You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Because of how banks process transactions, even if you pull out your phone and check your balance while standing at the cash register, you might still accidentally make a charge that overtaxes your account.
When this happens, many banks hit you with an overdraft fee. If several checks or charges for payment are presented on the same day your account balance bottoms out, you could wind up paying hundreds in multiple overdraft fees.
Although there are some additional rules for ATM and debit cards , banks may also charge you if you use one of them when your balance is insufficient.
Such is financial life. And overdraft fees are a sizable fact of this life. You may find that an online bank charges a significantly lower overdraft fee than a traditional brick-and-mortar bank. It seems unlikely overdraft fees will go away, even if they have shrunk somewhat of late. Legend has it that the first overdraft fee was charged in That is when an Edinburgh merchant reportedly convinced the Royal Bank of Scotland to let him pay for the right to temporarily spend more money than, strictly speaking, he had in his account.
Whether this is considered an overdraft fee or a short-term loan against collectibles is arguable. The point is that overdraft fees or things like them have been around for quite a while and done some evolving. One thing to understand is that an overdraft fee is only assessed when the bank or credit union pays the charge that has put you over the limit. This is a common practice. However, the institution can refuse to pay the charge.
An NSF fee is likely to be about the same amount, but it can cause a lot of trouble and potentially cost you more than an overdraft fee.
Your credit report may begin displaying a late payment, which could drag down your credit score and increase your cost of borrowing for years. Of course, the service often comes with a fee. Even if your financial institution charges a lower-than-average fee per transaction, the fees can have a significant impact.
For instance, the bank is under no obligation to process transactions in the order they were made. So, if a large charge you made yesterday puts you into overdraft mode, then a small transaction made the day before may also incur another overdraft fee.
It can add annoyance to expense when you see fees racking up for charges that would not have exceeded the balance or incurred any fees at all if presented in the order they were made.
It may not be that difficult. Many banks are understanding and, for the most part, know the value of assisting customers on this issue. Many extenuating circumstances can cause an overdraft even when the economy is not in a pandemic-induced recession and unemployment is not widespread. Early on during the Covid crisis, lawmakers urged banks to stop charging overdraft fees because of the financial stress that characterized No law was passed, but billions less in overdraft fees were collected each quarter even without a ban.
The banks seem to survive without this money and may be especially willing to forgive overdraft fees when times are tight. So, the first step in getting out of an overdraft fee is to plead extenuating circumstances. We compiled a list of tactics proven to help you get your expensive and painful fees waived by your bank.
This is the ultimate guide! When you see that you are getting hit by fees, call your bank immediately. It will make it far easier to get overdraft fees waived if you address it as soon as it happens. The best way to be on top of your fees is to keep track of your expenses and bank balance on a daily basis.
Just pick up the phone and call them…now! This is the first thing you should do. That being said, visiting a bank branch can be an effective tactic — if you are up for the challenge and have the time.
Visiting your branch in person is a very effective tactic, but we recommend calling first — you might be able to avoid the hassle! Try to be polite, even if you think that the fee is a mistake.
The bank representatives on the phone speak to tens of angry customers every day. If you are polite you are far more likely to stand out and get a positive result. The goal of the agent is to make you drop your request by thinking that they do not have a choice but to charge you this amount.
Listen quietly and say that you do understand the situation but stick to your point. Repeat your request and try to leverage your banking history as the basis for the refund. The bank will also be more receptive to your request to refund the fee. Another negotiating point that you can use is if you have been an ideal customer of the bank. Even if you have not been banking with them for a long time, you can point this out. You can even say that you are considering switching banks with better customer service policies as you are very disappointed about them not being flexible in this instance.
Call again after a few hours or the next day and repeat the process again. Another agent may be more receptive to processing your refund request. Another possible tactic is to ask the agent if there is someone else they can connect you with that could help you with the refund. This could be a senior manager or a bank officer in the branch. As a last resort, you could consider going to the bank in person to appeal the charge. Schedule your bank visit when you have other errands in the area to save some time.
Getting your overdraft fees waived is possible. If you are a good customer, you can overturn these fees and get them refunded by calling your bank to request for a refund. However, this may only work the first couple of times or if it occurs very rarely. The best way to fight and avoid overdraft fees is to always be on top of your bank account.
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