I was hit with 6 overdrafts in 2 days. What is the best way to get sympathy from the bank?
Answers:
Don't get your hopes up. Overdraft charges are a major source of revenue to the bank.
If you start with threatening to close your accounts, they won't have any incentive to bother. Ask for some compromise; if you don't get it, then close your accounts.
If you generally are a good customer and do not have any overdrafts before this, I would simply go in and talk to them and explain the situation. Generally, they can see it "snowballed" and I've seen them give all the fees back except one.
The best way to approach it is with kindness and understanding rather than threats of closing accounts.
Go in personally right away. Do not just call. I find being honest is the best way. People understand your not perfect and make mistakes. They will give you another chance. Also check into Overdraft protection account at your bank. That has saved my butt many times.just dont use it like a credit card though:)
Unless you are specifically told that the bank will use your savings to pay overdrafts they will not (usually you know because your savings in "integrated"). Many people assume that a bank will transfer the money from their savings if they are in the negative and that isn't the case, the primary reason is that banks offer plans like "overdraft protection" plans that will make them more money than just using your savings to pay for NSF checks.
Go in and explain what happened. Ask if they will reverse the fees since it is the 1st time you have been overdrawn (this works with some banks and not with others). Also ask if they have an overdraft protection plan (usually it is a line of credit the bank extends to you and they use it to pay your overdrafts it usually has an interest rate and a low per time fee each time they have to use it, usually it winds up costing you much less than NSF fees). If they know they can sign you up for something like that (basically they are selling you their bank product) they will be more likely to refund the fees.
Unless you have hundreds of thousands of dollars with a bank or you have been banking with them forever (ie more than 20 years) they will not give two hoots that you are going to close your account. You will not be costing them that much by closing your account and they know that it will probably be more hassel for you to close your account than you are willing to go thru (ie you will have to go thru changing all of your direct deposits, monthy automatics, wait for all outstanding checks and debit card transactions to clear, ect) and by the time you go about doing this you are likely to change your mind.
1. Seek to understand. Overdrawing 6 times in 2 days is a lot. Review your records to see if you can figure out what happened.
2. Talk it through with your banker. Tell them that you recently noticed this trend, that you were unaware, and are concerned. Once you (and they) understand what happened, ask if there is anything they can do to waive some of the fees.
3. Set up an overdraft arrangement. Even though you have a savings account, the bank won't access it unless they have your permission in advance via a signed overdraft agreement.
4. See if you have bounce protection on your account. Bounce protection is a "service" some banks provide on their own, in the form of paying your overdrafts for a fee ($25-35?). They monitor the deposit trends and have specific presentment rules on how and when you are permitted to "overdraw" your account at the bank's discretion. Of course, each time the account is "bounced", you will be charged the fee. The benefit is that you won't have the embarrassment of a bounced check or the non-sufficient funds fees.
5. Don't play hardball. Closing your account will not solve the problem. You will still have to pay the fees. plus, you'll probably have to rearrange all your finances, direct deposits, etc.
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