Here’s how I got a bank overdraft fee refund. Best practices included!
Find out how to get overdraft fees refunded. Today I’ll let you in on the secret of how I got my recent overdraft fee refunded.
Overdraft fees are a plague. They’re an inconvenience that several million Americans deal with every year. They manage to kick us when we’re already down.
Few things are worse than an overdraft fee.
If you’re here, it means you’ve dealt with a bank overdraft fee. Or worse, you’re currently dealing with one. The good news is that you can get an overdraft fee refunded.
Below I’ve shared my experience on how I was able to get an overdraft fee refunded. It’s important to note though that this strategy will probably only work once or twice for you. However, if I can help just one person get their overdraft fee refunded, it will all be worth it.
You deserve to get your overdraft fee refunded
Overdraft fees kick us when we’re down. Bank overdraft fees really only affect people that are already struggling to cover their bills.
You get charged with an overdraft fee when your bank account goes negative. Sometimes it feels like the banks are reminding us that we don’t have enough money in our account. They do this by giving us an additional charge. It just feels rude.
Some banks even go as far as boasting that they won’t charge you an overdraft fee unless your bank account goes under $5. Oh, how generous.
Below, I have the most common banks and their typical overdraft fee. You’ll see that the typical overdraft fee is $35.
The worst part is that it doesn’t matter how much my account went under. Regardless of how much I was short by, I still get a $35 charge!
I went to drive through one time and tried to make a $10 purchase for some chicken nuggets. I was short by $2.13. I ended up getting stuck with an additional $35 bank overdraft fee because of that.
Often times, bank overdraft fees are caused because of the bank’s slow processing. You might check your bank account routinely. But if the bank isn’t keeping your balance up to date, you might miss that you have a current transaction going through when you try to make another purchase. That may leave you with an ugly surprise when you just want dinner.
Worst of all, banks can charge me multiple overdraft fees without even notifying you. That sounds like a great way to rack up $100 in charges without even being aware of it. I’m sure your bank doesn’t mind though.
Long story short: you deserve to get your overdraft fee refunded.
Learn how I got my overdraft fee refunded
So, how do you get around these and how do you get a refund for an overdraft fee?
The good news is that it’s a simple process.
I live around the corner from my bank. I prefer to talk with people in person rather than over the phone. If you prefer calling instead, that’s okay.
You should be able to call your bank to ask for an overdraft fee refund as well. However, you’ll still want to follow the steps I recommend below.
The five best practices to prepare
Here’s a list of my recommended best practices.
I started my day by getting ready. That morning I put on nice clothing and styled my hair. Although I don’t routinely wear makeup, I put some on to help wake me up. Overall, I chose a look that made me look professional and mature. During breakfast, I mentally prepared by covering the topics I might need to talk about. I wanted to be alert, but steady during the day, so I made myself a cup of tea.
How to ask for an overdraft fee refund
I walked into my local bank and talked to the agent that was there. When talking, I made sure to be polite but firm.
Bringing the overdraft fee notification they mailed me was helpful. I showed it to the agent when I asked her to, “please refund this overdraft fee in my account.”
At first the agent told me she couldn’t do it. I stayed calm and politely held my ground. Afterall, I had rehearsed my talking points this morning.
Here is a lit of the talking points I covered:
- First, I explained that I was a loyal customer and that I had been with the bank for over 7 years.
- I mentioned that I had two accounts with the bank and had been considering opening a joint account with them as well. That was true.
- Next, I pointed out that I had only had one overdraft fee in the past year. My goal was for the agent to see that I tend to be a responsible customer.
- Finally, I confided in the agent that the year had been hard for me. At the time of overdrafting, I was dealing with difficult family circumstances. Plus, the pandemic had affected me financially. Only open up like this if you feel comfortable talking about personal matters.
Unfortunately, the agent still seemed a little hesitant. So, I used the last tool in my utility belt. I explained I had been responsible with my bank account. Part of the reason I had over drafted my account was because of the bank’s slow processing.
Honestly, I had checked my account the day before to confirm that I had enough money for a large purchase. The bank had not processed a recent purchase for a gas station snack. That was the difference that ended up causing me to overdraft.
That seemed to be the trick that work. The agent finally gave me the paper I wanted. The agent gave me the refund begrudgingly, but the fact she did at all was the only thing that mattered. I thanked her profusely before leaving that day. It may have seemed like a simple task, but there’s a lot happening behind the scenes.
Staying graceful is key
When asking for an overdraft fee refund, it’s important to remember that some banks are strict with their agents. Some banks count how many refund forms are given out. One form won’t hurt an agent’s job, but several forms in the same week can cause issues.
Banks shouldn’t operate like that, but that’s the reality. It’s important to stay firm but polite through the whole process, even if you don’t successfully get a refund. Sometimes agents want to help, but it’s out of their control.
Plus, if one agent can’t help you, you may still have options. It doesn’t hurt to go to a different location for your bank and try there too. A different day, a different agent, and a different location may be the difference needed.
You can get an overdraft fee refunded
If you’re wondering how to get overdraft fees refunded, the key is to be polite but firm. Simply asking your bank for a refund can go a long way. Whether you choose to ask over the phone, or in person is up to you. Use these tips to secure your next overdraft fee refund.
If you’re looking for a way to avoid an overdraft fee last-minute, you might consider a payday loan instead. With Net Pay Advance, our payday loans are instant. If approved, you could have the funds you need within a few minutes! There is a cost, but it’s often much less than $35. Learn more here.
Stop struggling with the bank, and start living your best life. Accidentally overspending shouldn’t result in facing an overdraft fee.
Maybe one day banks will stop punishing customers with overdraft fees. Until then, take back those costs with a refund.