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How to Get Overdraft Fees Reversed

No matter how well you plan out your finances, mistakes occasionally happen. Sometimes those mistakes lead to costly overdraft fees that can really eat away at your monthly budget. If you are in a situation where you are facing one (or multiple) overdraft fee, there are some steps you can take to potentially decrease the amount you have to pay or to have that fee reversed entirely. Here are some tips at getting those expensive fees reversed.

Remain Polite

Even if you are mad enough to spit nails, you need to remain calm and speak politely to whomever you contact about the fees. It does not matter if the mistake is on your end or the banks end, the more polite you are with the people you are speaking with, the better the chances are that you will end up with some or all of that money coming back to you.

Ask for Forgiveness

When you have made an error and somehow gotten your finances a little mixed up, simply asking for help from the bank can go a long way. This is especially true if this is the first time, or the first time in a long time, that this type of error has occurred. Ask how much willingness the bank has in offering reverses of these fees for customers who are normally very careful with their finances, and see what type of answers you get. If the representative doesn’t know, ask if you can speak with their supervisor to ask the same question. Just make sure you ask politely and thank the representative for being honest when they told you they did not know the answer.

Contact Your Bank Right Away

If you let the fees sit in your account for a while, the bank is not very likely to even try and work with you. For those who check their accounts daily, the sooner that you notice the fee, the better. Contact your bank and see what happened. If it was your fault, admit it and see what, if anything, they are willing to do right while you are on the phone with them. Most of the time banks are more willing to work with customers who are honest, calm, and attentive to their accounts.

Go to Your Actual Bank

Calling doesn’t always have the same impact that showing up can have. Banks are more easily able to put aside the needs or concerns of a voice over the phone, but when there is a face, emotions, and genuine concern right in front of them, they usually try very hard to work with you. You still want to remain polite and calm, making sure to pick words that will not cause resentment or could come across threateningly in any way, but be honest with them and see what type of response you get.

Show Them What They Could Lose

When all else fails, show the bank that they may be losing out. This works especially well for those who make a lot of transactions or have a solid long-term relationship with their financial institutions. If you make it very clear to the bank that they could lose your business, they may be more willing to reverse a fee or two one-time instead of losing out on all of the other fees your accounts could otherwise offer. However, again you need to make sure nothing you say could be taken as a threat. This could end up backfiring and leave you in a situation where you are facing not only overdraft fees, but also needing to look for a new bank!