Numerous studies have focused on how to elicit emotions in the context of fundraising campaigns. However, we still know little about the impact of these emotions on people’s generosity. Investigating the influence of positive and negative feelings resulting from past deeds, this paper provides evidence that whereas negative feelings increase generosity, positive feelings can have the opposite effect. We show that, depending on people’s emotional sensitivity, guilt feelings drive people to donate to redeem themselves whereas positive feelings would exempt them from donating. We also test the extent to which these findings can be applied to the case of anticipated feelings. Theoretical and managerial contributions are discussed and directions for future research are finally presented.