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Here’s how I negotiated out of bank fees — part 2

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Here’s how I negotiated out of a $20 overdraft fee and a $27.10 finance charge from Wells Fargo.

I accidentally overdrafted a couple weeks ago (overdrafting is when you don’t have enough money in your checking account to pay off your bills, so your bank helpfully transfers money from your savings or credit-card account. They also helpfully charge you $15-$30 for the service, wiping out all your interest for the year).

I had transferred money from my savings account to checking account to cover a temporary shortage, and the transfer arrived one day late. I saw the overdraft fee, sighed, and called the bank up to get it waived.

Can you negotiate bank fees? Yes, you can – and here’s how

This is how it went last time I called my bank to negotiate fees.

This time, I had a feeling they would be less than happy to waive my fees, but with a little coaxing…

Ramit: “Hi, I just saw this bank charge for overdrafting and I’d like to have it waived.”
Bank rep: “I see that fee…hmm…let me just see here. Unfortunately, sir, we’re not able to waive that fee. It was [some excuse about how it’s not waiveable].

Bad things to say when negotiating bank fees:

  • “Are you sure?” Don’t make it easy for the rep to say no.
  • “Is there anything else I can do?” Again, imagine if you were a customer service rep and someone said this. It would make your life easier to just say “no.” As a customer, don’t make it easy for companies to say no.
  • “Well, this Indian blogger dude told me I could.” Nobody cares…but it would be cool if 1,000 customers called their banks and said this.
  • “Okay.” Don’t give up here. Despite what you learned in sex ed, “No” does not mean “No” when it comes from a bank.

Try these techniques to negotiate bank fees instead

Ramit: “Well, I see the fee here and I’d really like to get it waived. What else can you do to help me?” (Repeat your complaint and ask them how to constructively fix it.)
Bank rep: “Hmm, one second, sir. I see that you’re a really good customer…I’m going to check with my supervisor. Can you hold for a second?”
(I’ve been with the bank for many years, which you should always use to your advantage when calling to complain. Banks pay hundreds and sometimes even thousands of dollars in customer-acquisition costs and don’t want to lose you.)
Bank rep: “Sir, I was able to check with my supervisor and waive the fee. Is there anything else I can help you with today?”

Key takeaways:

  • Mistakes happen, but don’t be dumb and overdraft like me
  • When complaining, have a clear goal and don’t make it easy for companies to say ‘no’ to your complaint
  • “No” is the beginning of the conversation

[Update]: Always, always track your customer service calls (you can use this free spreadsheet). When I logged in this morning, I saw that the bank had categorized the overdraft as a cash advance from my credit card and and charged me a $27.10 finance charge. I got that waived (with a fight), but imagine if you’re earning $400/week. Those ridiculous fees just took 10% of your income away, underlining this recent Washington Post article about Americans’ dissatisfaction with credit card fees. If you’re going to say, “But consumers should just read the documentation,” it’s just not that simple.

[Update 2]: To open a high-interest ING savings account (I use one), click here.

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105 Comments on "Here’s how I negotiated out of bank fees — part 2"

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Ross
Ross
9 years 2 months ago

Another argument suggestion: Blame the fee on the bank, particularly on their technology. Ex: I overdrafted because my online balance wasn’t correct. They give you a little lesson on how charges take a couple of days to post to your online account, and usually refund your fee. Remember though, they will never admit they were wrong, but will refund the charges for the “confusion” they caused you. Also, remember to point out that (hopefully) “This has never happened before, I am a good customer!”

Philip Plante
9 years 2 months ago

Overdraft fees are ridiculous, especially when you have a large savings account and made a mistake by not transfering money in time.

The fees most banks charge are often higher than if you were to go get a payday loan as a hold-over until your transfer goes through.

Philip Plante
9 years 2 months ago

I don’t really think its distasteful, its more of a matter of honesty and integrity. But hey are bankers that honest? 😉

Brandon
9 years 2 months ago
I’ve gotten lots of fees waved by calling up. It’s definitely important not to take them laying down. One good story goes like this: I signed up for a new credit card (wanted to have an AMEX card for the international recognition and travel features and BoA offered me one with no annual fee) and while I was activating, I was offered a balance transfer at 1.99%. After offering the balance transfer, there were some connection problems on the line but I heard the rep saying something about percentages. I asked, to double check, “Are there any fees associated with… Read more »
Carlin
Carlin
9 years 2 months ago
When I went to pay my balance in full one month, I got charged a $20ish dollar finance charge for short paying my credit card balance by 10 cents. Instead of starting out negatively, which isn’t going to help because no one likes to be yelled at or blamed for something they can’t control, I just asked what it was for and played dumb. Once she determined what the charge was for, she offered to remove it without me asking (probably because she realized it was bullshit). Instead of coming at her with, “Why is your bank so crappy that… Read more »
Paul Singh
9 years 2 months ago
I was viewing my AMEX Platinum’s balance online just last week (actually on 5/21) and noticed that the balance was due on 5/22. (For those of you that don’t know, this particular card is a charge card and requires you to pay the full balance off every month to avoid HUGE late fees.) So I requested an online payment that posted on 5/22 — exactly on the due date. When I logged in to look at my statement earlier today, I noticed that I had been hit with a fee that was nearly $100! I called in and learned that… Read more »
Jenn
Jenn
9 years 2 months ago

I am very shy and HATE negotiating stuff like this. I am much more likely to let people walk all over me. However, reading this helped me get the courage to call up my bank and ask them to waive a recent insufficient funds fee (paid a bill from the wrong account). She did it immediately, no questions asked. That felt awesome!!!

Jago
9 years 2 months ago
This horror story is called “Honour Fees” in Australia. I come from The Netherlands originally and I don’t want to brag, but ‘we’ don’t have overdraw fees at all, because every bank will give you a credit of a 1000 or more euros on your normal everyday account, so you can go into the red with very acceptable interest if it’s necessary to use. Anyway, I came to Australia opened an account with ANZ, deposited some money in it and because nobody told me or could not be found in their basic ‘reading material’ I thought that as soon as… Read more »
Adam Ferguson
9 years 2 months ago

While many bank fees are ridiculous, I find that they are quite willing to wipe them for a good customer.

I had a bounced check fee wiped because I stupidly wrote a check out of the wrong account. I simply walked into the bank and asked, and they did it right there on the spot. I didn’t have to do any convincing or anything. Plus, I’d been a customer for ~5 years.

Enrique
Enrique
9 years 2 months ago

When I call customer services, I am very nice to them.
Customer services do not set the rules. They just get stuck answering our questions or hearing our complaints.

K
9 years 2 months ago

Ramit,

The repetition technique is exactly the one I favor in negotiations.

I simply repeat the request until I no longer get the auto-answer.

People are lazy. The first response will almost always be no. Much less work.

May
May
9 years 1 month ago

I wish that credit card companies instead weren’t always trying to tack on extra fees and charges and that everything wasn’t this difficult. I saw that article in the WashingtonPost and I think its crazy how much money they make off all their hidden fees. One group that I work with, http://www.unfaircreditcardfees.com is trying to help with things like the interchange fees that we never even hear about that get tacked onto everything. I hope something gets done soon.

Matt
Matt
9 years 1 month ago
Speaking of crazy CC fees, I had recently gotten the PayPal MC (lousy interest overall, but it was 0% introductory for 90 days, and I used it on some small Ebay purchases that I knew I’d pay off in 3 months)… Anyway, I almost forgot and had to make a payment due the next day. I hadn’t setup the online portion yet (and after trying to do so having it spit back it would take 3-4 business days to link to my checking account), and then saw that you could make a payment by phone. No problem right? Wrong. After… Read more »
anuj
9 years 1 month ago

Good post… I tried that a few time but never worked for me though. Also, recently in the U.K there have been few similar but escalated incidents and the court has thrown these complaints out. Court says the customer has no legal case against them. But I guess it depends upon the way you present your case in the first place.

Keith
Keith
9 years 1 month ago

I’ve gotten out of a lot of fees…usually a simple email will do it. If one email doesn’t do it, go for another one. If an email doesn’t do it, then call.

Aaron
9 years 1 month ago
Funny – I recently dropped my long-time credit union for an on-line bank due to this very same issue. I’d been a customer of my CU for over 10 years and, when I accidentally caused an overdraft because of an errant mouse click, I got charged an overdraft *twice* by my old bank. One call to the on-line bank and they immediately waived the fee – literally before I could even finish asking for them to do it. After three calls to customer service, and an in person visit to a local branch, the CU finally waived just one of… Read more »
Fashion Industry
9 years 1 month ago

I don’t know how many times this has happened to me when I was younger…plus bank fees will eat up your account…if you let them…thanks Ramit.

Julie
Julie
9 years 1 month ago

Thank you Ramit! I just got back from negotiating with my bank (hardly a negotiation, I was nice to them and they basically said ok!). I was glad I had the knowledge to use in case I needed it, which luckily I did not.

Bruce Niven
Bruce Niven
9 years 1 month ago

I convinced by bank to GIVE me $800.

Simao
Simao
9 years 1 month ago

I just asked my bank to waive a stupid fee. They charge me a stupid “Stock holding” fee, that fee kills my profit with stocks.

They said no, I guess my only option is to sell my stocks.

May
May
9 years 1 month ago

There’s an interesting article from the Pitt. Tribune Review here: http://www.pittsburghlive.com/x/pittsburghtrib/business/s_509710.html
that talks about how credit cards don’t just go after individual consumers like us but also small businesses too with their fees. Its a good read and another example about how the credit card companies keep going after the little guy.

Don
9 years 1 month ago

Thanks for the advice. It just saved me $29 with Amex.

Pinny Cohen
9 years 1 month ago

Ramit,

Way to go. I love hearing about customer successes against unethical practices.

trackback

[…] Finance blogger Ramit Sethi describes how he convinced his bank to waive an overdraft fee. […]

Mind Mart
9 years 1 month ago

I’d like to see a justification or breakdown of exactly why it costs them $25 to bounch a check. This is just an electronic transaction like the other million electronic transactions they do everyday . . . and they wonder why the bankruptcy rate is so high.

William Reading
William Reading
9 years 1 month ago

Wells Fargo will generally waive an overdraft fee something like once a year, but they do make a note of it in your account. When I had less income and was more likely to overdraft (Read: Starving College Student), I would close my Wells Fargo account everytime I overdrafted and got it waived and opened a new one.

Another note about Wells Fargo:

If it’s obvious that you will overdraft, their system will automatically reorder the posting of transactions from high to low in order to maximize overdraft fees. This is why I stopped using them and switched to USAA.

Ryan Anderson
9 years 1 month ago
I was lucky that I didn’t have to argue with a situation recently because I was able to jump on it in time. I put a $10,000 corporate event on my credit card that was reimbursed by my employer and paid off the same week. Thing is, I had about $500 in my own expenses that I was planning to pay the following month… interest on $500 isn’t too bad. Thing is, something bugged me, and I called the bank, asking if I would be charged interest on the $500 or the $10500 if that last bit wasn’t paid off.… Read more »
Sean Senthilnathan
Sean Senthilnathan
9 years 1 month ago

Just a couple days after reading your article I got a $39 returned payment fee from my credit card company because I had entered the wrong checking account information for a payment. Haven’t been with the company too long, but I’ve made every payment on time…should I use the same strategy to try to get the fee reversed?

Maneesh Sethi
Maneesh Sethi
9 years 1 month ago

update!

michael sparks
9 years 1 month ago

Wow I never knew they charged for overdraft. I think I’m going to send my bank a thank you note for being so great.

I get free checking, free overdraft, free checks, free ATM withdraws from any ATM, interest on checking over $1000, and credit rewards with my check card.

Julie
Julie
9 years 1 month ago

Totally! This just happened to me – and instead of a $20 overdraft fee they charged me around $240 — It took me a few days to notice I’d gone over my limit. They fixed everything within 5 minutes. I definitely played up the fact that I’m a great customer and have been for a long time and that it was partially their fault – I didn’t realize I had an automatic withdrawl!

Philip Plante
9 years 1 month ago

Sean, CC companies will waive the fee upto 4 times a year, but it makes a note on the account.

I too made the same mistake a few months back and didn’t catch it until the payment got returned that it was from the wrong account. Since then I have been fighting with them to lower me back to a lower interest rate instead of the 29.99% I am on now. One simple fucking mistake and they are raping me.

I am making the switch to a 9.9% interest card hopefully in a week so Chase can eat it.

mike
mike
9 years 1 month ago

Thanks Ramit for a kick in the pants. I called up Suntrust and had my “maintenance fee” rescinded without a fight. It was only 4 bucks, but the self-satisfaction I gained from the experience was worth much more.

Steve
Steve
9 years 1 month ago

Be weary of Chase. With a credit score of 820 plus. They raises my rate to 23 percent because i closed a few open accounts. I used them for about 100,000 IN A year or so. Well after calling manager on top of manager – to lower this rate to ANYTHING lower 1 percent anything ?? NOTHING! I told the MGR I was going to move the account. He told me “YOU DO WHAT YOU HAVE TO DO” so i closed everything with CHASE. I will never use chase NOT EVEN their ATM service!

Francois
Francois
9 years 1 month ago

I read your article last week and thought it was great.

Then just before the week end I receive a fee for €4.44. This was genuine due to a very unusual slipped payment.

So I phone using your ‘script’ and have it waived in seconds.

Results! Fantastic, thank you so much! i will go through all other posts and apply your advice immediately 🙂

Bobby Saini
9 years 1 month ago
Thanks. Some banks are really good at making sure their customers are happy. I remember recently I was charged a $30 finance charge for paying my bill too early??!?! I was headed out of town for a month and I thought it would be best to just pay it all before I leave rather than do it while I am on vacation (internet security issues). When I got back and got my bill in the mail sure enough that $30 charge was there. I called in, the rep understood my situation and took care of it. Generally, it comes down… Read more »
Colin Nederkoorn
9 years 1 month ago

Im in the process of trying to get three $35 overdraft fees ($95 total) removed from my Bank of America. Apparently it is their policy to not refund overdraft fees.

Ramit, I tried your techniques and then went further insisting that they remove it. They did not, and would not.

They were completely inflexible, and I’m going to get rid of my BoA account and go fully to ING for checking and savings!

Doug Corbett
Doug Corbett
9 years 1 month ago

Your post inspired me. (And a 5-minute phone call was worth $60)
In March, my CU charged me $270 for insufficient funds (yes, 18 different transactions!)
I called them back then and asked if they could refund them, and they gave the easy answer.
After reading the What-not-to-do guide, I asked again using the magic techniques, and they gave me back $60.
Cool, eh?
Still not as cool as $270, but worth it in the end.

Dima
9 years 1 month ago

You are a genius… Just got my bank statement and they charged me $6 worth of ATM fees for withdrawing money in Virgin Islands. So I decided why not… “Hello, I just saw some ATM fees on my last statement and I would like to get them removed”. The rep said “sure, let me take a look at these”. 2 minutes on the phone, 6 bucks saved. I love Wachovia and I love your blog!

shannon
shannon
9 years 1 month ago
I’m probably the ultimate example of why it’s a good idea to ask your bank to reverse an overdraft fee. After reading this web page, I called my bank and asked them to reverse a recent overdraft fee that I’d incurred. They agreed to reverse it as a “one time courtesy” and then asked me if I wanted to enroll in their overdraft protection service. I said I was interested in getting more information on the service, and was told that I’d be transferred to a different department. I was on hold for some time, and then the customer service… Read more »
Vish
Vish
9 years 27 days ago
I’m usually super diligent with paying all my bills on time, but somehow I missed a payment on my Amex card. I got slammed with a $19 late fee. I called customer service and explained that I just forgot and this has never happened before and asked for a break. I was willing to accept any kind of break they would give me. The nice lady came back after a while and said “Sir, we have waived the late charge”. I’m so glad I called. Ramit, I’m a regular reader of your blog and I think reading your blogs made… Read more »
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[…] the extra money and finally decided to give them a call based on customer service blog posts I saw here, here, and here.  I called Brighthouse Cable and the conversation went something like this after […]

Dal
Dal
9 years 11 days ago
Ramit, thank you for this blog. It worked perfectly. I had a zero % introdutory offer for 10 months by using their check ( I got it in the mail ) and borrowing up to $10,000 maximum. Well I did just that. I already had the card with no balance, then put $10,000 on it. ( I invested or saved, the $10,000 in an account making more than the minimum payment required. But then after 2 months in, I was late in the minimum payment by 3 days. I paid a $39 late fee plus the minimum payment. The next… Read more »
Patrick
Patrick
8 years 10 months ago

I had 4 overdraft fees from my bank, totally my fault. I used the techniques above and got out of paying 80 dollars of it.

RK
RK
8 years 9 months ago

Thanks, Ramit! I just got my credit card company to waive the $39 overlimit fee they’d assessed. It was so easy, but I never would have known to do it if not for your blog!

trackback

[…] dig into each part. Cut costs? That means saying no. That means being merciless with budgeting and negotiating and making smart purchases for the long term. Making more money? That means entrepreneurship, […]

Jayshree
Jayshree
8 years 7 months ago

I work for the bank. I have to constantly remind customers that it is their responsibilty to keep track of their finances. It’s very simple: write down your ATM debit purchases and checks in your register booklets and deduct any pending transactions off your available balance. 90% of customers assume if they look online it will show their real balance. Our bank doesn’t show what your pending transactions are whenever you use your cards. Yes, we’re a little behind the times but you have to use your heads and avoid getting overdrafts in the first place!

b
b
8 years 7 months ago

i just asked bank of america to waive some of the 11 overdraft fees that i got slammed with when i allowed my checking account to dip below zero. they refused and the woman named Lynette didn’t even offer to waive a single one as a courtesy. i’m going to close my accounts with bank of america, i have been with them for 12 years and i don’t deserve to be treated like that.

ANTIVERSION
ANTIVERSION
8 years 7 months ago
I’ve never had a problem with overdrafting until i lost my job for about a month. I dont know how it happened but i got Wells Fargo, a big mean bank, to reverse about 30 (do you know how much money that is?!!) overdraft charges. What i did was, made a script, edited it when neccessary (whether it was a guy i had to play the damzel, and a female i would have to act totally stupid as if she was smarter than me) and called about 30-40 different branches, in and out of state. I would just be silent… Read more »
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[…] discount or anything like that. But stories in the pf blogsphere, such as Ramit’s account of how to negotiate out of bank fees have inspired to me to at least give it a try. The worst they can do is say no, […]

kim
kim
8 years 5 months ago

I just read this today & called the customer service number for wellsfargo. The representative only gave me partial credit for my overdraft fees but it was a credit of 125.00. I accepted & called back to get more fees removed & got another 282.00 credit after talking to the next lady. wow this really works! I am calling again to get the final ones removed. thanks!!

k
k
8 years 5 months ago

“I got that waived (with a fight), but imagine if you’re earning $400/week. Those ridiculous fees just took 10% of your income away, underlining this recent Washington Post article about Americans’ dissatisfaction with credit card fees.”
I make 100 a week.. since I am in Med school mostly and work when I can.. Imagine it then, when it takes about 30% of my income away.. I am not too happy..

Alexis
8 years 3 months ago

There’s something to be said for calling in, rather than appearing in person. This week, after being irritated at Nevada State Bank for charging me an overdraft fee when I’d transferred money in advance (that their own systems said was immediately available), I was ready to drop my bank because they wouldn’t reverse it when I explained the situation – in person. I read your blog and called it – didn’t even have to follow half your steps but got it reversed. Why not in person? (Hey, I’m not ugly!!) Who knows?

trackback

[…] Ramit Sethi says: “Despite what you learned in sex ed, “No” does not mean “No” when it comes from […]

trackback

[…] where it gets really interesting. He didn’t freak out or start yelling about how to negotiate out of bank fees. He simply pointed out something very gently: “What if you could focus on your overdrafts? If […]

scott
scott
8 years 2 months ago

totally worked. i called bank of america, was on hold for about two minutes, told the customer service rep that i wanted the fee waived, she put me on hold for 20 seconds and then said, “okay.”

and now the fee’s gone. hooray.

Personal Finance Online
8 years 2 months ago

Keep track of how much money you have in your checking account by keeping your account register up-to-date.Pay special attention to your electronic transactions.Don’t forget about automatic bill payments you may have set up for utilities, insurance, or loan payments.Keep an eye on your account balance. and lastly review your account statements each month.

Jeff_H
Jeff_H
8 years 2 months ago
This works on occassion, but if they’ve done it for you before, they may not do it again. I recently experienced two OD fees of 37.50 each for going a negative $4 in “pending” transactions (before they actually cleared, and when they cleared there wasn’t a negative balance). I work for a bank and I can honestly tell you that banks are preying upon you to mess up. And, its not just due to consumer irresponsibility. Let’s take for example that your a married couple who decide you would like to open a checking account….. The personal banker offers you… Read more »
Yay!
Yay!
8 years 1 month ago
I had a ton of overdraft fees as a result of poor money management and decided to search the internet to see if anyone had success in getting their fees waived…. this is the first site I read and after reading I called up BoA and they waived 8 overdraft fees for a total of $280! I have to say, the first time around the customer representative told me he could only waive one fee so I asked to speak to a supervisor and *somehow* I was disconnected. The second time I called I spoke with a rep who immediately… Read more »
trackback

[…] some of the same techniques Ramit outlined in this article from I Will Teach You To Be Rich, I got both charges reversed without much hassle. Similar results […]

Francis
Francis
8 years 1 month ago

Try living in south africa you get bank charges for just about everything that you do. Can anyone tell me if you are paying monthly fees to have a merchant account and you think they are to high how to reduce them if your bank manager tells you there is nothing she can do as head office sets the fees. And for some reason I can never reach head office.

Nikki
Nikki
7 years 11 months ago

My husband called our credit union today and had them wave one of 4 fees. We are working on the other 3. THANK YOU SO MUCH! Your script worked wonders!!!

overdrafted
7 years 9 months ago
trackback

[…] I will teach you to be rich: Negotiating Out of Bank Fees Part 2 […]

Megan
Megan
7 years 8 months ago
I am so glad that I checked this forum out today…. after one stupid error of forgetting a hotel charge that was going to go through (which I stayed at a week ago… and I am terrible at balancing my account! I rely way too much on online banking) I was charge FIVE overdraft fees of $35 each. That’s $175 in overdraft fees! I thought I might vomit as I am already working two jobs to try and keep up and this was the last thing I needed. I did call Wells Fargo, and though I am not entirely satisfied… Read more »
Sophie
Sophie
7 years 8 months ago

THANK YOU SO MUCH FOR THIS POST!!!!!! I just got my bank overdraft fee refunded. I will tell all my friends about your site 😀

drisdy
drisdy
7 years 7 months ago
i’m trying to get out of an 18-month contract with directv that they never told me about when i had to get my receiver replaced by them ~2 mths ago (which they charged me for, and i got them to waive that fee, which they didn’t tell me about either). so i’ve switched to verizon fios (because it’s overall cheaper), and still waiting for the response from directv about waiving the $300 cancellation fee. i spoke with 1 customer service rep today, then his supervisor. his supervisor told me that he could not make the decision about the cancellation fee,… Read more »
Brittnie
Brittnie
7 years 3 months ago

I just called my bank…a few of my charges went through early, leaving me with overdraft fees. Still my fault, but it was a mistake that hasn’t happened for a long time. Called my bank customer service, and they refunded half my fees back to me!

Shannon Whitehead
Shannon Whitehead
7 years 3 months ago

I am a full time college student and Bank of America socked me with over $400 in overdraft fees even though I only spent $300 in charges with more than $600 in my checking account! not only did they steal my money but they socked me with the overdraft…is there anything that i can do? i know banks have the upper hand but i feel so discouraged…

Bobby
Bobby
7 years 3 months ago
I just wanted to thank you for this post and the sample script. I just got off the phone with my bank. I spoke with the bank rep about 2 overdraft fees incurred in January and went through the script. I asked if she could do anything for me and she asked exactly what I wanted her to do. I asked if she could possibly ask her Supervisor and after a bit of a wait and an account check by the Supervisor, I was granted the waive of the fees. It’s strange how we are socialized to not fight back,… Read more »
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[…] talking about negotiating with banks, Ramit Sethi had some good points on what not to […]

JB
7 years 3 months ago

Just got off the phone with Wells Fargo, it seems that they will only refund half now. That’s all I got and I read some of the other comments saying they only got half.

James
James
7 years 2 months ago
Funny how things work out… just ran into this post randomly, decided to call my bank about the two $40 returned cheque charges I incurred 2 months ago (2 months ago!), and after politely asking the girl on the phone to have those removed, she put me on hold for a minute, reviewed my account (for good standing and such) and reimbursed me for one of those charges no questions asked… however, according to their policy they could only do that for one charge, not both. Hey, I’ve got $40 of my money back in my pocket, so… thanks for… Read more »
louis
louis
7 years 2 months ago

haha this post help me so much. i called my bank and told them straight up i didnt want the overdraft fees at all and the telephone banker said “ok i will have those reversed for you right now so now you have 6 overdrafts cleared and have 210 dollars back into your account” thank you so much for the article, i would of never been so direct to a banker until now

Tim Smith
7 years 1 month ago
Tony
Tony
7 years 27 days ago

Just got off the phone with Capital One and got a $40 late fee waived. It really is amazing at how simple and quickly the fee was waived. I followed the script exactly, asked to “please have the late fee waived” and the woman waived it without any questions asked literally within 30 seconds! I was hesitant to call, to be honest I was a bit nervous but now that I realize how simple it is I will be calling every time I get a fee. Thanks so much for the tip!

Prax
7 years 18 days ago

I never had to negotiate with my bank simply because like the Indian banks have a Know Your Customer (KYC) process, I do a Know Your Bank & often know ’bout it more than average bank personnel does.

I’ve had issues with my Cellular service, but more often than not, it’s insignificant & not worth my time…not even the 2 minutes. 😉

Jess
Jess
7 years 14 days ago

I just had an overdraft for the first time in years. I called my bank and in less than 90 seconds they agreed to refund the $35 fee. I pulled up this post, but didn’t even need to use any of the scripts. I just asked and they refunded it! Thanks for giving me the courage to call!

Cyndy
Cyndy
7 years 12 days ago
Today I called BoA, and discovered I was overdrawn 115$, including 3 overdraft fees (110 of the 115 was overdraft charges!). I was confused about this because the last time I used my card was on the 12th (today is the 17th), and I checked my balance/pending transactions before I used it. It said I had no pending transactions, and I made sure not to spend more than it said I had (I am poor, I don’t need overdraft fees!!). I called, and the man who was supposed to “help” me explained that 6 transactions posted to my account on… Read more »
Linda in Phoenix
Linda in Phoenix
7 years 4 days ago
I have always found banks and credit card companies willing to waive fees when asked, but I struck out with Bank of America in Phoenix July 20. I had fallen below the minimum required balance, so when I realized my error, I went to my branch to deposit twice the minimum required balance and I asked that the $12 monthly maintenance fee be waived as a courtesy for having been a good customer for 30+ years (plus I have money in an account at BofA subsidiary Merrill Lynch). Alas, just that morning the staff had been instructed that from this… Read more »
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[…] easy out by just saying no (Thanks to Ramit from this post on negotiating with your bank for some great advice used for this particular […]

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[…] There no fees, but it didn’t offer much else. For our joint accounts,though, we were looking something a bit better. We were on the lookout for a FDIC insured checking account that would do the […]

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[…] it was MY FAULT essentially) and I needed the numbers from his card.  I called the 800 number and asked them if I could get some help with the overdraft fees. They reversed the charges without any […]

Colby Williams
6 years 2 months ago

I tried calling BoA today to reverse some 10 dollar “transfer” fees that I got from them transferring money from my savings to my checking for me even though I didn’t want them to because I could do it myself, and after about an hour of talking on the phone I was unsuccessful in getting them to reverse the fees.

What should I do? The way they had my accounts set up was completely confusing and I had no idea I would get charged…but they don’t care and won’t reverse the fees. The supervisor finally just hung up on me.

Jarls
1 year 22 days ago
Thanks for this post. For some reason I assumed the bank would be stickler for the rules. However, after reading this I called BoA and they kindly removed the fee without any pushback. There are a lot of factors that may have been relevant.. I was pleasant, it was only a $0.83 overdraft, I’ve been a good customer.. but the most important thing is … I had to ask! I would have never thought to ask before reading this. I I know BoA has a mixed reputation but this is one satisfied customer.
Stella
Stella
1 year 10 days ago

Hey Ramit,

Great post! You know what I love the most about your posts? They really work!!!

Before your post, I would just let my bank charge all kinds of fees instead of negotiation.

But I applied your “negotiation bank fees” technique and successful waived my bank fees about $200-$300 in total last year!

Please keep up all the great work! I can’t wait to apply all your advice in my life!

Thanks,
-Stella

kw
kw
1 year 6 days ago

if you write down the wrong amount in the written part of the check but put the correct total in the box for the numbers, can i dispute that? Example (230.00)and then i wrote Two dallors 3 cents

Jasmine
10 months 14 days ago

I just called my bank and did what you said and he actually was able to take half off and reimburse me. The overdraft fee was $35 and he was able to reimburse me 17.50.

nick
nick
10 months 1 day ago

Here is an easy one that will work with Chase, “I hear that customers are entitled to one fee refund each year, is that correct?”

Howard
9 months 27 days ago

Just called and got $140 refund. Very cool. Thanks 🙂

Jasmine Reese
9 months 20 days ago

This is my second time posting a comment. I saw a -5.00 balance on one of my accounts due to a monthly service fee charge and I called Wells Fargo, used this technique, it they waived it :)))

So glad I know about this blog loll..thanks this really helped me

poorstudent
poorstudent
8 months 23 days ago

One quick question: I tried this and it worked but they also said that it was a “one time thing” and asked me if I wanted to “save the courtesy for another time.” is this normal and what is an appropriate response? I have been with this bank for over 2 years and this is the first time I’ve ever over-drafted, and pretty sure its the first time I’ve ever been charged a real service fee. thanks so much!

WoodlandGirl
WoodlandGirl
8 months 16 days ago

Thank you! I just called and got 75% of the overdraft fee back, no questions asked. What a relief. Following this blog!

Dermeffacefx7
7 months 29 days ago

Nice post. I learn something totally new and challenging on blogs I stumbleupon everyday.
It’s always exciting to read through articles from other writers and use something from their websites.

kam
7 months 22 days ago

I have been working in bank for over 15 years now. Most contact center operators in major banks are delegated to waive roughly $40- $60 bank fees without getting in trouble. As long as you start the conversation in a decent manner, operators are more than likely to help you to resolve the problem.

Hargravesdoit@gmail.com
Hargravesdoit@gmail.com
7 months 13 days ago

I don’t know what you mein

Holly
Holly
6 months 22 days ago
I always speak kindly to customer service reps, which gains me more than most people gain when calling for a charge reversal, BUT I definitely give them too many of these opportunities to say “No.” I used Ramit’s script on this page to have my bank reverse my credit card overage fee and interest rate on a missed payment (normally we pay everything off 100% and on time). I simply explained the fees and how this is abnormal for us, and politely and gently said, “I am wondering what you can do for me to help with these fees.” She… Read more »
Mark
Mark
6 months 9 days ago

I can attest to this working. My overdraft fee was $60. I simply called and asked if I could get it waived. The teller called the main branch and got it reversed, and that was it. Especially if you deposit the money soon after it happens, it’s pretty likely they’ll reverse the fee.

This article kind of makes it seem like you need to have negotiation skills, and while for some banks that may be the case, for mine it wasn’t at all. It was pretty much a no-questions-asked kind of situation.

Gladys
Gladys
3 months 29 days ago

I need more ideas for having the annual membership of my credit card waived. I just told everything you mentioned above and didn’t work. I even requested to escalate the issue with somebody else since his supervisor didn’t have the power to waive the membership fee. Literally the bank doesn’t care about loosing my biz for a $95 fee. It’s just ridiculous! I hate citibank so bad, lol

james l jowitt jr
3 months 24 days ago

I m a wells fargo customers me and my brother robert they overcharged me overdraft charges I will be geting my statements for the month of april i want a refund from the overdraft charges from wells fargo bank thank you james l jowitt jr

Raul
3 months 23 days ago

Just desire to say your article is as amazing. The clearness on your submit is just spectacular and i could suppose you are an expert in this subject. Well along with your permission let me to seize your RSS feed to keep up to date with approaching post. Thank you a million and please keep up the enjoyable work.

Shelley
Shelley
3 months 17 days ago

I ♥ You. Just called using your script, and they didn’t even argue. 🙂

Andy John
Andy John
3 months 11 days ago

we issue Bank Draft ,BG/SBLC,MT103,MT760,MT 799 and MT999 without upfront payment.
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[…] Ramit Sethi, author of I Will Teach You to be Rich, advises to be polite and patient. […]

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