Comments on: Here’s how I negotiated out of bank fees http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Thu, 11 Mar 2010 00:52:57 -0800 http://wordpress.org/?v=abc hourly 1 By: Gordon McGregor http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-88002 Gordon McGregor Sat, 31 Jan 2009 16:47:58 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-88002 thanks for this. You saved me $40 today for a late fee on a credit card. Called up, politely asked for it to be waived and they said 'sure!' So thanks again. thanks for this. You saved me $40 today for a late fee on a credit card. Called up, politely asked for it to be waived and they said ’sure!’

So thanks again.

]]> By: Tom http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-79466 Tom Thu, 06 Nov 2008 20:36:53 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-79466 I used to work for a fairly large bank that operates in New England, Mid Atlantic, and Midwest. After three years there, I had the responsibilities of being a Teller, Customer Service Rep, and Weekend Supervisor (at the same time). The most important thing that I can tell you is NEVER to be rude do the people handling your money. We have a lot more power than you might think. While I never abused this power, it would be easy to do so. For example, Tellers have the power to decide that you seemed "suspicious" that day while doing your transaction. While this is intended to protect you from someone fraudulantly accessing your account, I, as a Teller, had the power to place an "all funds hold" on your account, which would essentially freeze your entire account until you came back to see me and prooved to my satisfaction that you were actually the account holder. Additionally, when it came to removing fees, I often had a lot more latitude than the "policy" allowed. If you were mean to me, the policy would back me up and you wouldn't get your money, but if you were kind, I'd nearly always let you slide (assuming that you didn't abuse it). My last piece of advice is two-fold: Experienced employees of a bank often have much higher authority and know the system well enough to be able to do things that other, newer employees don't. Find one of these employees and BE PROACTIVE! Build a relationship with them. Ask for them when you come to the bank, and GIVE THAT PERSON ALL OF YOUR NEW BUSINESS! If you need a savings account, a mortgage, or anything else, go to that person. When you incur fees, this employee will know that you help them with their sales goals and will be much more inclined to help you. Don't mess with the person who manages your money! I used to work for a fairly large bank that operates in New England, Mid Atlantic, and Midwest. After three years there, I had the responsibilities of being a Teller, Customer Service Rep, and Weekend Supervisor (at the same time). The most important thing that I can tell you is NEVER to be rude do the people handling your money. We have a lot more power than you might think. While I never abused this power, it would be easy to do so.

For example, Tellers have the power to decide that you seemed “suspicious” that day while doing your transaction. While this is intended to protect you from someone fraudulantly accessing your account, I, as a Teller, had the power to place an “all funds hold” on your account, which would essentially freeze your entire account until you came back to see me and prooved to my satisfaction that you were actually the account holder.

Additionally, when it came to removing fees, I often had a lot more latitude than the “policy” allowed. If you were mean to me, the policy would back me up and you wouldn’t get your money, but if you were kind, I’d nearly always let you slide (assuming that you didn’t abuse it).

My last piece of advice is two-fold: Experienced employees of a bank often have much higher authority and know the system well enough to be able to do things that other, newer employees don’t. Find one of these employees and BE PROACTIVE! Build a relationship with them. Ask for them when you come to the bank, and GIVE THAT PERSON ALL OF YOUR NEW BUSINESS! If you need a savings account, a mortgage, or anything else, go to that person. When you incur fees, this employee will know that you help them with their sales goals and will be much more inclined to help you.

Don’t mess with the person who manages your money!

]]> By: Jeremy Shuey http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-79154 Jeremy Shuey Wed, 05 Nov 2008 00:33:57 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-79154 I talked my way out of a credit card payment of 546.64. The deal was five months prior I used this card I never use, my aunt charged 69.35 on the card. Two months later I got a bill for 129.35(estimation) for late charges and fee.. I explained that i never knew of the bill and would be more than happy to take care of this. Though I did explain I wouldn't be paying any fees on this.. They wiped off the fees. i asked what my total bill was and the man said 63.35. So I paid this amount, and then took the card away from my aunt since she didn't tell me she used it...Five months later I get a call from the card company, my new bill was over 500$.. I freaked out NO NO NO I paid this charge...well we talked for awhile they wiped out all fees and overcharges. It was all because the first gentleman didn't know how to do math.. that almost cost me a lot! I talked my way out of a credit card payment of 546.64. The deal was five months prior I used this card I never use, my aunt charged 69.35 on the card. Two months later I got a bill for 129.35(estimation) for late charges and fee.. I explained that i never knew of the bill and would be more than happy to take care of this. Though I did explain I wouldn’t be paying any fees on this.. They wiped off the fees. i asked what my total bill was and the man said 63.35. So I paid this amount, and then took the card away from my aunt since she didn’t tell me she used it…Five months later I get a call from the card company, my new bill was over 500$.. I freaked out NO NO NO I paid this charge…well we talked for awhile they wiped out all fees and overcharges. It was all because the first gentleman didn’t know how to do math.. that almost cost me a lot!

]]> By: Sara http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-75789 Sara Wed, 01 Oct 2008 15:45:00 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-75789 I would like to start off by saying I have horrible history with my bank. By horrible i mean I have literally personally paid to employ half of their workers with the amount of fees on top of fees I have paid for. Using my better judgment i decided it would be a wise decision to throw away my checkbooks. I have never complained about the ridiculous fees because I take full responsibility for my stupid ness. This last time I needed to bring my account out of the hole seamed nearly impossible. I decided it wouldn’t hurt to call and ask to have a few fees waived. I was very polite honest and direct with the 3 people i spoke to before they came to the agreement to waive my fees. DONT TAKE NO FOR AN ANSWER! After informing me they waived 250 dollars in fees already this year for me (not to my knowledge) I informed them of the MUCH larger amount of fees I paid which couldn’t even compare. I thanked them for that and kept asking to speak to the supervisor of the previous person who denied me the fee removal until I got my way. They removed the fees and I finally got my account current. If you ask to speak with different people they will tire of you and give you what you want. I would like to start off by saying I have horrible history with my bank. By horrible i mean I have literally personally paid to employ half of their workers with the amount of fees on top of fees I have paid for. Using my better judgment i decided it would be a wise decision to throw away my checkbooks. I have never complained about the ridiculous fees because I take full responsibility for my stupid ness. This last time I needed to bring my account out of the hole seamed nearly impossible. I decided it wouldn’t hurt to call and ask to have a few fees waived. I was very polite honest and direct with the 3 people i spoke to before they came to the agreement to waive my fees. DONT TAKE NO FOR AN ANSWER! After informing me they waived 250 dollars in fees already this year for me (not to my knowledge) I informed them of the MUCH larger amount of fees I paid which couldn’t even compare. I thanked them for that and kept asking to speak to the supervisor of the previous person who denied me the fee removal until I got my way. They removed the fees and I finally got my account current. If you ask to speak with different people they will tire of you and give you what you want.

]]> By: Amr @ ninjamoney http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-54171 Amr @ ninjamoney Sat, 01 Mar 2008 16:20:50 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-54171 Great article..I don't think enough people negotiate the small things in life. I never go down without a fight. Even if it's just at the checkout counter at Walmart. The bottom line is be charming and calm, make them "feel" your story...Because in the end, they (whomever you are arguing with) work for someone else and have been through the same thing. You can read more about investing and my rags-to-riches life <a href="http://www.ninjamoney.blogspot.com" rel="nofollow">HERE</a> , Amr T Great article..I don’t think enough people negotiate the small things in life. I never go down without a fight. Even if it’s just at the checkout counter at Walmart. The bottom line is be charming and calm, make them “feel” your story…Because in the end, they (whomever you are arguing with) work for someone else and have been through the same thing.

You can read more about investing and my rags-to-riches life
HERE
,
Amr T

]]> By: melisa siler http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-27224 melisa siler Tue, 24 Jul 2007 02:28:33 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-27224 how many times can a bank return a check and charge you for it, i was once charged 225.00 because they (the other bank) called my bank to see if the money was in my account. can they charge me for that how many times can a bank return a check and charge you for it, i was once charged 225.00 because they (the other bank) called my bank to see if the money was in my account. can they charge me for that

]]> By: Scott http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-19180 Scott Mon, 04 Jun 2007 10:04:39 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-19180 A major travel website charged me more than double than what I had agreed to pay for a plane ticket; apparently the airline had jacked the price up between the time that I selected the fare and when the charge actually went through. I found this out AFTER my flight, as I had bought the ticket the day before the flight. I reviewed the sites terms and conditions, and saw that they make no provision for that sort of thing happening, and that I should be in the clear. So I called them and asked that they refund the amount over what I agreed to pay. It took a few weeks (I wasn't calling every day, i was pretty busy with other things at the time), and I spoke to 6 different representatives, but they finally reimbursed me. Persistence was the key, and having a knowledge of their terms and conditions helped, too. A major travel website charged me more than double than what I had agreed to pay for a plane ticket; apparently the airline had jacked the price up between the time that I selected the fare and when the charge actually went through. I found this out AFTER my flight, as I had bought the ticket the day before the flight. I reviewed the sites terms and conditions, and saw that they make no provision for that sort of thing happening, and that I should be in the clear. So I called them and asked that they refund the amount over what I agreed to pay. It took a few weeks (I wasn’t calling every day, i was pretty busy with other things at the time), and I spoke to 6 different representatives, but they finally reimbursed me. Persistence was the key, and having a knowledge of their terms and conditions helped, too.

]]> By: Dan http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-19179 Dan Mon, 04 Jun 2007 10:03:04 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-19179 I had two overdrafts because a direct deposit didn't go in like it usually did. A couple days later I was in the bank opening a new savings account and just happened to mention the overdrafts. The manager said I can wipe those out for you because you are opening a new account. Something to keep in mind. This isn't the first time I've had some fee removed. Just be friendly but assertive/persistent and most banks will let you off if you aren't habitual at getting banking fees. I had two overdrafts because a direct deposit didn’t go in like it usually did. A couple days later I was in the bank opening a new savings account and just happened to mention the overdrafts. The manager said I can wipe those out for you because you are opening a new account. Something to keep in mind. This isn’t the first time I’ve had some fee removed. Just be friendly but assertive/persistent and most banks will let you off if you aren’t habitual at getting banking fees.

]]> By: Ryan http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-19134 Ryan Mon, 04 Jun 2007 04:20:51 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-19134 I'm with Wells Fargo, and due to an admitted fault of my own (a recurring quarterly charge I forgot about), my account went under the limit and I was charged over $150 in overdraft fees. This was almost a month ago. Thanks to your advice, I just called and the (very helpful and pleasant) lady said they were limited to removing $100 worth of charges, but I decided to take what I could get. Two minutes later, my account is $100 richer (the refund was instantaneous) and it feels great! Thanks for the advice! I’m with Wells Fargo, and due to an admitted fault of my own (a recurring quarterly charge I forgot about), my account went under the limit and I was charged over $150 in overdraft fees. This was almost a month ago.

Thanks to your advice, I just called and the (very helpful and pleasant) lady said they were limited to removing $100 worth of charges, but I decided to take what I could get. Two minutes later, my account is $100 richer (the refund was instantaneous) and it feels great! Thanks for the advice!

]]> By: Crys http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees/comment-page-1/#comment-19119 Crys Mon, 04 Jun 2007 03:01:50 +0000 http://www.iwillteachyoutoberich.com/blog/heres-how-i-negotiated-out-of-bank-fees#comment-19119 I recently had $100 in NSF fees when my check was deposited late due to some error. I called up and asked to have at least half of them removed, and they did, which was a big help :) The same goes for getting your credit card APR lowered. I called up and asked for them to lower my APR, and they did. I recently had $100 in NSF fees when my check was deposited late due to some error. I called up and asked to have at least half of them removed, and they did, which was a big help :) The same goes for getting your credit card APR lowered. I called up and asked for them to lower my APR, and they did.

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