Is it my money?!

gurisudenko · September 12th, 2004, 20:19

Upon withdrawing from Embry-Riddle, I cancelled my monthly flex-payment plan with Sallie Mae. I cancelled this plan on the bill's first due date, August 27th (A Friday). The plan was cancelled completely, but I was told that there was nothing they could do about the August payment of $1810.42, and that I should consult my bank to try and arrange a stop payment.

The three stop payments that I had implemented during the next few days failed to stop the bill from hitting my account as I realized when my balance went to -1810.42 (from zero). I then contacted ERAU's cashier's office and they refunded my money, plus my tuition deposit of $150.

I got a check in the mail last week from ERAU in the amount of $1,960.42. I deposited it immediately into my bank account to keep the negative balance from looking so scary.

This morning I looked over my account information online and my available balance is very close to $2,000. What had happened on my past transactions is that the check was returned to Sallie Mae and my balance was returned to 0. I called my bank and they said that it was just evidence that the stop payments worked. Then I came in with ERAU's refund check and deposited it....not knowing my stop payments had been effective.

I'm going to call ERAU tomorrow and make them aware of this situation. I don't know if this money is mine, or theirs! Any opinions?

cmsuav8r · September 12th, 2004, 20:26

I would have to say that the money belongs to ERAU since you didn't end up back a zero which is where you should be if you didn't have to pay anything.

FalconCapt · September 12th, 2004, 21:20

[ QUOTE ]
I don't know if this money is mine, or theirs! Any opinions?

[/ QUOTE ]

C'mon...

It is obviously NOT yours...

bullmastiff · September 12th, 2004, 21:29

Sounds like an Air Force paycheck......They always overpay, then underpay. Then take it back, but if they owe you, it takes forever.. Sorry, just had to rant

mastermags · September 12th, 2004, 23:00

If it sounds too good to be true....

gurisudenko · September 12th, 2004, 23:10

Yeah, chances are it's not mine, and I will gladly return the money to ERAU if that's the case. [img]/ubbthreads/images/graemlins/spin2.gif[/img]

Pretty cool to see how that happened though! I learn something new every day! And it was nice to see that number in my account. It was more exciting than actually buying anything. Hmm...An incentive to save more money in the future! [img]/ubbthreads/images/graemlins/buck.gif[/img]

TheWife · September 12th, 2004, 23:36

[ QUOTE ]
Yeah, chances are it's not mine,

[/ QUOTE ] I don't think it's really "chances", it is or it isn't, it's pretty clear that it is not. However I would see how ERAU wants you to handle it before doing anything. They may notice that your payment was stopped, so they may turn around and stop payment on yours, so if you send them a check AFTER they do that, you'll be back to negative again. So see if they are going to stop it or if they want you to mail it back.

tonyw · September 12th, 2004, 23:41

Ask ERAU to send you a bill for what you owe them. Then you'll have 30 days to pay it and you can collect the interest on that money not just for the 30 days, but for the float time.

It's not that much, but hey, if you can get a few extra bucks, why not?

gurisudenko · September 12th, 2004, 23:50

I'm in no danger of a negative balance once the check of $1810.42 goes to ERAU. I've already done the math.

What piqued my interest was the legalities of the situation. I spared you guys the details, so maybe you can't see the whole picture. A lot of it has to do with the timing of the measures I took and how the bank, Sallie Mae, and ERAU handled everything.

Oh well.

Maybe I should have asked for "thoughts" instead of "opinions", because a lot of the responses are coming off as harsh.

*revels in her own wonder*

tonyw · September 12th, 2004, 23:52

Definitely collect the interest, Cristl. Also, if you had any NSF fees that you incurred as a result of the mistake, I'd ask either ERAU or Sallie Mae to cough up the money, or ask your bank to waive it.

No reason for you to give up any money if you can get it easily!

gurisudenko · September 13th, 2004, 00:00

Good idea, Tony! I'll work it out with them first thing tomorrow.

TheWife · September 13th, 2004, 00:02

[ QUOTE ]

What piqued my interest was the legalities of the situation.

[/ QUOTE ] Guess I was looking at it from a moral standpoint. [img]/ubbthreads/images/graemlins/smirk.gif[/img] [ QUOTE ]
Maybe I should have asked for "thoughts" instead of "opinions", because a lot of the responses are coming off as harsh.

[/ QUOTE ] I guess I am missing something, it sounded to me like you are asking if you could keep money that didn't belong to you. What didn't I get? Sorry that sounds harsh to you, but it sounded like a pretty obvious answer to me.

gurisudenko · September 13th, 2004, 00:13

Thanks for your thoughts, though. I always like to see what other people think, especially those that have a little more experience than I do. Of course, sometimes when I ask for opinions or thoughts, I'm not going to agree with all of them. That's fine!

I took responses as being "harsh" because of a lot of analysis on the part of the people offering opinions seemed limited. Again, maybe if the whole picture was visible there would be more to discuss and I wouldn't feel this way...

What I expressed in my first post did indicate something a lot more simple sounding than what has actually happened.

I'm not asking whether I can keep this money or not, I wanted to throw it out there and bounce some ideas around. All I seem to get in return is "yes", "no", "bad dog", or "last Wednesday". ...

Grr...

Tokyo007 · September 13th, 2004, 00:19

I hope you figure it out - I got fuel twice in jerome idaho last week and they charged me $450 twice! ($900) I only bought like $70 of fuel..

took 4 days to figure out the mess and get my money back into my account... I know how frustrating and stressfull it can be so I hope it clears up and you figure what to do with the money [img]/ubbthreads/images/graemlins/blush.gif[/img] least you didn't end up with other problems like automated bills that didn't get paid or overdraft problems..

good luck on that one [img]/ubbthreads/images/graemlins/frown.gif[/img]

Matthew

ps-bad dog *ducks* j/k!! [img]/ubbthreads/images/graemlins/cwm27.gif[/img]

Tokyo007 · September 13th, 2004, 00:30

sorry didn't answer very well the original question.. i'd do what you said and call everyone involved.. hate to create more of a mess by moving stuff around where you don't know whos is whats and all.. (if that makes sense) plus looking at the numbers online (if you can) and a log should help things out a little, maybe go to your branch and ask for a detail log and ask for help.. you got some time - breath in breath out (wax on wax off) talk to everyone and make the move [img]/ubbthreads/images/graemlins/spin2.gif[/img]

the program director at our college told me the second I get married I can "kiss my career basically goodbye" LOL.. kinda funny but wow it would be easier if I had some help balancing my checkbook [img]/ubbthreads/images/graemlins/banghead.gif[/img]

Matthew

pilot602 · September 13th, 2004, 01:59

[ QUOTE ]
What I expressed in my first post did indicate something a lot more simple sounding than what has actually happened.

[/ QUOTE ]

Then don't act so surprised the answers you got weren't what you were expecting (knowing what you know, and we don't) ... [img]/ubbthreads/images/graemlins/rolleyes.gif[/img] [img]/ubbthreads/images/graemlins/cool.gif[/img]

MikeD · September 13th, 2004, 02:12

Cristl,

Please don't tell me you're actually, truly wondering if this is your money or not. If so, I'd have to suggest you to be an ideal candidate to Delta Delta Delta once you reach ASU.

gurisudenko · September 13th, 2004, 02:49

*attempts to arrange m&m's on a table in alphabetical order*

Triangle triangle triangle, here I come! [img]/ubbthreads/images/graemlins/laugh.gif[/img]

Bumblebee · September 13th, 2004, 02:56

[ QUOTE ]
Ask ERAU to send you a bill for what you owe them. Then you'll have 30 days to pay it and you can collect the interest on that money not just for the 30 days, but for the float time.

[/ QUOTE ]

Con artist crap!

[/ QUOTE ]
It's not that much, but hey, if you can get a few extra bucks, why not?

[/ QUOTE ]

BECAUSE IT'S NOT HER MONEY!!!

If anyone should make interest on the dough it's the rightful owner. Obvious question . . .If you are willing to make $10.00 dollars by shady means . . what would you do for $20.00 . . .$100.00?

kellwolf · September 13th, 2004, 02:59

[ QUOTE ]
If anyone should make interest on the dough it's the rightful owner. Obvious question . . .If you are willing to make $10.00 dollars by shady means . . what would you do for $20.00 . . .$100.00?

[/ QUOTE ]

I could say the same thing about most apartment complexes. What do you think they do with your deposit until you move out? I know I gave mine $500 two years ago, and I've been outta that hell hole for a month already. Haven't seen a check or a detailed reason for why they kept my money yet.

Bumblebee · September 13th, 2004, 03:04

[ QUOTE ]
[ QUOTE ]
If anyone should make interest on the dough it's the rightful owner. Obvious question . . .If you are willing to make $10.00 dollars by shady means . . what would you do for $20.00 . . .$100.00?

[/ QUOTE ]

I could say the same thing about most apartment complexes. What do you think they do with your deposit until you move out? I know I gave mine $500 two years ago, and I've been outta that hell hole for a month already. Haven't seen a check or a detailed reason for why they kept my money yet.

[/ QUOTE ]

They are supposed to pay interest to the tenant on that money. It's the law in California. [img]/ubbthreads/images/graemlins/wink.gif[/img]

By the way, is that the right way to do business?

kellwolf · September 13th, 2004, 03:06

[ QUOTE ]
They are supposed to pay interest to the tenant on that money. It's the law in California.

[/ QUOTE ]

Yeah, Florida is a little different. In more ways than one. [img]/ubbthreads/images/graemlins/tongue.gif[/img]

Doug Taylor · September 13th, 2004, 03:08

There isn't enough bandwidth on the internet to 'essplain the differences!

bullmastiff · September 13th, 2004, 11:24

[ QUOTE ]
*attempts to arrange m&m's on a table in alphabetical order*

Triangle triangle triangle, here I come! [img]/ubbthreads/images/graemlins/laugh.gif[/img]

[/ QUOTE ]

Yummy, I love tri-Delts........and M&M's as well

tonyw · September 13th, 2004, 11:32

Wait a minute. No, it's not her money. But the reason I say get a bill is because then she will have paperwork that shows that she's paid them in full. And then she gets to hold on to the money and collect the interest until that bill is due.

Totally legal, ethical, and I don't see why you have a problem with that. I guess in your world, I should pay my credit card company right when I spend the money, huh?

It's ERAU's mistake. Why should Cristl bust her butt to make it right for them?

September 12th, 2004, 20:19	#1
gurisudenko Junior Member Join Date: Aug 2004 Location: Saint Cloud, MN USA Posts: 260	Is it my money?! Upon withdrawing from Embry-Riddle, I cancelled my monthly flex-payment plan with Sallie Mae. I cancelled this plan on the bill's first due date, August 27th (A Friday). The plan was cancelled completely, but I was told that there was nothing they could do about the August payment of $1810.42, and that I should consult my bank to try and arrange a stop payment. The three stop payments that I had implemented during the next few days failed to stop the bill from hitting my account as I realized when my balance went to -1810.42 (from zero). I then contacted ERAU's cashier's office and they refunded my money, plus my tuition deposit of $150. I got a check in the mail last week from ERAU in the amount of $1,960.42. I deposited it immediately into my bank account to keep the negative balance from looking so scary. This morning I looked over my account information online and my available balance is very close to $2,000. What had happened on my past transactions is that the check was returned to Sallie Mae and my balance was returned to 0. I called my bank and they said that it was just evidence that the stop payments worked. Then I came in with ERAU's refund check and deposited it....not knowing my stop payments had been effective. I'm going to call ERAU tomorrow and make them aware of this situation. I don't know if this money is mine, or theirs! Any opinions?

September 12th, 2004, 20:26	#2
cmsuav8r Senior Member Join Date: Mar 2003 Location: Warrensburg, MO/ KC, MO Posts: 594	Re: Is it my money?! I would have to say that the money belongs to ERAU since you didn't end up back a zero which is where you should be if you didn't have to pay anything.

September 12th, 2004, 21:20	#3
FalconCapt Banned Join Date: Nov 2003 Location: USA Posts: 489	Re: Is it my money?! [ QUOTE ] I don't know if this money is mine, or theirs! Any opinions? [/ QUOTE ] C'mon... It is obviously NOT yours...

September 12th, 2004, 21:29	#4
bullmastiff Senior Member Join Date: Feb 2004 Location: Hockey Town, MI,USA Posts: 839	Re: Is it my money?! Sounds like an Air Force paycheck......They always overpay, then underpay. Then take it back, but if they owe you, it takes forever.. Sorry, just had to rant

September 12th, 2004, 23:00	#5
mastermags Senior Member Join Date: Apr 2003 Location: Atlanta, Ga Posts: 1,311	Re: Is it my money?! If it sounds too good to be true....

September 12th, 2004, 23:10	#6
gurisudenko Junior Member Join Date: Aug 2004 Location: Saint Cloud, MN USA Posts: 260	Re: Is it my money?! Yeah, chances are it's not mine, and I will gladly return the money to ERAU if that's the case. [img]/ubbthreads/images/graemlins/spin2.gif[/img] Pretty cool to see how that happened though! I learn something new every day! And it was nice to see that number in my account. It was more exciting than actually buying anything. Hmm...An incentive to save more money in the future! [img]/ubbthreads/images/graemlins/buck.gif[/img]

September 12th, 2004, 23:36	#7
TheWife Old Skool Join Date: Aug 2003 Location: Utah Posts: 4,180	Re: Is it my money?! [ QUOTE ] Yeah, chances are it's not mine, [/ QUOTE ] I don't think it's really "chances", it is or it isn't, it's pretty clear that it is not. However I would see how ERAU wants you to handle it before doing anything. They may notice that your payment was stopped, so they may turn around and stop payment on yours, so if you send them a check AFTER they do that, you'll be back to negative again. So see if they are going to stop it or if they want you to mail it back.

September 12th, 2004, 23:41	#8
tonyw Old Skool Join Date: May 2002 Location: Maryland Posts: 15,922	Re: Is it my money?! Ask ERAU to send you a bill for what you owe them. Then you'll have 30 days to pay it and you can collect the interest on that money not just for the 30 days, but for the float time. It's not that much, but hey, if you can get a few extra bucks, why not?

September 12th, 2004, 23:50	#9
gurisudenko Junior Member Join Date: Aug 2004 Location: Saint Cloud, MN USA Posts: 260	Re: Is it my money?! I'm in no danger of a negative balance once the check of $1810.42 goes to ERAU. I've already done the math. What piqued my interest was the legalities of the situation. I spared you guys the details, so maybe you can't see the whole picture. A lot of it has to do with the timing of the measures I took and how the bank, Sallie Mae, and ERAU handled everything. Oh well. Maybe I should have asked for "thoughts" instead of "opinions", because a lot of the responses are coming off as harsh. revels in her own wonder

September 12th, 2004, 23:52	#10
tonyw Old Skool Join Date: May 2002 Location: Maryland Posts: 15,922	Re: Is it my money?! Definitely collect the interest, Cristl. Also, if you had any NSF fees that you incurred as a result of the mistake, I'd ask either ERAU or Sallie Mae to cough up the money, or ask your bank to waive it. No reason for you to give up any money if you can get it easily!

September 13th, 2004, 00:00	#11
gurisudenko Junior Member Join Date: Aug 2004 Location: Saint Cloud, MN USA Posts: 260	Re: Is it my money?! Good idea, Tony! I'll work it out with them first thing tomorrow.

September 13th, 2004, 00:02	#12
TheWife Old Skool Join Date: Aug 2003 Location: Utah Posts: 4,180	Re: Is it my money?! [ QUOTE ] What piqued my interest was the legalities of the situation. [/ QUOTE ] Guess I was looking at it from a moral standpoint. [img]/ubbthreads/images/graemlins/smirk.gif[/img] [ QUOTE ] Maybe I should have asked for "thoughts" instead of "opinions", because a lot of the responses are coming off as harsh. [/ QUOTE ] I guess I am missing something, it sounded to me like you are asking if you could keep money that didn't belong to you. What didn't I get? Sorry that sounds harsh to you, but it sounded like a pretty obvious answer to me.

September 13th, 2004, 00:13	#13
gurisudenko Junior Member Join Date: Aug 2004 Location: Saint Cloud, MN USA Posts: 260	Re: Is it my money?! Thanks for your thoughts, though. I always like to see what other people think, especially those that have a little more experience than I do. Of course, sometimes when I ask for opinions or thoughts, I'm not going to agree with all of them. That's fine! I took responses as being "harsh" because of a lot of analysis on the part of the people offering opinions seemed limited. Again, maybe if the whole picture was visible there would be more to discuss and I wouldn't feel this way... What I expressed in my first post did indicate something a lot more simple sounding than what has actually happened. I'm not asking whether I can keep this money or not, I wanted to throw it out there and bounce some ideas around. All I seem to get in return is "yes", "no", "bad dog", or "last Wednesday". ... Grr...

September 13th, 2004, 00:19	#14
Tokyo007 Junior Member Join Date: Dec 2003 Location: Salt Lake City Posts: 263	Re: Is it my money?! I hope you figure it out - I got fuel twice in jerome idaho last week and they charged me $450 twice! ($900) I only bought like $70 of fuel.. took 4 days to figure out the mess and get my money back into my account... I know how frustrating and stressfull it can be so I hope it clears up and you figure what to do with the money [img]/ubbthreads/images/graemlins/blush.gif[/img] least you didn't end up with other problems like automated bills that didn't get paid or overdraft problems.. good luck on that one [img]/ubbthreads/images/graemlins/frown.gif[/img] Matthew ps-bad dog ducks j/k!! [img]/ubbthreads/images/graemlins/cwm27.gif[/img]

September 13th, 2004, 00:30	#15
Tokyo007 Junior Member Join Date: Dec 2003 Location: Salt Lake City Posts: 263	Re: Is it my money?! sorry didn't answer very well the original question.. i'd do what you said and call everyone involved.. hate to create more of a mess by moving stuff around where you don't know whos is whats and all.. (if that makes sense) plus looking at the numbers online (if you can) and a log should help things out a little, maybe go to your branch and ask for a detail log and ask for help.. you got some time - breath in breath out (wax on wax off) talk to everyone and make the move [img]/ubbthreads/images/graemlins/spin2.gif[/img] the program director at our college told me the second I get married I can "kiss my career basically goodbye" LOL.. kinda funny but wow it would be easier if I had some help balancing my checkbook [img]/ubbthreads/images/graemlins/banghead.gif[/img] Matthew

September 13th, 2004, 01:59	#16
pilot602 Old Skool Join Date: Oct 2001 Location: who haa Posts: 3,752	Re: Is it my money?! [ QUOTE ] What I expressed in my first post did indicate something a lot more simple sounding than what has actually happened. [/ QUOTE ] Then don't act so surprised the answers you got weren't what you were expecting (knowing what you know, and we don't) ... [img]/ubbthreads/images/graemlins/rolleyes.gif[/img] [img]/ubbthreads/images/graemlins/cool.gif[/img]

September 13th, 2004, 02:12	#17
MikeD Administrator Join Date: Feb 2003 Location: Pinal Airpark Posts: 6,897	Re: Is it my money?! Cristl, Please don't tell me you're actually, truly wondering if this is your money or not. If so, I'd have to suggest you to be an ideal candidate to Delta Delta Delta once you reach ASU.

September 13th, 2004, 02:49	#18
gurisudenko Junior Member Join Date: Aug 2004 Location: Saint Cloud, MN USA Posts: 260	Re: Is it my money?! attempts to arrange m&m's on a table in alphabetical order Triangle triangle triangle, here I come! [img]/ubbthreads/images/graemlins/laugh.gif[/img]

September 13th, 2004, 02:56	#19
Bumblebee Old Skool Join Date: Sep 2003 Location: Passing through O' Hare Posts: 2,305	Re: Is it my money?! [ QUOTE ] Ask ERAU to send you a bill for what you owe them. Then you'll have 30 days to pay it and you can collect the interest on that money not just for the 30 days, but for the float time. [/ QUOTE ] Con artist crap! [/ QUOTE ] It's not that much, but hey, if you can get a few extra bucks, why not? [/ QUOTE ] BECAUSE IT'S NOT HER MONEY!!! If anyone should make interest on the dough it's the rightful owner. Obvious question . . .If you are willing to make $10.00 dollars by shady means . . what would you do for $20.00 . . .$100.00?

September 13th, 2004, 02:59	#20
kellwolf Old Skool Join Date: Jun 2003 Location: Memphis, TN Posts: 14,230	Re: Is it my money?! [ QUOTE ] If anyone should make interest on the dough it's the rightful owner. Obvious question . . .If you are willing to make $10.00 dollars by shady means . . what would you do for $20.00 . . .$100.00? [/ QUOTE ] I could say the same thing about most apartment complexes. What do you think they do with your deposit until you move out? I know I gave mine $500 two years ago, and I've been outta that hell hole for a month already. Haven't seen a check or a detailed reason for why they kept my money yet.

September 13th, 2004, 03:04	#21
Bumblebee Old Skool Join Date: Sep 2003 Location: Passing through O' Hare Posts: 2,305	Re: Is it my money?! [ QUOTE ] [ QUOTE ] If anyone should make interest on the dough it's the rightful owner. Obvious question . . .If you are willing to make $10.00 dollars by shady means . . what would you do for $20.00 . . .$100.00? [/ QUOTE ] I could say the same thing about most apartment complexes. What do you think they do with your deposit until you move out? I know I gave mine $500 two years ago, and I've been outta that hell hole for a month already. Haven't seen a check or a detailed reason for why they kept my money yet. [/ QUOTE ] They are supposed to pay interest to the tenant on that money. It's the law in California. [img]/ubbthreads/images/graemlins/wink.gif[/img] By the way, is that the right way to do business?

September 13th, 2004, 03:06	#22
kellwolf Old Skool Join Date: Jun 2003 Location: Memphis, TN Posts: 14,230	Re: Is it my money?! [ QUOTE ] They are supposed to pay interest to the tenant on that money. It's the law in California. [/ QUOTE ] Yeah, Florida is a little different. In more ways than one. [img]/ubbthreads/images/graemlins/tongue.gif[/img]

September 13th, 2004, 03:08	#23
Doug Taylor Agent Smith Join Date: Dec 1969 Location: KSDL Posts: 41,926 Blog Entries: 1	Re: Is it my money?! There isn't enough bandwidth on the internet to 'essplain the differences!

September 13th, 2004, 11:24	#24
bullmastiff Senior Member Join Date: Feb 2004 Location: Hockey Town, MI,USA Posts: 839	Re: Is it my money?! [ QUOTE ] attempts to arrange m&m's on a table in alphabetical order Triangle triangle triangle, here I come! [img]/ubbthreads/images/graemlins/laugh.gif[/img] [/ QUOTE ] Yummy, I love tri-Delts........and M&M's as well

September 13th, 2004, 11:32	#25
tonyw Old Skool Join Date: May 2002 Location: Maryland Posts: 15,922	Re: Is it my money?! Wait a minute. No, it's not her money. But the reason I say get a bill is because then she will have paperwork that shows that she's paid them in full. And then she gets to hold on to the money and collect the interest until that bill is due. Totally legal, ethical, and I don't see why you have a problem with that. I guess in your world, I should pay my credit card company right when I spend the money, huh? It's ERAU's mistake. Why should Cristl bust her butt to make it right for them?

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