UPDATED Is it possible to get a bank to reverse overdraft fees?

[Kellydelly]

I made a horrible discovery yesterday afternoon. I logged into our online banking and saw a negative in front of my checking account balance. We have to checking accounts, one that is used for EVERYTHING, dh's paycheck gets deposited there and all our transactions are done through that account. Then we have an extra checking account I opened for ebay and paypal transactions. It is used rarely, and we normally don't keep more than $20 in there (we also have a savings account too). Well I set up a cc payment in late January and didn't realize it was being payed with the account that only had $12 in it (payment was $34). I didn't realize the default account was our secondary one, I thought i was setting up the bill to be paid from the account that actually had money in it. So I got hit with a $36 dollar charge immediately, and then when another ebay debit came through for $2 a week or so later, they hit me with another $36 fee. Add to that 14 more $8 fees . I was up to over $200 in fees when I noticed what was going on yesterday. The bank did send me a notice, mailed on the 28th of January that I was overdrawn, but the envelope looked just like any other mail from the bank so we didn't open it (we don't open the bank statements until we are ready to reconcile the accounts). And if we had opened it then, I'd still be over $100 in the hole anyway. I talked to a bank representative yesterday and he said because I live in MI they can't reverse the charges for me. He started a dispute for me because I was sure I had initiated a payment from the correct account, but then after further discussion he told me since it appeared to be my error (the bill pay showed it coming from the account with insufficent funds) I was SOL. Is there any chance if I go into the bank tomorrow morning the manager may be able to help me? My husband said he's not paying over $200 for bills that total less than $40. I see his point, but I don't think they will even let me close the account without paying them the fees anyway. I don't need my credit screwed up over my stupid mistake. Do you guys think there's any hope of the bank helping me out with this? Or is it a suck it up learning experience, a real pricey one ? Any advice or input would be appreciated. I'm just sick that I have to give the bank all that money when we had sufficient funds in the other two accounts to cover the debits .

Edited to add: I went to the bank this morning to plead my case/ignorance and the manager was able to drop one of the $36 fees, but that was all. She did change our primary checking to a no-fee interest earning account, though. We had been paying $8 a month. So it will take about 2 yrs for me to gain back the fees I paid today. Expensive lesson!

 

[ZuZugal]

truly, it could go either way...depending on the bank and who you talk to. They might be willing to work with you, or reverse some of the fees, but I doubt all of it.

I recently went to my bank that I have multiple accounts with to go over some fees that had been assessed. One of my accounts had gone below a set minimum for that type of account, so there was a $15 fee for the last 3 months added to that account. Without me even asking to have the fees removed the manager I spoke with credited that account back with $45 and changed my account to one with a lower minimum.

Now, I know this would not happen for everyone. I have many accounts with them and have been with this bank for 12 years. BUT...my theory is...you never know unless you ASK! If you've never had any other fees before, go in and speak with someone personally and don't expect them to reverse all of the fees because it was in fact your fault. (Not pointing fingers here, I could have easily done the same thing.)
Good luck!

 

[fakereadhed]

Go in and talk to them. We had a problem with some new checks that got printed incorrectly, and instead of informing us when they noticed the problem, they just processed them like NSF. They eventually only made us pay for half, but it was better than the whole thing! Never hurts to ask.

 

[PolyHereWeCome]

Definitely worth trying. If you've been a loyal customer for quite some time and haven't had any prior calls to request such corrections, I'd be suprised if they didn't take at least some of the charges off.

 

[Mickey527]

Not if it is a bank in Ct. I had Peoples Bank a local bank in CT and was constantly getting overdraft charges for auto payments. The would change the date of the auto payment without letting me know and when my disability check didn't come in I got an overdraft. this happened 3 times and the bank didn't want to hear anything and the company I have the auto payments doesn't use any other type of payment option other than charge cards.
So I switched to Bank Of Americawhere I could go on line and stipulate the date for the payment. I was getting to the end of my disability check but thought I had enough in there for some groceries I bought with my debit card. I didn't have my checking account with me so I wasn't sure and should have checked when I got home but I was tired. I spent $.07 more than I had and they sent me the card yesterday with a $35 in fees for the $.07 overdraft. I called and was told basicly, tough, keep better records... I don't think they should have let the charge go through if there wasn't enough to cover it but they did. My credit union debit card is refused if there isn't enough in the account.
So I learned my lesson, no debit cards.

 

[dakcp2001]

It will all depend on who you get on the phone. I would call, and be very nice and explain how it happeend, and it was just a onetime mistake. They might be nice and give you soemthing of a credit, but in all honestly it was your mistake, and they sent you a letter that you did not open. It cant hurt to call and try, people are not perferct, we all make mistakes. If you have a good account histoiry they might be nice.

 

[LSchrow]

absolutely worth a try.

as long as you don't have a history of asking for "one time exceptions" (which you apparently don't), most banks will waive at least a portion of the fees. if not, it might be time to inform them that you are ready & willing to switch all your accounts to another bank.
(fyi, it sounds as if there are laws in your state that might be different, but you have absolutely nothing to lose by talking to the bank manager).
good luck

laurie

 

[CarolA]

I have to admit I am confused, but...

Do you only have the one checking account with this bank? Do you have several accounts? That might make a difference IF you threaten to move all of your accouonts. However, the BIGGEST decider for the bank is going to be your avg balance and at $36 in the account they are NOT going to feel at all "needy" to work with you.

 

[62tall]

I have been in those exact shoes. Somehow last summer I paid my house payment twice! ugh! The letters kept coming. I think I was at $700 in fees. Go in to the bank with your hat in hand. They worked with me and got everything current for me. I paid atleast 1/2 of the fees. I never was upset I just was very grateful and almost begging. Hey, it worked and save me close to $400 for my stupid mistake. Good luck

 

[belle&sebastiansmom]

Do you have a savings with this bank? Many banks will pull from your savings or other accounts to avoid NSF charges while they contact you.

Good luck, I agree that it won't hurt to ask, hope it works out in your favor. But also remember that the banks are there to make money as well, so they may not be quick to change their policy, and they don't really have to.

 

[i3utterfli82]

If you have never had this happen before they may take a few charges off, but not all. If this has happened before probably not.

 

[Kim in SPR]

If you have never had this happen before they may take a few charges off, but not all. If this has happened before probably not.

I second that. Having worked for a bank for many years, it is definitely possible to waive the fees, but whether it's probable depends on your balance and history. I can tell you that they will not waive the fees if you don't present your case and ask them to. If they decline, explain your case again and ask for them to waive half of then since it was an honest mistake but you do accept the blame. One last resort is to offer to open an overdraft protection account if they waive all the fees. They are looking for the points for opening the line of credit so they may be more willing to work with you. There will be a charge for it, usually $35 per year or so, about the cost of one overdraft fee. You will not pay interest unless you actually overdraw. I see that you do monitor your account online so you will know if you ever overdraw again. Make sure you pay it off ASAP as banks do not pay the line off when you have a positive balance. IT's up to you to do so. If you don't use it again, cancel it after the year is up.

 

[corndog]

I worked a stint as a bank teller once. Everyday we got a report of individuals who were in an overdraft position. We would always call them to let them know and give them an opportunity to rectify the situation before taking any adverse action.

Customer service just isn't cool anymore.

 

[Kellydelly]

I have to admit I am confused, but...

Do you only have the one checking account with this bank? Do you have several accounts? That might make a difference IF you threaten to move all of your accouonts. However, the BIGGEST decider for the bank is going to be your avg balance and at $36 in the account they are NOT going to feel at all "needy" to work with you.

We have three accounts with this bank, two checking and one savings. The count I inadvertantly used was one we don't keep a lot of funds in. We are not loaded, so don't have millions in their bank, but my husband has been a customer of theirs since the early eighties. I guess that doesn't matter, though because this particular account is only 5 or so years old.

 

[Kellydelly]

I worked a stint as a bank teller once. Everyday we got a report of individuals who were in an overdraft position. We would always call them to let them know and give them an opportunity to rectify the situation before taking any adverse action.

Customer service just isn't cool anymore.

If only that was the way it worked. They'd rather hope I stay in the dark for three weeks racking up fees . (or at least a few days later till the notice came)

 

[Kellydelly]

I second that. Having worked for a bank for many years, it is definitely possible to waive the fees, but whether it's probable depends on your balance and history. I can tell you that they will not waive the fees if you don't present your case and ask them to. If they decline, explain your case again and ask for them to waive half of then since it was an honest mistake but you do accept the blame. One last resort is to offer to open an overdraft protection account if they waive all the fees. They are looking for the points for opening the line of credit so they may be more willing to work with you. There will be a charge for it, usually $35 per year or so, about the cost of one overdraft fee. You will not pay interest unless you actually overdraw. I see that you do monitor your account online so you will know if you ever overdraw again. Make sure you pay it off ASAP as banks do not pay the line off when you have a positive balance. IT's up to you to do so. If you don't use it again, cancel it after the year is up.

That's the weird part. They know we have the money in either of our other two accounts, but they won't transfer it to settle the overdraft. I have to do it.

 

[mickeyluvr004]

Not if it is a bank in Ct. I had Peoples Bank a local bank in CT and was constantly getting overdraft charges for auto payments. The would change the date of the auto payment without letting me know and when my disability check didn't come in I got an overdraft. this happened 3 times and the bank didn't want to hear anything and the company I have the auto payments doesn't use any other type of payment option other than charge cards.
So I switched to Bank Of Americawhere I could go on line and stipulate the date for the payment. I was getting to the end of my disability check but thought I had enough in there for some groceries I bought with my debit card. I didn't have my checking account with me so I wasn't sure and should have checked when I got home but I was tired. I spent $.07 more than I had and they sent me the card yesterday with a $35 in fees for the $.07 overdraft. I called and was told basicly, tough, keep better records... I don't think they should have let the charge go through if there wasn't enough to cover it but they did. My credit union debit card is refused if there isn't enough in the account.
So I learned my lesson, no debit cards.

I second that I also live in CT and have BOA they won't help out no matter what I have been in the same situation and 35 for a dollar or 2 totally rediculous

 

[carmie3377]

I worked for a bank for several years. Our policy was "We don't refund the fees" but in reality we did. If the customer had had their account for awhile and didn't make a habit out of it, we would as a courtesy refund an OD fee or two.

As far as banks calling customers when they OD. As nice as it would be, banks simply don't have the time. Just for accounts opened out our branch, we would have 400-500 bounced checks a day. They would have to hire several people just to make phone calls. As far as transferring from one account to another, some accounts could be set up that way, but not all. After all, it's up to the customer to keep track of their balance, not the banks.

Banks rely on OD fees. Most banks no longer charge service charges on their accounts. I would rather not have service charges than have low/no OD fees since I have only overdrawn one time. So, in the last 15 years I have had bank accounts, I have one OD fee I had to pay, costing me $20. I would much rather take that than $15/month for 15 years ($2700!) and have an occasionally OD fee.

 

[NancyIL]

My teenage daughter overdrew her checking account by 50 cents one time - and there was a ~ $28 overdraft fee and then additional charges because we didn't notice it right away. I called the bank and they did waive the fees. It helped that the woman I talked with at the bank had previously opened college savings accounts for two of my kids and remembered me.

Now my teenage son has a checking account at the same bank. Yesterday (Sat.) he deposited his paycheck of $140. Today he took out $30 at the ATM, and the receipt showed a balance of - $26.12! When I looked at his deposit receipt, it said the deposit would be credited the next business day - which is tomorrow (Monday). I will call the bank tomorrow and hope they won't charge him an overdraft fee - since technically he did have funds in the bank when he made his ATM withdrawal.

 

[kim929]

I spent $.07 more than I had and they sent me the card yesterday with a $35 in fees for the $.07 overdraft. I called and was told basicly, tough, keep better records... I don't think they should have let the charge go through if there wasn't enough to cover it but they did. My credit union debit card is refused if there isn't enough in the account.
So I learned my lesson, no debit cards.

I would call back. If the acct was od for 7 cents. the fee should of been refunded. When I have a customer call I look at the acct, If your a jerk, and your yelling at me, chances are very good I'm not going to give you any refund. But if your being nice, and I'm looking at your acct and you od for a very small amt. by the time your done giving me the reason the acct became od the fee has been refunded.