How To Get Overdraft Fees Refunded

How to Get Overdraft Fees Refunded

Even if you make the effort to always keep enough funds in your bank account, mistakes happen. Maybe you’ve even made the transfer but the bank hasn’t credited it yet. If you then make a charge that takes the previous balance below $0, you could face overdraft fees.

Overdraft fees are essentially a fine for not having enough money in your account to cover a purchase or debit you authorized. These fees have the  potential to throw your finances off track. It’s no wonder you want overdraft fees refunded! 

Fortunately, it is possible in many cases to get overdraft fees refunded. It just takes a bit of effort on your part, and you may be able to get a full refund. Here’s everything you’ll need to know about how to help get overdraft fees refunded and where to start. 

How much are overdraft fees?

Overdraft fees average $35 per overdraft charge at major banks. There can be slight variations among different banks, but it can be significant amount of money — especially if you’ve only overdrawn your account by a few dollars. These costs can add up quickly over time, particularly if you’re prone to overdrafts. 

Getting an overdraft fee refund gives you a chance to get your money back and put it to much better use. Getting bank fees refunded isn’t nearly as hard as you’d think. 

How to dispute overdraft fees 

Sometimes all it takes is a phone call. A quick phone call to your bank could save you money and get the overdraft fees refunded. It’s not guaranteed, but it’s definitely worth asking whether you can get a courtesy refund on overdraft fees. 

To increase your chances of getting the fee waived, be sure that you deposit money the same day to bring your account balance current then ask for a one-time courtesy to  refund overdraft fees.  After one to two times of receiving courtesy bank fee refunds, you’re unlikely to get another “yes.” Below you’ll find more tips to help get bank fees refunded.

Get overdraft fees back when it’s not your fault

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 whether they will reverse the charge and refund your overdraft fee. 

Follow that up by calling your bank to let them know that the merchant made a mistake. 

Transfer funds from another bank account

Some banks allow you a certain amount of time to transfer funds to avoid the overdraft fee.

5 ways you can help avoid overdraft fees

Getting an overdraft fee refund is great, but ideally, you want to avoid them in the first place. That way, you’ll save the stress and hassle of having to call the bank. Here’s how to avoid overdraft fees so you don’t have to get bank fees refunded in the first place. 

Check your account balance regularly

If you’re not sure how much is in your account, you may overestimate how much is there for a large purchase. This is especially true if you have automatic payments set up to manage bills. Keeping an eye on your account balance will also help you stay on track with your budget and help improve your financial literacy overall while you avoid needing an overdraft fee refund. 

Set up alerts for low balances

On top of checking your balance regularly, setting up low-balance alerts can act as an extra guarantee that you won’t be caught off guard. You should be able to set up alerts for low balances in your mobile banking app if available.  

Deposit or transfer money quickly after an overdraft occurs

If an overdraft charge slips through the cracks, make sure to transfer your funds as soon as possible. This may put you in a stronger position with the bank when you ask for a refund on overdraft fees. 

Use a prepaid card

Using a prepaid card is likely the surest way to avoid overdraft fees. With a prepaid card, your funds are loaded beforehand, so you can only spend your available balance, meaning you won’t have to worry about risking overdraft fees. 

Get bank fees refunded

Bank fees can catch you off guard and use up funds you’d like to use for other things that are more fun or necessary. Just because your bank has charged your account doesn’t mean you can’t try to get overdraft fees back. It’s entirely possible to get your bank fees refunded. Just make sure to call as soon as possible and ask for an overdraft fee refund. 

Going forward, try your best to avoid overdraft fees in the first place. And above all, work with a bank that doesn’t charge excessive fees or is at least transparent in their policies.

Can you get overdraft fees refunded?

Yes! With the steps above, including a simple phone call, you may be able to get overdraft fees refunded. 

How do I ask for an overdraft fee refund?

Asking for an overdraft fee refund is as simple as calling the bank and asking a question. You’ll have a stronger case if it’s the first time and you’ve already brought your account balance above $0. 

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