How To Fight Overdraft Fees

11
February

The average American knows exactly what it means to get overdraft fees, because the majority of people have incurred them at some time or another. These fees are imposed by the bank when the person goes over their amount in the checking account, which for some people are a common occurrence or for others is a once in a while mistake. Either way, they are annoying fees. Many people wonder why a fee is being imposed when the person apparently does not have the money to cover the fee if they can’t cover the expenses of day to day living, but let’s face it, these are how banks make their money. This is the reason that many people do not even try to fight their overdraft fees, but where there is a will there is a way. This article will examine some of the most common ways to fight overdraft fees that your bank has imposed on your account.

The most direct approach is to simply ask. If you can go directly to the bank and explain the situation to them, sometimes that person will simply waive the overdraft fees because everyone knows that we all have those paychecks that are tight. However, do not put this off for very long. The minute you know you have a problem go to the bank. Many banks charge a daily fee for everyday that you are in the negative on your account. The higher the amount goes, the less likely the bank is just going to erase these fees. Remember, this is how they make money, so this approach may work a time or two at the maximum.

Secondly, check for errors on your bank account. Do not just accept that you have an overdraft fee. This is why it is extremely important to keep your records as up-to-date as possible for comparison purposes. If the overdraft fee is the bank’s error, make sure to prove that it is their error through the proper paperwork and proof. However, they should wipe you account free of the fee when it is indeed their fault.

The reason for your overdraft may be reason enough to have the fee removed. For example, if you could not cover a check that you wrote for $20.00 for whatever reason and the vendor in which you gave the check is charging you a $50 for the bad check and this is what puts your account in the negative many banks will dismiss the overdraft charge. However, you will have to ask about this as it is not something that banks will automatically do.

Make sure that when you question an overdraft fee that you are ready to argue your strong points. For example, if you have never had an overdraft fee since you have opened the checking account, make sure that they know. You character will play a lot in the decision as to whether they will remove the overdraft fee. In addition, if you have been a long time customer, make sure they know it so that can reward your loyalty.

You can also ask to be removed for the Overdraft Protection that you have with the bank. Most banks automatically put their customers in this program. This is why some people are surprised to find overdraft fees on their accounts. However, if you ask to be removed that should stop overdraft fees. When you do this, next time you do not have the money, the card will simply be declined. This is a great option for those who are constantly having overdraft fees attached to their account.

If your bank refuses to work with you on these issues, then more than likely they won’t work with you on any situation. For this reason, you may be better off to get your account balance to zero and move to another bank. There are many banks who are wanting your business and may be more lenient if you should incur overdraft fees.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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