How to Reverse BOFA Overdraft Fees

Bank of America is an international financial services company that makes some of its money from overdraft fees it charges customers. An overdraft occurs when you withdraw more money than you have in an account. For example, if your checking account only has a few dollars in it and you write a check to someone for $100, your account will be overdrawn. Typically, most banks including Bank of America would honor the amount of your check and charge you a fee for the service. Changes in banking regulation in 2010 require you to grant permission to a bank to overdraw your account.

Instructions

1. Legitimize the overdraft. If your financial irresponsibility was the result of your overdraft, you may have less leverage in getting your overdraft fee reversed. The fee is meant to be a penalty, as you are effectively getting an emergency loan from the bank. If your overdraft was a legitimate accident and you never intended to use the short-term loan, then the bank might be lenient.

2. Call Bank of America's customer service number. Explain the reason for your overdraft and ask if you can have the fee reversed. Emphasize any positive history you may have with the bank, such as this being your first overdraft or you being a long-term customer.

3. Visit your local branch. If you have developed a personal banking relationship with a local Bank of America representative, you might be more likely to have your fee overturned. Use the same strategy as you would on the phone, emphasizing the positive aspects of your banking relationship. In an effort to maintain your long-term relationship, your personal banker may be able to overturn certain fees for you.

4. Speak to a bank manager. While telephone or local representatives may be unwilling or unable to reverse your overdraft fees, your local branch manager should have the authority to credit your account. As with all banks, Bank of America managers strive to maintain customer accounts and assets, so unless you are abusing the process, you are likely to receive a fee credit when you explain your case to a manager.

5. Set up an overdraft-protection plan. Bank of America offers an overdraft-protection program that will link your checking account to a second Bank of America account, such as a savings account or credit card account, in order to prevent future overdrafts. If you apologize for your overdraft and indicate your desire to avoid such fees in the future by enrolling in overdraft protection, the bank may waive your overdraft fees for the current incident.

References

• The Federal Reserve Board: Protecting Yourself From Overdraft and Bounced-Check Fees
• Inland News Today: Bank of America Puts Overdraft Fees in Reverse
• Investor Trip: How to Reverse Bank Overdraft Fees
• BankingQuestions.com: Getting Bank to Reverse Overdraft Fees
• Bank of America: Checking and Savings Frequently Asked Questions