What does this mean? please help, returned item fee for lloyds tsb?

Question

i bought something online and i paid for it with paypal, but since i didnt have enough money it took some from my current account at the bank and i didnt have enough there either. so i got a letter and it says that they will charge me the returned item fee.

fair do's.

but when i read the website, it said this;

We charge a return item fee of £20 for each unpaid item, which covers considering the request, dealing with the other bank and telling you about this service. We will charge you up to a maximum of three returned item fees a day.

does this mean that they will charge me up to three times a day for just one returned thing, or since i've only done it once, they will only charge me once?

i really don't have enough money to pay for stupid fee's lol

and im under 18 too >.<

please help!

Answer 1

Ok... this means that they make a one off charge of £20.00 per item returned .(.... to cover &#039;considering the request, dealing with the other bank and telling you about this service&#039; .... .. )

...they will make a separate charge for each returned item - up to returning a max of 3  items a day = &#039;up to a maximum of three returned item fees a day.&#039;  = 3x20 = £60.00 ...

...so, if they return an item because you don&#039;t have the money to cover it they will only charge the one cost - £20.00 per item - and they will only do this for up to three items in a day (they can do the same thing tomorrow with another three items).... anything else will not be paid and will not be returned (it will probably) get returned and charged the next day.....

BUT YOU NEED TO REMEMBER THAT IF YOU DON&#039;T HAVE THE MONEY TO COVER ANY FEE CHARGED IN THE FIRST PLACE, THEN ANY FEE CHARGED STARTS GETTING CHARGED WITH INTEREST FROM THE TIME THEY MAKE THE CHARGE = THE ORIGINAL OUTSTANDING £20.00 (OR UP TO £60.00) PLUS INTEREST - CALCULATED AND CHARGED DAILY .... (IF THEY DO THE SAME THING THE NEXT DAY BECAUSE THERE WERE MORE THAN THREE ITEMS TO RETURN BECAUSE YOU DIDN&#039;T HAVE THE MONEY TO PAY FOR THEM, THEN THEY DO THE SAME THING TO THAT MONEY TOO....)

SO first thing:  

1. Go and see your bank - speak to a manager or adviser - ask them to put a freeze on your account until your next lot of money goes in (depending how soon you can cover what you owe at the bank this could mean no further charges for being (now) being overdrawn - it also means you can&#039;t take any money out .... but you really need to speak with them to find this out for sure...

2. DO NOT USE YOUR OVERDRAFT... an overdraft is &#039;extra&#039; money the bank will lend for you to use for a short time to cover being overdrawn (but you have to ask) - it also means the bank makes &#039;extra&#039; money as they charge interest on overdrafts.... so if you are already overdrawn by £60.00 (three returned items) and use £60.00 on your overdraft to cover what you already owe, you are then paying interest on the money you owe and you pay an overdraft fee for using your overdraft AND interest on all the money you are still overdrawn by (your debt and your overdraft).....

.... so basically you need to put in £120.00 plus the interest charges and fees you&#039;ve incurred, to get back to being on the straight and narrow .....

MORAL OF THE STORY - use this as a lessoned learned ...IF YOU DON&#039;T HAVE THE MONEY DON&#039;T BORROW IT - DON&#039;T BUY IT!.....

:)

Answer 2

I guess that means if they try to post it to your account multiple times in one day they will only charge you for up to three of those attempts.  You should contact paypal and tell them not to try again and contact the seller and see if you can just send a money order.  That only costs like a dollar.  Way cheaper.

Answer 3

I think that means they will charge for three returned item &quot;restocking&quot; fees per day per item.  Not three charges for one item.

If you can, I would ask your parents (who might have more clout with the bank) to call the bank and see about erasing the fee they charge on their end.

The company will not be so flexible.

If you are really worried call the company.  If you have been wrongly charges, take it up as an appeal with Paypal.

Answer 4

It means you better find a way to pay for it ..

Or else they are going to take up to  ÃƒÂ‚£60 each day . .

If you don&#039;t have it there , they will notify the bank , and close your account .

it will be very difficult to open another one .

You  really should get a way to pay for it .

If you used your parents account , it might mess things up on their credit account , because there accounts will be closed .