How to Waive an Annual Bank Fee

Banks often charge annual fees in addition to their other fees, such as ATM fees.

Banks often charge an annual membership or maintenance fee to those holding credit cards or other accounts with them. The fee is used to cover expenses if you don't maintain a regular balance or to add prestige to the account. The fees are often unnecessary and are frequently waived as a bonus to loyal customers. If you are paying an annual fee on your bank or credit card accounts, you can usually get the fee waived.

Instructions

1. Visit your bank or look at their website and find out exactly what the annual fee is on your credit card or bank account and its purpose. Sometimes, for example, an annual fee is charged to customers who have a low balance historically or a poor credit history.

2. Call or visit your bank in person and ask to have the fee waived. A bank will often waive a fee for a longtime customer regardless of balance.

3. Find out what type of accounts you need to have in order to not have an annual fee. Your bank may have programs in which if you have several different accounts, enroll in a retirement account or purchase a CD, they can waive your annual fee.

4. Ask to speak to a supervisor or bank manager if you are unable to get the fee waived. If you are very serious and convey that you will take your business elsewhere if you do not get the fee waived, a manager can often help find a way to remove the fee. Be prepared, however, to move your accounts if the fee still cannot be waived.

Tips & Warnings

• Always be polite when talking with your bank. Take notes of the time, date, whom you spoke with and the end result whenever dealing with your bank.

References

• Senior Information Network; What Does Your Bank Account Cost?; Mary Beth Franklin
• Time Magazine; The Customer Service Confrontation: What to Say to Get Fees Waived; Brad Tuttle; Feb. 23, 2010