Overdraft fees are a common problem for bank customers. And when overdraft fees are charged to your bank account, you might want to know how to get that fee refunded. Some clients ask if it is possible to waive the overdraft fees at US bank, and if so, how. After reading this article, you will know all the ways to get these fees refunded.
Important US Bank Overdraft Fee Information
Before learning about how to get overdraft fees refunded, you need to understand why the fee was charged to your account in the first place. The bank charges you when your balance is negative, and you are trying to make a transaction, or when there's not enough money in your account to cover the costs. So, if you need to make a payment that exceeds your bank account balance, you have a chance to borrow the required amount from your bank. And that's when overdrafts come into play. When you make a payment with insufficient money, the bank charges an NSF fee (a fee for a bounced check). Overdraft fees depend on a bank, but in general, they are between $30 to $35. Here is a summary of overdraft fees among top US banks:
|US Bank Overdraft Fee||$36|
|Wells Fargo Overdraft Fee||$35|
|Bank of America Overdraft Fee||$35|
|Chase Overdraft Fee||$34|
|PNC Overdraft Fee||$36|
|TD Bank Overdraft Fee||$35|
US Bank Overdraft Fee Policy
Obviously, banks are interested in attracting as many customers as possible, and they offer the option that allegedly protects a customer and prevents all types of negative transactions. However, such transactions made with your checking account number or automatically regular payments (or bill payments) will still be authorized and charged.
In addition, these transactions will not show up when it comes to ATM transactions and your day-to-day purchases unless you notify the bank. As you may have noticed from the table above, US Bank extended fee is $36. And every time you use the card with a negative balance (and make transactions), an overdraft fee is charged. But here is a loophole. If something you need to buy costs less than $5.00, there's no overdraft fee required. But you have to be attentive because if the amount is more than $5.01, US bank will charge you $36.00 (for every item). Also, it's important to know that these overdraft fees can't be charged more than four times per day ($144 per day). And if you had a negative balance within seven days, you must pay $36.00 on the 8th calendar day.
How to Get US Bank Overdraft Fees Waived
If the bank charged you an overdraft fee, this is not a reason to panic. Suppose you act quickly because the US Bank overdraft grace period is what you should try in the first place. To avoid extended overdraft-free US Bank charges, you need to deposit the overdraft amount the same day before the fee is charged. However, if it has already been charged, don't get upset. Here are a few other ways to avoid overdraft fees. Sure, getting rid of overdraft fees may seem like a problem, but here's the essential information on how to get rid of it. Here you can find a table down below featuring four ways to get overdraft fees refunded:
|Can you request a refund via||Yes / No|
|Mail a Letter||Yes|
All you need is to choose the best method for you. But we recommend you start with a phone call.
- Call US Bank
Here is the thing. Banks care a lot about their customers, especially loyal ones, because they spend a lot of money to attract new people. And when there's a risk of losing you as a client because of a minor issue, they would instead solve the problem and help you. Thus, you can use this knowledge when contacting your bank and asking them to waive the overdraft fee. Just keep this in your mind and try to negotiate with customer service. The given script will help you get your overdraft fees waived with a simple phone call.
Before contacting US Bank, prepare your personal information (your name, address, social security number, your card number) and follow the script, which you will find down below.
You: Hello, the bank has charged me an overdraft fee, and I want it to be canceled.
BANK: Hold on a second, please. Unfortunately, we can't waive the fee, and it was… [they come up with a typical excuse].
You: Well, I have been a loyal customer of US Bank for several years (mention how many years exactly) and would like you to help me with this issue. How can you help me?
BANK: Hold on a second, sir/madam. Yes, I can see that you're a valuable customer, and I will check with my supervisor and come back to you in a second. The fee is waived. Is there anything else I can help you with?
This script is very effective if you stay calm, polite, but persistent. Banks are afraid to lose good customers, and you can use this knowledge as an advantage. Plus, when you ask for help constructively, institutions like banks are more likely to solve the problem. However, if the manager says he cannot help you for some reason, feel free to ask to speak with the supervisor. But be ready to answer additional questions and remember that sometimes things don't work, and there's still a possibility of not getting a fee refunded.
- Talk to the banker
If the phone call didn't work and the bank refused to get the overdraft fee waived, you can still try and go to the bank. But before going, make sure you book an appointment here. The meeting can be in person or virtual; it's up to you. Answer the following questions and book an appointment. But remember to be polite but persistent when communicating with the bankers.
- Mail a letter
If you don't want to call customer service or walk to the bank, you can always send a letter to the US Bank corporate office or a US Bank executive. Here is the information.
How to Avoid US Bank Overdraft Fees
Prevention is always much better than a cure. So rather than deal with the consequences of overdraft fees, avoid them entirely with these three methods:
- Set up overdraft protection with the right plan
Overdraft protection is an excellent thing for people who always want to withdraw money or make a purchase, even if they don't have enough money in their accounts. However, to stay safe, you need to choose a protection plan that will follow your requirements.
There are a few different overdraft protection plans, and it is only up to you which one to choose. For instance, standard overdraft protection allows you to overdraft on ATM withdrawals and debit card purchases. But keep in mind that you will be charged an overdraft fee with each transaction.
- Sign up for low-balance notifications
A good way of keeping your balance on track is setting low-balance notifications. After setting these notifications, there's no need to check on your balance all the time, and you don't have to keep in mind that soon your balance will become negative. When you're nearing a low balance, the notification will alert you about it. You can choose this feature because most mobile banking apps offer it. Moreover, this feature is convenient because you can set the threshold yourself to notify the minimum or high balance you want.
- Track your expenses
It is essential to keep track of your expenses. And there are so many ways of doing it. Envelopes or expense tracker and budget planner apps - choose the one you like the most and allocate your monthly budget for different categories: groceries, clothes, going out, restaurants, and so on. Set yourself a limit, and once you've spent the money, you are done spending for this month. Of course, if something unexpected happens, you can always overspend, but try to keep track and not exceed your limits.