How to Get Overdraft Fees Refunded

Woman holding open empty wallet
Overdraft fees can sneak up on you even if you haven’t been spending carelessly. Maybe you forgot to make note of a utility bill you paid or you had to cover a payday loan or title loan. No matter the situation, overdraft fees are stressful. What many people don’t know is that they can be fought — politely, that is. Xpress Cash has some helpful tips! Learn more about how to get overdraft fees refunded below.

What is an Overdraft Fee?

Overdraft fees are charged when you spend more than what’s available in your account. When you overspend, you’re taking money from the bank that isn’t yours, so if you aren’t charged a fee, you’re essentially getting that money for nothing. Overdraft fees vary from bank to bank; some charge punitive fees several times a day and some are more forgiving. The best solution is to avoid situations where you may overdraw your account, but if it’s important to you, be sure to do your research before choosing a bank.

How to Get a Bank to Waive an Overdraft Fee

First and foremost, be courteous and patient throughout the process. No one wants to deal with an angry customer, and a representative will be less likely to waive the fee if you come off as rude and irate. Instead, keep a level head and follow these steps:

  • Simply Ask for a Refund: If you call your bank and request a waiver, there’s a good chance they’ll be agreeable. Banks want to keep their customers happy, especially if those customers have been around for a while or have a personal loan.
  • Mention Your History with the Bank: If you’ve been a good customer, say so. Is this your first overdraft fee since you opened your account? Remind the representative of that fact and it could work in your favor.
  • Don’t Give Up Right Away: Don’t get angry; get persistent. Again, one of the ways banks retain their customers is through good customer service. Calmly explain the situation and let them know you feel the fee is unfair.
  • Talk to Another Representative: Some representatives are firmer than others. It’s important to keep in mind that bank representatives can get into trouble for being too lenient with customers too often, so if one won’t waive the fee, try another.
  • Visit the Bank: Paying a visit to the bank can also be an effective strategy. It’s harder to say no to someone’s face than it is to say no over the phone. Going to the trouble of visiting the bank and explaining the situation may win you some plus points.
  • Pay the Overdraft Fee: If all else fails, pay the fee. In many cases, the reason a bank won’t refund an overdraft fee is frequent overdrafts. The thing to keep in mind is: unless an error was made by the bank, an overdraft is the client’s mistake, and the bank doesn’t have to refund it.

Get More Tips from Xpress Cash!

Have more questions about how to fight overdraft fees or are you considering your options for a short-term loan? Contact us for more information! We’re located in three states: Michigan, Wisconsin, and Idaho.