Bank Overdraft Fees Suck! – Simple Letter to Get Them Refunded
Don’t you hate overdraft fees? Then you’ll love how I reclaimed over $500 in bank fees and overdraft fees with a simple letter – and you can, too!
Get Unfair Overdraft Fees and Bank Fees Back With a “Magic Letter”
Instead of calling or going into a branch, I wrote a “goodwill letter” address to my local branch manager.
I asked her to kindly waive all the fees because:
- I’m a loyal customer
- I’m good with managing my money
- And I’ve referred people to them
I explained
“I understand policies exist for a reason, but because of my good track record (and referrals), can I count on you to help me just this one time with this frustrating issue?”
The referral angle gave me leverage, because banks are nuts about getting new customers.
And framing my request as a small favor made me seem like a nice, reasonable person – not a nutcase bitching about fees.
I closed explaining:
“When you help me with this small (but frustrating) issue, you’ll profit from my business (and future referrals) for years to come. In fact, I’m buying a new car within the next year and would like to finance through you when the time comes. If you can’t help me with this issue, I understand… However, I’ll probably take my business elsewhere (and encourage my friends and family to do the same.)”
Can you see how powerful this strategy is?
Why This Overdraft Fee Letter Is So Effective…
It’s too easy to get emotional over the phone or in person. And most people end up saying the wrong things, anyway.
No matter how right you are, if you’re rude, you can kiss your good reputation with your bank goodbye. Banks keep notes!
This letter gives them compelling reasons to help you – not complaints or a sob story.
Truth be told, most tellers and bankers can’t waive fees without managerial approval.
The person reading your letter, however, can!
After you write it, address it to the branch manager of a local branch, (find out their name, first!) and send it certified mail with a return receipt. This makes your letter (and you) seem important – sending it to the top of the mail pile.
What If They Ignore Your Letter?
Send another one!
This time, put “Second Notice: Your Immediate Response is Appreciated” at the top. Bank managers respond to urgency, just like you.
Explain you’re disappointed you haven’t heard back from them, given your pleasant experiences before.
Restate what happened and ask again for your money back “this one time”.
This method doesn’t work all the time, but it does most of the time.
Be Vigilant About Reclaiming Bank Fees – It’s Your Money!
If it takes ten minutes to write a letter to get a $35 overdraft or overlimit fee back, it’s worth it!
After my success reclaiming fees from the bank, I used it on the credit card companies.
I combed through my credit card statements looking for unfair fees (overlimit fees, late fees, etc.) and fired off similar letters to them as well. And – lo and behold – I got even more money back.
This strategy is so powerful, it’s sad most people don’t use it to it’s fullest poential.
You worked hard for your money, so you should work at least half as hard to get it back!
If you want to rid yourself of overdraft fees for good, click here now to learn how you can get a checking account with no overdraft fees and guaranteed approval (even if you’re on ChexSystems.) Right now they’re giving away a $25 bonus when you setup direct deposit.
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Tagged with: claim back bank fees • get overdraft fees refunded • help with overdraft fees • over draft fee letter • overdraft fees • reclaim bank fees • waive overdraft fees
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