Tips for Getting Overdraft Fees Waived


Have your ever found yourself having to run errands on a certain day and you have a feeling you might have overspent from your account?

The last thing you want in your account is having to check your balance and finding that, not only is your account having no money, but there is also a huge bank charge in your account.

Overdraft fees are charges from your bank that arises when you withdraw more money out of your account than what is currently in there.

Luckily enough, you can negotiate a waiver on the fees with your bank with a simple phone call. All you need is the perfect script!

Here are the steps in negotiating for the waiver.

  1. Be polite

Nobody likes dealing with a rude customer. In fact, most representatives will not help you out if you an irate and rude customer. Customer care representatives are there to assist you and not to bend to all your demands.

Talk to the representative in a nice and pleasant way and he might return the favour by waiving your fee.

  1. Ask the fees to be waived

Be straight to the point. Don’t beat around the bush for 20 minutes trying to explain as to why your fees should be waived. Say what you need and shut up!

The bank wants to keep you as a customer, hence they probably will, on your request.

They won’t always waive it though on your first try as the bank also wants to keep as much money as they can. You might need to try a little bit harder.

  1. Blow your own horn

If you’ve been a loyal customer for a number of years, point that out. Better, if it is the first time you are asking to get fees waived.

Remind the representative how good of a customer you are and how many offers you get from competing bank. Banks spends a lot of money on customer acquisition. The longer you stay with a bank, the more they get out of your investment. Ulzheimer says. “Be firm and remind them that your business is portable.”

  1. Be persistent and firm

If you are persistent enough, you will make it hard for the customer care representative to say no.  Do not to get angry at the representative as most likely it will get you nowhere. Ensure the representative know how unhappy you are because of the fees.

As the key responsibility of the representatives is to keep the customer happy, they just might give in.

  1. Hang up and call again

Sometimes getting your fees waived is all about hitting the right representative. If the first representative shuts you down, thank them politely for their time, hang up and dial the number again.

This might be your fortunate chance as the first representative might be firmer than the second.

  1. Go in person

Representatives find it harder to say no when you are in person compared to phone call.

Be polite and rehearse your script as you did it on phone.

  1. Pay the fees

You are not always going to win all negotiations. All your efforts may fail.

This mostly happens if it is not the first overdraft fees you are charged. Bank representatives will not waive your fee if you keep on getting the overdraft fees charged.

In such cases, pay the fee and ensure to avoid the overdraft fees recurring.