How to Get Overdraft Fees Refunded?
Let’s take a step back; what an overdraft fee? An overdraft fee is a fee that’s charged by the financial institution when a customer withdraws more money than is available in their account. Say you had $200 in your account and you took out $201, the bank would charge an overdraft fee.
Now, banks are notoriously known to impose fees for overdrafting, not maintaining minimum account balances, etc. Just because the fee was charged does not mean you completely lose that money. You can potentially get your overdraft fees refunded!
This post is about how to get overdraft fees refunded.
Let’s dive into the top 5 ways on how to get overdraft fees refunded.
1. Review Your Account
First, get your facts straight. As with any negotiation, you want to make sure to dot your i’s and cross your t’s before reaching out. Check if it was a one-time occurrence, or maybe it happened several times. Verify the charge and the reasoning it was charged.
2. Prepare Your Case
If this is the first time, banks are usually more lenient. However, it is still worth pursuing/asking if it’s happened before. Even if you ask and they say no, you’re still in the same position as before. You have nothing to lose by asking!
Make sure to highlight your history as a customer. This could be how long you’ve been a customer, and/or adhering to their rules with minimum account balance. Whatever the case, note down all the positive reasons!
3. Contact Customer Service
Now, it’s time to make the call. Why specifically call? Bigger banks have outsourced their customer service so even if you visit in-person, they may turn you away and say to either call or message them. Calling shows you’re actively reviewing your bank accounts, you’re making an effort, and you care. Always be polite and courteous when calling. Do not be demanding or rude.
4. Explain, Request, and Negotiate
This is where you explain your situation that led to the fee being charged. If you are a loyal customer, mention how long you’ve maintained a relationship with the bank. This is a passive stream of income for them, and as long as you continue to be a customer, they don’t want to change that.
Request or ask for the fee(s) to be waived. Again, they can say no. But at the very least, you’re showing you’re an active, loyal, and responsible customer. Mistakes happen to everyone. If this was a one-time thing, mention that it won’t happen again.
If there is any resistance from the representative, this is where you opt for negotiating. Even if they can’t refund the fee entirely, ask if there are any other options for reducing the fee.
5. Escalate
If the call was unsuccessful, you may choose to escalate by asking to speak with a supervisor. Or, what I like to do to not completely blow up a situation is to try again at another time. You never know! The person on the other end of the call could be by-the-book, new/in training, having a bad day, etc. For whatever reason, they end up not being able to help you out, so you might try your luck by calling again.
To reiterate, the top 5 steps on how to get overdraft fees refunded are:
- Review your account
- Prepare your case
- Contact Customer Service
- Explain, Request and Negotiate
- Escalate
