Negative Balance Policy

Last updated: January 13, 2022

Negative Balance Policy

Payello does not allow accounts to go into an negative balance, unarranged debt or overdraft. Your account must always remain in good standing to be able to continue using the Payello Services.
If your account does enter a negative balance, for any reason - such as a penalty or lost dispute, you must add funds to bring your account out of negative within 14 days or you will face account restrictions. We will send you several notices via the Message Center letting you know how much and how you need to pay.
If you fail to pay off the negative balance after 30 days, your account and all of it's services will be suspended. Subsequently we will begin collection procedures, which will first involve attempting to recover the debt from an attached payment method on your account. If we're still not able to recover the debt your information will be passed to a debt collection agency and interest will begin to be accrued at a rate of 8% on the debt.

Closing your account

You will not be able to close your Payello account if you have a negative balance on the account. You must bring the account back in good standing before you may close your Payello account. Additionally, if your account is subject to a hold, limitation or reserve as a result you can not close your account until the hold, limitation or reserve has been lifted.