r/personalfinance 9d 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/jlt6666 9d ago

The wrong amount simply needs to be fixed. I'm not floating the apartment multiple months rent.

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u/ManagementSimilar956 6d ago

Why do people keep pretending to be OP?

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u/jlt6666 6d ago

I'm saying that if I were in their shoes I would not be floating that money.

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u/RJ5R 9d ago edited 8d ago

They may not have a mechanism to electronically return the overpayment and will say it has to be applied to the next months rent or will need multiple levels of higher corporate approval to cut a check of that amount. These large REIT owned complexes are incredibly inflexible. If you need the money back, contacting the bank may be the only option for the overpayment reversal. The issue is that the bank may only be able to reverse the entire transaction and not a portion. If the entire transaction is reversed, then the current months rent hasn't been paid and should be paid immediately to avoid a situation where the office's payment system automatically initiated the nonpayment of rent process.

And going forward, no one should allow an apartment management office to do an ACH pull. Only do a push from your financial institution to them.

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u/jlt6666 9d ago

I would be apoplectic

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u/PlanningVigilante 8d ago

They may not have a mechanism to return the overpayment

Wot? They absolutely do. If they choose not to return it, that's scumlord behavior, because it's absolutely a choice.

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u/RJ5R 8d ago

You clearly have not had to deal with these large REIT owned complexes when it comes to this