Sometimes it really is that simple!
Imagine logging into your bank account and seeing a balance that is a little lower than expected. As if that isn’t bad enough, the bank is going to charge you $30+ for every overdraft that they covered for you. This happened to me a couple weeks ago. After transferring money between multiple accounts at my bank, I didn’t leave enough behind to cover some lagging pending charges. What resulted was a negative balance and $70 in bank fees.
I made an immediate transfer to adjust the balance. My next step was to call the bank and plead my case…but then I got sidetracked. It wasn’t until I saw a timely post at Bible Money Matters about getting a late fee waived by asking that I stopped what I was doing and called the bank.
Once the representative had my information, he was able to pull out my account. He saw my self initiated transfers, and also pin-pointed the cause of the problem. Some charges took longer than usual to post due to the 4th of July weekend.
I explained that I took steps to immediately remedy the problem, and have not had an overdrafts in a very long time and asked if he could reverse the charges. He checked my account history and was able to do so! Score!!!
1. Be diligent! Charges do not post immediately and must be tracked closely
2. Set up overdraft protection – Most banks do this for free, however, there may be an overdraft transfer charge…its typically a fraction of the overdraft fee
3. Fix the problem immediately
4. Have all your information together when you call
5. Be courteous – after all; you are asking them to do you a favor
6. It doesn’t hurt to ask – Banks understand people make mistakes. As long as there isn’t a history of fees, your request will more than likely be granted.
This also has the potential to work with
- Late fees for banks, credit cards, utility bills etc
- Application & registration 1 time fees (rare, but I have gotten a couple application fees waived)
- Service charges (If I’m paying a bill by phone, there is typically a fee for doing this via a live agent vs automated system)
What about you?
Have you ever been able to get a fee waived?
If you’ve ever over-drafted or been charged a late fee – what did you do to make sure it doesn’t happen again?