Banks charge their customers for a range of services, including overdrafts and non-substantial funding fees. Overdraft fees can be deducted when the bank honors any payment, resulting in a negative account balance, even if the overdraft is less than $ 1. Returned checks usually generate the same fee. Many banks charge $ 35 or more per investment, so some can quickly add for overdrafts or NSFs. Sometimes, you may also get hit with an NSF, in that case, you must know what is NSF fees. However, you can take steps to withdraw these charges and send the bank credit back to your account.
Automatic monthly fees such as utilities, car payments, and even Netflix can add up quickly. If you are not careful with your time and cash flow, you may end up with a negative balance, even if you feel that you are financially well off. This Non-Sufficient Money (NSF) fees typically average around $ 35 per transaction; Add enough of these, and you are soon seeing a three-digit amount in penalty fees.
But, is there any way in which you can get this money back? In some circumstances, you can do just that. Like this.
Gather Some Basic Information
You have the best chance of returning those NSFs by contacting your bank directly. After all, the bank is the one who charged you for insufficient funds in the first place. In order for the conversation to be effective and productive, you will want to keep some information on hand. Apart from your name and address, you should also know your social security and bank account number.
These are the things a bank associate will need to find your account and look at fees. In addition to this information, he can also help collect the amount of the NSF fee you are looking for for a refund and the dates on which they were recovered from your account. While this final piece of information is something that bank associates can find on their own, having the information ready for them can help speed up the process a bit.
Act Fast
Once the bank charge is known, the best result will usually be achieved. Cover the overdraft as soon as possible, which will inform the bank that you are diligent about removing the shortfall and that you are on top of your financial affairs. Once the deficiency in the account is corrected, call the bank and ask to waive the overdraft fee.
Keep Calm
Start your phone or personal conversation with a calm and polite tone. This will develop a better rapport with the bank representative if the call starts as a collision. Keep in mind that if the bank was correct in charging the overdraft fee, then you are asking the representative to do you a favor, which is more likely to be given with a positive attitude.
However, banks make errors due to overdrafts. For example, Bank of America's smartphone app faced a glitch at one point when it confirmed a check deposit but did not add money to customers' accounts. If the bank is at fault for an overdraft, adopt the same quiet approach, provide documentation of the error, and request the bank to reverse all charges as a result of the mistake.
Explain An Isolated Event
If this is the first time you have been charged an overdraft, explain how it happened and why it should be treated as a separate incident. Whether the overdraft was the result of a problem with a direct deposit, forgot to transfer money to a checking account, or is more than a normal automatic payment, giving as much detail as possible about the incident can reassure the bank that This will not happen. Again and overdraft fees should be reversed.
Talk About Your Relationship With The Bank
You may have been with your financial institution for ages, but still, most of the bank treat their most loyal customers unfairly. Use this inherent danger and remind your bank how long you have been with them and how much you have enjoyed the relationship. If you and other family members have a long history with the bank and have no prior overdraft fees, your case for a refund will be even stronger. If the bank is afraid of losing you as a customer, it may be willing to waive the fee.
