What does a negative balance mean?
Your Safepay account balance may become negative when there aren’t enough funds in your account due to a large amount of refunds conducted after you have requested transfers or withdrawals. This could also happen when you lose a dispute and the amount refunded from your account is lower than the available balance.
Important to Note:
A negative balance doesn’t necessarily mean you’ve done something wrong. It could simply mean that you’ve processed a refund. In cases like these, you must pay back Safepay the negative balance. Please resolve your negative balance within 20 business days otherwise your account will be suspended. To resolve a negative balance please email firstname.lastname@example.org for instructions on how to make an IBFT payment to our bank account or pay through your credit/debit card.
As part of our terms and services agreement every account holder agrees to settle any dispute/negative balances outside of court in arbitration so if your account balance remains negative for a month we will send you a notice to deposit the amount in Safepay's bank account to make your account's balance zero. Alternatively, you could keep your account in a negative balance and your subsequent transactions can be used to fill the gap. This means you wont be able to process any transfers until your balance becomes positive again and is above our minimum transfer
What happens when negative balance is not resolved?
If the account holder violates our terms and conditions and ignores notices to deposit outstanding amount in to our bank account, we will pursue all available legal remedies against the account holder. You will be responsible for compensating us for any legal fees, costs and expenses we incur in trying to recover amounts owed to Safepay as a result of making whole any negative balance.