How To Get Overdraft Fees Refunded

Are you sick of getting hit with ridiculous overdraft fees? On average, overdraft fees tend to be around $34. This can be extremely frustrating, especially if you’re already running low on funds. Before you call it a loss and forfeit that money, let’s dive deeper and find out if you can avoid overdraft fees or get them refunded altogether.

Try getting overdraft fees waived

You’d be surprised how a quick phone call to your bank could save you money. You might be able to get a portion or a full courtesy overdraft fee waived. Sometimes, you’re able to deposit money the same day to bring your account balance current, they will waive the overdraft fee.

Dispute overdraft fees 

If you find any fees or charges on your statement as a result of a merchant mistake, call the merchant and dispute it immediately to see if they will reverse the charge. Follow that up by calling your bank to let them know that the merchant made a mistake, your bank might waive the overdraft fee if they see the transaction is pending a reversal.

If your bank is unwilling to refund the overdraft fee, call the merchant back and ask them to reimburse you the cost of the overdraft fee considering it was their mistake that put you into overdraft.

Transfer funds from another bank account

Some banks allow you to transfer funds within 24 hours of overdraft to avoid the overdraft fee. You might need a savings account with them to transfer from or scheduled a transfer from an external account. When you link all of your accounts to a RoarMoney account, you’ll get access to bank transfers and direct deposits without a fee.

Why overdraft protection is pointless

The point of overdraft protection is to avoid NSF fees and getting denied a transaction. The problem with this is that you get charged a fee for this service every time a transaction is covered, which could happen multiple times a day. 

Avoiding a fee with a fee seems quite counterproductive. When you use a RoarMoney account, any transaction that would overdraft your account is declined if you don’t have sufficient funds. This ultimately saves you money by avoiding overdrafts fees, NSF fees, and overdraft protection fees altogether. But, what if you need that transaction to go through? Read on to find how MoneyLion can help. 

4 Ways to avoid overdraft fees

In our opinion, the safest way to avoid overdraft fees is to track your spending, budget, and turn off overdraft protection entirely. To do that, there are a few banking tools that will help you when you need cash now but don’t have the funds to cover your withdrawals.

Early payday 

Have you ever wished you could get your payday early? Look no further! MoneyLion offers RoarMoney users access to their paychecks up to 2 days early when you link a direct deposit. Find out more here.

Instacash

If you know your account balance is getting low and you think it might overdraft, consider using a 0% APR Instacash advance from MoneyLion to cover the cost until your next payday. 

You could get up to $250 without a hard credit pull, no interest, or any additional fees. It could take up to 72 hours to get your funds from Instacash. Want to get your funds sooner? Pay a small fee for turbo delivery and get your funds instantly. 

Credit Builder Loan

Having poor credit doesn’t give you many affordable borrowing options when you’re running low on cash. With a Credit Builder Loan, you have access to low APR installment loans that help build up your credit rating while you borrow, without needing a hard credit pull. 

Your payments are set-up on auto-pay and spread out over 12 months, giving you affordable monthly payments. Some MoneyLion members have seen their credit increase by up to 60 points within 60 days by monitoring their credit score right from the mobile app.

Overdraft refund assistance from Cushion

If disputing an overdraft transaction doesn’t work, try making up for those lost funds by using Cushion. They help you recover fees including overdraft and late fees by negotiating with your banks and lenders on your behalf.  

They’ve helped customers get back over $4,000,000 in fees and you always keep 100% of the refund. It won’t harm your credit and when you get a credit card fee waived your score could go up! They offer 3 annual membership options and it only takes a few minutes to sign-up. 

Avoid expensive overdraft fees when you bank with MoneyLion

Don’t let overdraft fees get in the way of you reaching your financial peak. When you’re a RoarMoney member, you can utilize a built-in spend tracker in your app, low-cost cash advances, and no hidden fees– all for $1/month! 

To get started and become a RoarMoney account member, you’ll need to be a MoneyLion user and provide your income range and source of income. Head over to MoneyLion and get started today

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