Chargeback help

[GDRRiley]

Just now, Acafaca said:

What are the chances stripe will sue me. That sounds very scary  I can't afford to loose $2000, I am still a student and that would possibly force me to drop out for a year... How would it affect my credit rating? Wouldn't only stripe know about it? My bank wouldn't know about it right?

accept the 2000$ loss for a month, get the object back and if it was broken and the box was damaged and you shipped in insured ask they shiping comnay to pay for it, if the customer broke it ask the payment company to charge the for breaking the object and then claiming the shipper broke it. that is the correct way to do this.  

[AshleyAshes]

5 minutes ago, Acafaca said:

What are the chances stripe will sue me. That sounds very scary  I can't afford to loose $2000, I am still a student and that would possibly force me to drop out for a year... How would it affect my credit rating? Wouldn't only stripe know about it? My bank wouldn't know about it right?

Okay, let me make something clear here first: If you have no idea how 'credit rating' basically functions, you should not be conducting any kind of business.  That's an exceptionally basic piece of financial knowledge that you should have.

 

No, not only Stripe will know.  Unpaid debt will follow you for YEARS and all financial institutions will know. It could hamper your ability to access student loans, mortgages, lines of credit, small business loans, or even expanding your credit limit on a credit card.  There are credit rating institutions that all financial institutions report data to and then have access to.

 

You can't just close your bank account to bail on $2000 in debt and then expect to carry on in legitimate financial transactions in life without it haunting you.  There will be serious repercussions.

[Acafaca]

1 minute ago, GDRRiley said:

accept the 2000$ loss for a month, get the object back and if it was broken and the box was damaged and you shipped in insured ask they shiping comnay to pay for it, if the customer broke it ask the payment company to charge the for breaking the object and then claiming the shipper broke it. that is the correct way to do this.  

What if he sends me back something thats not the phone... he's claiming its a brick. I don't think he will be compliant.

Do you know if stripe will actually sue me? I had something similar with PayPal. Basically my account went into negative, but I didn't even remove my bank off their site... they just kept sending my emails asking for it, but nothing else happened.

Stripe is new to me, PayPal doesn't take money from your bank, but stripe does.

 

I'm confused how it can affect my credit rating, since wouldn't only stripe see it? My bank shouldn't be affected especially if its closed?
Thanks so much for your help.

 

[Acafaca]

1 minute ago, AshleyAshes said:

Okay, let me make something clear here first: If you have no idea how 'credit rating' basically functions, you should not be conducting any kind of business.  That's an exceptionally basic piece of financial knowledge that you should have.

 

No, not only Stripe will know.  Unpaid debt will follow you for YEARS and all financial institutions will know. It could hamper your ability to access student loans, mortgages, lines of credit, small business loans, or even expanding your credit limit on a credit card.  There are credit rating institutions that all financial institutions report data to and then have access to.

 

You can't just close your bank account to bail on $2000 in debt and then expect to carry on in legitimate financial transactions in life without it haunting you.  There will be serious repercussions.

But if I close my bank, how can it affect me. It's closed... I'm 17 (first year uni, skipped a grade). I'm still under 18, does it change anything?

[TheKDub]

49 minutes ago, Acafaca said:

Hello,

I recently got scammed online. A buyer has charged me back, and in a few days the balance will be taken from my bank. My plan is to close my bank account so that can't happen (ie the payment processor can't take back the money).

If I close my bank, will this stop them (the processor) from taking money from my bank and me? I don't want my bank to have to eat it up, I'd feel bad, but I believe if I closed the account, they wouldn't even be able to take it out in the first place.

Is this right?
Thanks... I can't believe I'm posting this on LLT but off topic?  

 

Contact Stripe and see if they can do anything to help you out. If they offer phone support, that might be the fastest/best route, otherwise, try e-mail or some other support method they use.

 

My tactic with these situations is to have a mandatory set of terms and conditions to protect me from anyone who tries to scam me or such. It's worked out pretty decently, even with me not being protected by PayPal seller protection since I sell virtual items.

 

Be sure to have evidence that the items you sell are exactly as described before shipping them, that way you can protect yourself with that as well. Also, maybe try using Ebay to sell stuff instead of your own website, that way you get some of Ebay's seller protection stuff.

[AshleyAshes]

2 minutes ago, Acafaca said:

But if I close my bank, how can it affect me. It's closed... I'm 17 (first year uni, skipped a grade). I'm still under 18, does it change anything?

With you constantly repeating the same questions over and over again and seemingly entirely lacking in basic financial knowledge I am entirely baffled as to how you managed to skip a grade.

 

That said, being a minor, you may not even be able to legally engage in the contracts that you've agreed to with your payment processor... So you may have also committed some form of fraud too simply by engaging in these kinds of contracts under the guise of being of the age of majority...

[AshleyAshes]

7 minutes ago, Acafaca said:

What if he sends me back something thats not the phone...

Also... What the heck phone sells for $2000???

[Acafaca]

Just now, AshleyAshes said:

With you constantly repeating the same questions over and over again and seemingly entirely lacking in basic financial knowledge I am entirely baffled as to how you managed to skip a grade.

 

That said, being a minor, you may not even be able to legally engage in the contracts that you've agreed to with your payment processor... So you may have also committed some form of fraud too simply by engaging in these kinds of contracts under the guise of being of the age of majority...

I'm good at math. I'm studying Engineering at UofT (great school). My knowledge of finance is crap. My parents come from a very different country, and we are recent immigrants. I am sorry, I'm just worried. I made the business to support my uni costs. Anyway, if I close the bank what do you think will realistically happen, because when I used to use PayPal nothing happened but a bunch of spam email.

[Acafaca]

Just now, AshleyAshes said:

Also... What the heck phone sells for $2000???

They bought like 3 or 4 can't remember.

[dizmo]

Haha, this is hilarious. For starters, there's no way this is a business transaction. Don't lie to the forum.

If it was a small business, you don't simply close your account when something goes wrong. Deal with the problem.

If you can't manage to do that, you frankly don't deserve to have a business at all.

If the person said the item doesn't work, you can get it back. Then you're only out the shipping. Much less than $2,000.

If it is indeed defective for some reason, you can claim it against the shipping insurance.

 

It sounds a lot more like you tried to scam someone and they're coming after you.

 

7 minutes ago, Acafaca said:

What are the chances stripe will sue me. That sounds very scary  I can't afford to loose $2000, I am still a student and that would possibly force me to drop out for a year... How would it affect my credit rating? Wouldn't only stripe know about it? My bank wouldn't know about it right?

If they send your errant account to collections it'll affect your credit. Your bank isn't the only one that can affect your credit score. Guess you should have structured your "business" better.

[Acafaca]

1 minute ago, dizmo said:

Haha, this is hilarious. For starters, there's no way this is a business transaction. Don't lie to the forum.

If it was a small business, you don't simply close your account when something goes wrong. Deal with the problem.

If you can't manage to do that, you frankly don't deserve to have a business at all.

If the person said the item doesn't work, you can get it back. Then you're only out the shipping. Much less than $2,000.

If it is indeed defective for some reason, you can claim it against the shipping insurance.

 

It sounds a lot more like you tried to scam someone and they're coming after you.

 

If they send your errant account to collections it'll affect your credit. Your bank isn't the only one that can affect your credit score. Guess you should have structured your "business" better.

You're entitled to your opinion. Worst case, they send it to collections which may screw with my credit, but since I'm 17 I believe I'm good. I guess its good it happened now, when I'm 17... so in the future I know.

[AshleyAshes]

Just now, Acafaca said:

Anyway, if I close the bank what do you think will realistically happen, because when I used to use PayPal nothing happened but a bunch of spam email.

YES.  Also you already have hits on your credit rating as a result of non-payment of your Pay-Pal account, it was just likely not significant hit to seriously impede your life.  However you should definitely NOT make bailing on debt to payment processors a thing.  You can't just rack up unpaid debts and expect nothing to happen.

[Acafaca]

1 minute ago, AshleyAshes said:

YES.  Also you already have hits on your credit rating as a result of non-payment of your Pay-Pal account, it was just likely not significant hit to seriously impede your life.  However you should definitely NOT make bailing on debt to payment processors a thing.  You can't just rack up unpaid debts and expect nothing to happen.

Okay, I guess this'll be the last time, and I'll actually learn from my mistakes.

But the whole sue thing and I dunno other serious troubles with my bank not closing it or my bank loosing $2000 won't be really a thing right?
Thanks so much for the help.

[AshleyAshes]

Just now, Acafaca said:

Okay, I guess this'll be the last time, and I'll actually learn from my mistakes.

But the whole sue thing and I dunno other serious troubles with my bank not closing it or my bank loosing $2000 won't be really a thing right?
Thanks so much for the help.

Oh, also you will burn the bridge with all of TD.  They will NOT be pleased when a payment processor comes to get $2000 out of an account they just closed.

[Acafaca]

2 minutes ago, AshleyAshes said:

Oh, also you will burn the bridge with all of TD.  They will NOT be pleased when a payment processor comes to get $2000 out of an account they just closed.

Really? I thought it would just bounce, since you can't take money out. Plus they would likely send an e cheque (kinda like what ebay does to collect their fees), I don't believe it says why they are taking it. Would it really screw me up that bad?

What about telling TD I believe I may be charged back unfairly. And I do not want to pay it, and would like to fight it, and asking them to block off my account. Would that be better?

[dizmo]

7 minutes ago, Acafaca said:

You're entitled to your opinion. Worst case, they send it to collections which may screw with my credit, but since I'm 17 I believe I'm good. I guess its good it happened now, when I'm 17... so in the future I know.

Age has nothing to do with it. You know it's wrong, that's no excuse.

4 minutes ago, Acafaca said:

Okay, I guess this'll be the last time, and I'll actually learn from my mistakes.

But the whole sue thing and I dunno other serious troubles with my bank not closing it or my bank loosing $2000 won't be really a thing right?
Thanks so much for the help.

The last time? So you've done this more than once? You've really got to sort your life out. You're going to really fuck yourself over in the long run, and I can only assume you've been fucking other people over as well. It's not as simple as just closing your one bank account with TD either, but I won't tell you what else you have to do.

 

Also, the banking sector uses ChexSystems. You get a rating based on your actions. You screw over TD, they'll flag you in the system, and it's possible you won't be able to open a bank account with any bank for up to 5 years. Want a job that requires direct deposit? Sorry, no dice. Employer runs a credit check? Again, you get a red flag.

2 minutes ago, Acafaca said:

Really? I thought it would just bounce, since you can't take money out. Plus they would likely send an e cheque (kinda like what ebay does to collect their fees), I don't believe it says why they are taking it. Would it really screw me up that bad?

What about telling TD I believe I may be charged back unfairly. And I do not want to pay it, and would like to fight it, and asking them to block off my account. Would that be better?

What exactly do you think happens when it bounces? It just disappears?

It's not the banks problem. That's between you and your payment collector. They'll tell you to sort it out with them.

[AshleyAshes]

Just now, Acafaca said:

Really? I thought it would just bounce, since you can't take money out. Plus they would likely send an e cheque (kinda like what ebay does to collect their fees), I don't believe it says why they are taking it. Would it really screw me up that bad?

So, do you just think that banks are fucking stupid or something?  Like, do you know what an NSF fee is?  Non-Sufficent Funds, it's a financial penalty that banks charge you for having non-sufficient funds to cover a transaction to your account.  They're typically around $75.  Financial institutions REALLY do not like it when other financial institutions come to them for money and they go 'Nope, don't got it'.  They'll REALLY not like it when they go 'That account is inactive... We closed it... Yesterday... That Mother fucker closed the account just to dodge on debt'.  You'd better not have any OTHER banking services through TD.

 

Cause, and this is important... Your bank account will never really be GONE.  They'll just deactivate it.  You can come back five years later and open your account again.

[Acafaca]

12 minutes ago, dizmo said:

Age has nothing to do with it. You know it's wrong, that's no excuse.

The last time? So you've done this more than once? You've really got to sort your life out. You're going to really fuck yourself over in the long run, and I can only assume you've been fucking other people over as well. It's not as simple as just closing your one bank account with TD either, but I won't tell you what else you have to do.

 

Also, the banking sector uses ChexSystems. You get a rating based on your actions. You screw over TD, they'll flag you in the system, and it's possible you won't be able to open a bank account with any bank for up to 5 years. Want a job that requires direct deposit? Sorry, no dice. Employer runs a credit check? Again, you get a red flag.

What exactly do you think happens when it bounces? It just disappears?

It's not the banks problem. That's between you and your payment collector. They'll tell you to sort it out with them.

 

11 minutes ago, AshleyAshes said:

So, do you just think that banks are fucking stupid or something?  Like, do you know what an NSF fee is?  Non-Sufficent Funds, it's a financial penalty that banks charge you for having non-sufficient funds to cover a transaction to your account.  They're typically around $75.  Financial institutions REALLY do not like it when other financial institutions come to them for money and they go 'Nope, don't got it'.  They'll REALLY not like it when they go 'That account is inactive... We closed it... Yesterday... That Mother fucker closed the account just to dodge on debt'.  You'd better not have any OTHER banking services through TD.

 

Cause, and this is important... Your bank account will never really be GONE.  They'll just deactivate it.  You can come back five years later and open your account again.

I dunno what to do

 

Close it or ask bank freeze my account.

[KuJoe]

Contact your bank and ask for their help, provide them documentation. I've had a handful of chargebacks in the past 10 years or so and sometimes my bank, PayPal, and other payment processors have told me "we had to find in favor of the buyer, but based on the information you provided we are not deducting the amount from your account", I've had them do that quite a few times.

[yathis]

Just go in and cancel your bank account, there are a million banks to choose from. Its no big deal, just do it.