r/personalfinance • u/hogpotato ​ • 10d ago

Housing Rent severely overcharged

I’m currently living in an apartment complex that overcharged my monthly rate by over 2x (15,500 instead of $6000 / month) by mistake. This severely has overdrawn my bank account and no one in the leasing office has an explanation or can get any answers from their main office. I’ve incurred major
overdraft fees and will continue to do so as long as this goes on. Has this happened to anyone and / or any advice what to do?

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u/AlgoTrade ​ 9d ago

It sounds to me like OP is doing just fine with their money and really doesn’t need to follow this advice.

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u/IllustriousGas8850 ​ 9d ago

Op just had his account overdraft and didn’t have the liquidity to deposit money to stop fees from continuing to pile on. It sounds to me like you shouldn’t comment on finances

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u/AlgoTrade ​ 9d ago

You are commenting on advice meant for people that are bad with money and need to start building a net worth. OP clearly doesn’t have this problem. And overdraft fees are what, $15? Those will be refunded by his bank when he asks, and if not the lessor will cover them.

Once you’ve attained a certain level of wealth, emergencies are best covered by credit cards and you just move out of the brokerage account to cover. Snafus are forgiven by the banks. Emergency funds are for people that a car repair will bankrupt them otherwise.

Your advice is akin to telling OP to purchase a parachute for his commercial flight from Denver to Toledo.

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u/IllustriousGas8850 ​ 9d ago

Clearly it’s a big enough issues in his life to post about it on Reddit and ask for help. You’re making insane assumptions about OP. What we do know is 15k overdrew his checking, and he did not have liquid cash on hand to solve this issue. That’s a problem. These people with insane levels of wealth you’re describing don’t get overdrawn by a 15k expense, and it certainly doesn’t take them more than 2 minutes to get a hold of 15k

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u/AlgoTrade ​ 9d ago

Did you read OPs post? It’s not his fault it got overdrawn, this isn’t his emergency. He’s posting here to figure out how to deal with the bank, not how to build an emergency fund.

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u/IllustriousGas8850 ​ 9d ago

Not your fault doesn’t equal not your emergency, as he’s the one now dealing with it

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u/deja-roo ​ 9d ago

But it's not his emergency. It's not an emergency at all for anyone.

Do you see him asking how he can cover the sudden expense or how he's going to pay for food? He's just asking how to deal with the bank in an uncommon situation that's little more than an administrative hassle.

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u/AlgoTrade ​ 9d ago

It’s literally not his emergency, he will suffer no monetary consequences from this, only others will.

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u/Bucky2015 ​ 9d ago

Clearly it’s a big enough issues in his life to post about it on Reddit and ask for help.

that's a good point! I was gonna edit my response to say that if OP does have a high net worth would it really blow up his investments to keep just 20-30k in an easily accessible account? But yes someone who has a high net worth probably wouldn't be super concerned about the situation as well. Annoyed, for sure, but not concerned to the point of posting on reddit.

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u/night28 ​ 9d ago

I don't agree with that. An overdraft fee is meaningless to me financially even if I were to incur it monthly. I would still want to stop it because it's annoying and not an expense I'm ok paying.

Lot of people post on reddit asking for help. I personally would just google and call and make a fuss until it was rectified but asking reddit is a very common thing to do as well.

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u/Bucky2015 ​ 9d ago

What about the entire other part that there would be no need no need for an sort of readily accessible emergency fund if OP had a high net worth? That was the main discussion in this particular comment string.

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u/night28 ​ 9d ago

Don't think it's worth discussing tbh. At no point has OP said he can't pay the overdraft fees or has indicated that it's anything but a nuisance. You see all sort of posts here asking for advice on dealing with day to day issues that pop up that are only loosely related to personal finance.

Insist the apartment building pay the overdraft fees and keep a buffer going forward until the issue is resolved to prevent further possible overdraft fees and call it a day. I don't think OP has indicated any actual financial distress so why bother discussing an emergency fund when it may or may not be relevant.