I will give you guys a little inside information as a former bank employee on this post. In my days as a bank manager, I made a few overdraft fee refunds. I never had any sympathy for people who overdrew, but I their accounts, but I helped them out.
To get a refund, all you have to do is ask. But you have to ask the right way. If you go in there yelling and blaming the bank for the fee, you will get nothing.
When you go in, do not throw a fit. If you make a scene, you will be asked to leave. If you call on the phone and start yelling or crying or raise your voice, you will be told that there is nothing that can be done.
When you call or show up, admit fault. Say that you made a mistake and it is a rare event. You were in a tough spot. It will not happen again. Please refund my fee.
That last part is the most important. You have to specifically ask for what you want. If people asked “is there any way you can help me out?” I would say “yes, I can cut the fee in half.” If they asked for a refund, I usually did it.
Something else to keep in mind: this does not work regularly. Banks keep records of every time you call. There are records of every overdraft you have had. There are records of every fee refund you have ever been given. When I saw a first time overdraft, I gave a refund. When I saw a repeat offender, we usually kept to the one time per year rule.
The moral of this story: DO NOT SPEND MONEY YOU DO NOT HAVE. It is the tough truth, but all overdrafts are your fault. The only good way to really know what you have to spend in your account, especially if you use a bank debit card, is the old fashion paper check register.
Eric
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You can do the same thing if you’re late paying a credit card. Just call the number on the back of the card, go through the menu until you get a person, and ask them to waive the fee.
I did the same thing when I was a bank manager. My advice is be polite and ask for a refund. It's worked for me since I got out of the banking business, I've had a couple of situations that caused an overdraft. One was truly not my fault. An ACH deposit was made in the morning and then withdrawn later in the day…. but that's another story. My bank, Washington Mutual (now Chase) paid all of my checks & electronic payments, but I had five overdrafts totaling $145. I spoke with the bank manager and received a full refund.
It's usually a good idea to establish a reltionship with the local branch manager. A little face time goes a long way for getting help when you need it.
Good points Adam and Dale. Credit card companies will often do the same thing.
Glad to hear another former banker agrees with my post.
Thanks for your comments. I appreciate hearing other points of view in addition to mine.