How to Get a Refund on an Overdraft Charge
To get a refund on an overdraft charge is not the easiest task. The bank holds the power in this situation, and they know it. There is no magic bullet for an overdraft nightmare, but here are some tips for doing battle with the bank.
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Instructions
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Print an online banking statement detailing the transaction history before and after the overdraft. Copy any documents sent to you by the bank in regard to the overdraft, any applicable receipts or checks and any hard copy bank statements.
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Go item by item and make sure that the bank's numbers match your own.
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Gather enough money to bring your account back to the positive it if you can, but don't deposit it until you speak directly with your bank about the situation and determine if you are at fault or if it is a banking error. Go to your bank and speak with the branch manager. Bring your documentation and money.
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Request a print-out detailing exactly what has happened with you account. You need to see exactly what your bank sees to understand if you have the leverage to demand a refund of overdraft fees. Your Internet print-out rarely looks like what the bank sees when they look up your account information.
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Ask the banker to go through item by item and check the math again to show you how this overdraft occurred and why. If there is a discrepancy, you may have the ability to get them to refund the fees at this point, or the bank may submit your account to be reviewed before the fees are refunded.
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Check this against your own copies of your transaction history. If there is a discrepancy, you may have the ability to get them to refund the fees at this point, or the bank may submit your account to be reviewed before the fees are refunded, which can take a while.
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Wheel and deal if they don't volunteer to take back the fees. The bank, unfortunately, does not have to refund your overdraft fees unless they were incurred through a bank error, but sometimes, if you are genuine, they will comply.
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Find out exactly how much money needs to go into the account today to bring it back to zero, if they refuse to refund your overdraft fees. Get this number in writing to protect yourself. Tell them that you want to deposit the money today but want to ensure that the overdraft fees will not continue. Ask if they are aware of any further holds or pending transactions that have not posted yet that may affect your balance.
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