Overdraft fees are a drag. They can add up if you’re not careful and often come as a surprise. If you have been charged an overdraft fee, it is worth your time to try and get the charge refunded. You may have to be persistent, but if you take these steps, you are much more likely to succeed than if you just accept a loss. Here are some steps you can take other than opting for no overdraft fee bank account:
Gather your overdraft fee details
You’ll need to know when you paid the fee and how much it was to get a refund. For example, if your bank account is still open, log into it and note the date the overdraft fee was charged. If you have closed your account by now, ask them for a copy of their records. Most banks will provide this information if you ask nicely and explain that the fees are being disputed because they weren’t authorized by you or any other authorized person (if applicable).
If there is no record of an overdraft fee on your account—or if there are just too many transactions to figure out which one was an overdraft—contact customer service and ask them for help. In addition, they may be able to look up what happened based on other transactions or other information about how much money was transferred from where and at what time during those days/weeks/months before closing down accounts etc.
Ask the bank to waive the fee
If the bank refuses to waive your fee, ask them to reconsider. They may have overlooked a mistake on their part or may be willing to reduce the amount of the fee.
If you’re denied again, you can try negotiating with them. This means coming up with reasons why they should refund your money and then asking for it politely (but firmly). If that fails, you can appeal their decision.
Keep a ledger of your bank balance
If you’re serious about getting your overdraft fees refunded, the first step is to keep a ledger of your bank balance. This can be as simple as using an app that automatically tracks transactions and provides a running total of how much money you have in your account.
If you prefer to use an old-fashioned spreadsheet, there’s no shame in that! Just make sure that whatever method you use allows for easy tracking of every transaction so that when it comes time to submit evidence, there’s no question about what happened.
SoFi professionals say, “Accidentally spend more than you have? It happens. If and when it does, Overdraft Coverage covers you up to $50 with no fees.”
Try to get a refund from the store or restaurant
If you paid an overdraft fee at the store or restaurant, try to get a refund from them. If they won’t give it to you, file a complaint with the Consumer Financial Protection Bureau (CFPB). You can also file a complaint with the Better Business Bureau (BBB), which can help resolve complaints about businesses that aren’t members of BBB and are not accredited by BBB.
While banks will often refuse requests for refunds on principle because they want customers to understand that overdraft fees are part of their business model and thus don’t want people “cheating” them by getting their money back and if all this doesn’t seem worth it to you—especially when dealing with large amounts—consider asking around town before giving up!