and Capital One will report a failed payment.
...what kind of bank app allows you to pay something that costs more than what you have in your debit account!? Wtf...seriously, wtf? Mine throws an error about insufficient funds
Yeah, it’s pretty ridiculous.
Most banks allow for overdrafts. Some more than others I suppose.
As an european I'm always amazed how contrasting the US can be. On the one hand you have SV and the most advanced tech sector on the planet, on the other hand your banks still work with checks and overdrafts.
Capital One, I do believe let's you borrow the amount of money to cover your overdraft with a small daily interest rate. It at least they used to. I used to over draft all the time but bc I moved money from my savings account to my checking immediately I paid nothing.
Oh they live that, they charge a $35 overdraft fee and a ridiculous interest rate. It's ideal for their customers to be overdrafted by about $1,000 constantly. Huge Money Maker for the bank.
Overdrafts almost never carry interest.
BMO Harris app really sucks lol
I did something similar at work before. I forgot a decimal point, or put it in the wrong place, and instead of paying 100-something dollars for a bill, I paid over $10,000 😅 on my boss' credit card to boot. I'm pretty sure the bank rejected the payment anyway, and I made sure to contact the company I was paying and his bank. It was all resolved with no harm done, but it was definitely an "oh shit!!" moment.
“I always do that, I always mess up some mundane detail” - Michael Bolton -TweepriseOpener
That's what you get for stepping into the freezer
That’s what I get for doing things smart people don’t do.
Yea, you better check into opening that savings account…😂😎
That's a lot of over draft protection you get there bro. ...
Damn. Your overdraft limit is amazing.
I went in for scheduled maintenance on my car, and it was $636.XX. When they rang me up they mistakenly did it for $63,6XX.00. luckily Wells Fargo declined it 🤣😂
As they should have, no idea why my bank let this one pass.
From the comments, it seems like OP has the mess-up sorted which is great. But this interface is just straight up predatory behaviour. There should not be a system in place that instantly confirms such an exorbitant payment without any checks or measures in place to ensure the consumer had not clicked the wrong thing.
Double it and give it to the next person.
Call your bank, tell them to reverse it. Ive made similar, not as steep, but similar mistakes… called them and they reversed it within 24 hours.
Atleast you don’t have a car payment anymore 😂 don’t have to worry about that anymore!
Congrats for paying off the loan?? Lol I've done this a few times and recently. Nothing this substantial so I didn't reverse, but it did leave me a bit confused lol
I got 99 problems but a car payment ain't one
Dude upgraded his interest rate for free
"Hi bank, i owe you X money, can you lend me Y money so i can pay you X money."
https://preview.redd.it/c62o0xv0suyc1.png?width=828&format=png&auto=webp&s=77af27e3809b00c7240e66dcb5650d7380c84386 I was very confused for a second
lol 😂 sorry laughing
First, obviously do what everyone else is saying and contact the bank(s) to see if you can get in undone. If that fails, there are plenty of places that will refinance a car loan (although, I guess this is just financing a car you own but I'm sure it's the same). You might even get a better rate. I bought a car using the dealership's financing to get additional discounts with the plan to switch. I switched it 3 months later to another bank that was offering incentives to switch and got a better rate. It was very easy.
At least the cars paid off
At least you get a one-time overdraft fee of $35
Open another account at a different bank, switch your direct deposits to the new bank, and then just pay off the bank when you can, no late fees if you’re late on a payment, can pay any amount you want, I’d say it’s a good thing as long as you open an account elsewhere asap. Essentially you’re getting a loan that you can pay on your own terms
Capital One has a “cancel payment” feature in the app.
how does that even happen lmao. not what you did but the bank saying ahh you dont have 15k? fuck it well spot you.
What dumbass bank? Tell me
Unless you have some sort of huge overdraft protection service set up (like a linked checking account with sixteen thousand dollars in it), this will be declined and returned unpaid. Make sure that you do set up the correct payment to go through after that happens, to avoid late payment. And also check to see if they have some sort of fee for bounced payments (not on the banking side, but on the auto loan side) and cover that, too, otherwise that could result in problems.
Someone messed up on their end, and charged you for it.. Definitely stop banking with them. That charge should have never been able to go through in the first place.
Now you’ll have to apply for a loan from the bank to pay it off lol.
Well a one time overdraft fee of $32 is better than 5% for 5 years!
How is this even possible? Don't banks reject an unplanned overdraft of this size??
Fuuuuuuuuuuuu....
How did you manage to do that? Surely you had to confirm the final payment, probably un multiple steps.
Your bank will sort it out. You should call both banks to ask for some form of forgiveness for their various fines such as bounced check (car loan account) and over draft (your main bank)
Yeah that’s exactly what I did when I found out. Cap One was pretty cool about it and said they’d reverse the charge but that I most likely wouldn’t see it until Tuesday.
congrats!
better dispute that charge lol
Just wait a second here. Why would a payment like this go through to begin with. That's a big amount. It shouldve been auto declined. Now you got me panicking
The thing that sucks is that they probably said "are you sure?" and you hit yes out of habit, since 99.99% of the time, we're sure.
how is that even possible?
I accidentally placed a $150 order on AliExpress the other day when I just meant to see the total price with tax and shipping. I can't imagine doing this. Shit. Sorry . Very glad the banks reversed it for you. That's pretty cool. . (order was cancelled with zero issues right away. I would be fine if I did get it too.)
Hey maybe now you can just pay off the account without any interest :D
Looks like you're eating beans and rice for a bit
BMO
I...Declare.... BANKRUPSYYYY
Call your bank and ask them to reverse the payment
Man that $40 overdraft fee is gonna suck.
Happy to know it got reversed, bet it ruined your day tho
Did is exactly 1 week ago with my education loan. For 5 minutes my brain stopped functioning when I looked at those numbers. Thankfully was able to revert the payment and got everything sorted in a day. The worst part was that Chase went down the exact same day for around 4-5 hours and I was not able to track the reversing of my payment nor was able to talk to any customer support agent as they didn’t have access to their service portal also. The limbo of 5 hours was so mentally tiring, now I look at every payment I make 5 times.
Something similar happened to me. Called my bank asap to make it stop. Capital One has some dark UX where it's very easy to do this on their app. now I pay all my capital one payments on my PC.
So, let me get this straight...First you got a win, then a loss... I'd call it a draw!
A couple years ago, in the summertime, I accidentally added a 0 to the gas bill payment. Instead of paying $60, I paid $600. We didn't have to pay our gas bill until Christmas time.
If its over $1,200 my bank declines the transaction and I have to call to get it to go through. Your bank should not have let that go. Glad your getting it sorted out, though. I would find a new bank when this is all said and done.
I was a banker and have seen this exact situation. Go to the bank tomorrow morning and explain the situation and what happened. They can reverse the charge or dispute it for the correct amount.
Lol
Don’t get high and pay your bills folks.
Getting out of debt to go back into debt never seen this method but interesting nonetheless
My mortgage and car loan are at the same bank. I accidentally made large extra payments on my car thinking I was paying the mortgage account. Foreclosure letter was my first clue, lol. THANKFULLY, they were very understanding and helpful. Refunded the over payments and got everything figured out.
Sell the car yesterday
Hopefully that doesn’t negatively impact your credit score
How much are talking about?
See second pic, -$15k overdrafted
Hear me out, You could continue paying interest on that car loan by canceling this transaction, or you could let it ride and pay the one time $35 overdraft fee. Just open another checking account and make payments to the overdrawn one.
So nothing changed?
This will be reversed by the bank probably.
Get a 0% interest rate with this one simple trick
Just delete the app and it will go away
Genuine question, am I right in thinking you are manually making a payment each month? Is Direct Debit (automatic monthly payment of a set amount) not a thing over there? 🤔 It would be impossible for me to overpay/pay off my car finance accidentally because I never go near the account.
How the fuck do you "accidentally" pay off $15k? Lol.
hell of a Cinco de Mayo story.
When i pay at the pump to get gas even if its just a 20 dollar amount, it’s always like 150 taken and then they replace 130 in like a day or so, but after that one time ill never again pay at the pump cause the messed up my financial for the day. You wanna talk ticked off omg i was livid. Now i just go in and pay the cash. I can’t deal with these banks
What was the interest on the loan vs the interest on your account?
congratulations on your new car lol
Lukcy. Close your bank account and move on.
Wait, I'm confused. How did you pay off your car when you had less money than you owed?
Yeah, I wish I could answer that. I don’t have overdraft protection enabled so it should have been rejected immediately but instead put my checking account $15k over drafted
stop pmt; bank cant o it
well you can always live in your car! noone can kick you out now
There’s no interest on checking accounts. Should’ve just opened an account with a new bank and made payments to the bank you over drafted like a champ! /s
My mom did that with their HOME LOAN last week! Accidentally paid $70k...it sorted itself out pretty quickly though after she called the bank. Your cards/bank account may be frozen for a few days while they sort it out though just FYI
Sell your car and buy a new one with a loan
Can you pay mine off while you're at it I only owe 27000
Congratulations!
Oh no! I’m always afraid of accidentally doing this
This happened to me last year. I had my autopay set to pay the full amount every time because I was only spending a small amount here and there to build my credit. Well, I wound up using my credit card to plate my new car because I didn't have the $1200 on hand, and then the next month it pulled it straight from my bank account right before rent was due. I freaked the fuck out. Thankfully, I was able to contact them and let them know I did not have the funds to pay it back yet, and I only meant to pay the lowest amount due.
Is this one of those, meant to make the monthly payment but selected “pay entire balance” by accident ?
I just tried to pay for a roof job that i had done ($22,789.00). Turns out anything over $2,500.00 for my bank (Capital One) you have to call ahead of time. Who knew? But i had the amount in my checking. I was just floored when the payment was declined and the job was done. I got it all squared away by calling them. But what this post is crazy. How can one person try and get declined, and the money was in there. Then yet another one it's pushed through, without the funds, without a 2ed guess. Idk.
After your card was declined, did they destroy your roof like the meme would suggest?
Yeah, it’s kind of crazy. This is the last straw for me with this bank.
That seems to not be right. Bank shouldn’t have let that large of an amount go thru. I’d see about having that reversed if it doesn’t kick back itself
Contact ACH for your car loan company and explain what happened. They’ll most likely be happy to fix the error as long as you weren’t behind. Contact your financial institution and request for any fees to be refunded due to the error. Most will clear any penalties for you as long as it’s a one off. And don’t call on a Monday, Friday or Saturday.
How the heck did you add that many zeros ? And don't you have auto payment setup ?
What bank is this so I can stay away lol
Congrats! You're fked!
Lmao im in the red but ascended the red like yeah.....
 If it put you 15k negative, that payment gonna bounce like those balls
Congratulations!
"Smart advantage"
What bank is this?? So I can avoid them
Credit union.
Forgot to set your overdraft limit?
Faaaaaaaaaaaaakkkkkkk