{"id":53297,"date":"2021-07-28T12:37:46","date_gmt":"2021-07-28T16:37:46","guid":{"rendered":"https:\/\/www.iwillteachyoutoberich.com\/blog\/negotiating-out-of-bank-fees-part-2"},"modified":"2025-04-21T19:16:35","modified_gmt":"2025-04-21T23:16:35","slug":"get-bank-and-overdraft-fees-waived","status":"publish","type":"post","link":"https:\/\/www.iwillteachyoutoberich.com\/get-bank-and-overdraft-fees-waived\/","title":{"rendered":"How To Get Overdraft Fees Waived: Just Use My Scripts (+ tips)"},"content":{"rendered":"\t\t
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Banks like Bank of America, TD Bank, Citizens Bank, and Wells Fargo are notorious for overdraft fees, and it\u2019s B.S.\u00a0<\/p>\n

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Luckily, you can get your overdraft fees waived (using a simple negotiation script that we’ll provide for you) and beat the banks at their own game.<\/p>\n

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Here\u2019s how to get your overdraft fees waived:<\/p>\n

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\"woman<\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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First, let\u2019s take a super quick look at how overdraft fees really work and break down the exact charges you can expect:<\/p>\n

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What is an overdraft fee?<\/h2>\n

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An overdraft fee is a charge from your bank that occurs when you take more money out of your checking account than what is currently in there.\u00a0<\/p>\n

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Rather than simply decline a transaction for insufficient funds at the point of sale, a customer enrolled in their bank’s overdraft protection service will see the transaction approved.\u00a0<\/p>\n

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Wow, really?\u00a0<\/p>\n

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This can be a lifesaver in emergency situations when money is needed and there aren’t sufficient funds available in an account.<\/p>\n

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Most people just pay the overdraft fees without thinking twice about it. They reason that if\u00a0the bank or credit union was nice enough to let the transaction sail through when it really shouldn’t have, then I’ll pay it, it is what it is.\u00a0<\/p>\n

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But overdraft fees are a big problem for several reasons.\u00a0<\/p>\n

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Though the fee will vary from bank to bank, here are overdraft fees from a few of the most popular banks as of 2021:<\/p>\n

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\n\n\n\n\n\n\n\n\n\n
Banks<\/strong><\/td>\nOverdraft Fee<\/strong><\/td>\n<\/tr>\n
Chase<\/td>\n$34<\/td>\n<\/tr>\n
Bank of America<\/td>\n$35<\/td>\n<\/tr>\n
Wells Fargo<\/td>\n$35<\/td>\n<\/tr>\n
US Bank<\/td>\n$36<\/td>\n<\/tr>\n
PNC Bank<\/td>\n$36<\/td>\n<\/tr>\n
Citi Bank<\/td>\n$34<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

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These fees might not seem that high for rare, accidental instances occurring just a few times per year.\u00a0<\/p>\n

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However, these fees can stack up \u2014 and fast (and the banks know it).<\/p>\n

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One surprising fact is that overdraft fees are incurred per transaction AND can be incurred multiple times in the same day,\u00a0<\/p>\n

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So, say you are out and about shopping and using the same debit card. All of the transactions are approved \u2014 but you are blissfully unaware that there were insufficient funds in your checking account.\u00a0<\/p>\n

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This means that you would be charged separate overdraft fees for all of the approved transactions. This could be hundreds of dollars in fees all on the same day.\u00a0<\/em><\/p>\n

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Luckily, you can negotiate to get overdraft fees waived if you have the right scripts. That\u2019s why we want to show you exactly how you can get your overdraft fees waived with a simple phone call to your bank.<\/p>\n

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Here\u2019s your quick guide on Overdraft fees:<\/p>\n

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  1. How to get overdraft fees waived\u00a0<\/a><\/li>\n
  2. What do you do when your bank says no?\u00a0<\/a><\/li>\n
  3. How to avoid future overdraft fees<\/a><\/li>\n<\/ol>\n

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    [yellowbox] If you\u2019re worried about your personal finances, you can improve them without even leaving your couch. Check out my     Ultimate Guide to Personal Finance <\/a> for tips you can implement TODAY. [\/yellowbox]
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    How to get overdraft fees waived<\/h2>\n

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    Here\u2019s a truth not a lot of people know: All bank fees are negotiable and can even be refunded.<\/em><\/p>\n

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    Remember: Your bank wants to keep you as a customer. A well-executed phone call can often make a difference.<\/p>\n

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    Call your\u00a0bank and use this script<\/h3>\n

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    Here\u2019s how I was able to waive an overdraft fee I got years ago: He called up his bank and the conversation went like this:<\/p>\n

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    RAMIT: <\/strong>Hi, I just saw this bank charge for overdrafting and I\u2019d like to have it waived.<\/p>\n

    BANK: <\/strong>I see that fee. Unfortunately, we\u2019re not able to waive that fee. It was [some BS excuse about how it\u2019s not waivable].<\/p>\n

    RAMIT: <\/strong>Well, I\u2019ve been a good customer with the bank for X years now and would still like to get it waived since this is a rare occurrence. What else can you do to help me?<\/p>\n

    BANK: <\/strong>Hmm, one second sir. I see that you\u2019re a really good customer. I\u2019m going to check with my supervisor. Can you hold for a second?<\/p>\n

    [hold]<\/p>\n

    I was able to check with my supervisor and waive the fee. Is there anything else I can help you with today?<\/p>\n<\/div>\n

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    And just like that, he got my overdraft fee waived. This script works so well for a number of reasons:<\/p>\n

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    1. I repeated my complaint and asked the bank rep how they could constructively help me.<\/li>\n
    2. I\u2019ve been a loyal customer to the bank for many years, which you should always use to your advantage when calling to negotiate.<\/li>\n
    3. I was polite but firm. Nothing can force a negotiation to go sour faster than a bad attitude.<\/li>\n<\/ol>\n

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      You can use this exact script in order to get yours waived too.<\/p>\n

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      And it doesn\u2019t just work for overdraft fees \u2014 you can use this for other bank fees too, like processing fees, monthly fees, late fees, and even ATM fees.<\/p>\n

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      What do you do if the bank says no?<\/h2>\n

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      There is always the chance they still say no to your request \u2014 and that\u2019s okay. When that happens, there are three options you can take:<\/p>\n

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      Be persistent<\/strong><\/h3>\n

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      Banks pay hundreds of dollars in customer-acquisition costs and don\u2019t want to lose you. If you\u2019re persistent enough and make it hard for them to say no, you\u2019ll have the upper hand if they try to shoot you down.<\/p>\n

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      Hang up and call again<\/strong><\/h3>\n

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      Sometimes getting your fee waived is a matter of getting the right bank rep on the line. If the first bank rep keeps shutting you out, politely thank them for their time, hang up, and dial the number again.<\/p>\n

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      Pay the fee<\/strong><\/h3>\n

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      You\u2019re not going to win all negotiations. Sometimes you\u2019re going to have to just pay the fee. BUT if you have the right scripts and prepare, you can be infinitely more ready than you were before.<\/p>\n

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      When it comes to overdraft fees though, the best system is the one where you don\u2019t have to worry about them at all. That\u2019s why we suggest learning how to avoid getting hit with overdraft fees entirely so you don\u2019t have to concern yourself with negotiating them away after the fact.\u00a0<\/p>\n

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      <\/p>\n

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      How to avoid future overdraft fees<\/h2>\n

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      Prevention is better than a cure. So rather than deal with the consequences of overdraft fees, avoid them entirely with these four methods.<\/p>\n

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      1) Opt-out of overdraft protection<\/h3>\n

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      When you sign up for a checking account, many banks try to convince you to sign up for automatic overdraft protection. It\u2019s the policy in which the bank will cover you when you overcharge on your debit card, but charge you the overdraft fee for the trouble.<\/p>\n

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      However, if you choose to opt out of overdraft protection, your card will simply get declined every time you attempt to charge more money than you currently have in the account.<\/p>\n

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      Sure, it might be embarrassing if you\u2019re on a date and it turns out you can\u2019t pay for dinner because your card got declined \u2014 but it can go a long way in saving you money on overdraft fees.<\/p>\n

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      TIP: Thanks to banking regulations put in place in 2010, it is illegal for banks to automatically enroll customers in automatic overdraft protection. Banks must give customers a choice to accept or decline enrollment.<\/p>\n

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      2) Utilize account transfers<\/h3>\n

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      Some banks offer an overdraft protection service that works by transferring money from another account to the one you\u2019re trying to take money from.<\/p>\n

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      This can be from another checking account, a savings account, or even a credit card (depending on what your bank offers).<\/p>\n

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      For example, say you\u2019re using your debit card to buy dinner. Your debit card is linked to your checking account, which doesn\u2019t have enough money in it. If you have an account transfer set up, it\u2019s okay! If you\u2019ve depleted the money in your checking account, money will just be transferred from your savings to cover the costs.<\/p>\n

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      NOTE: Some banks charge a small fee with this practice as well \u2014 though it\u2019ll be much lower than an overdraft fee.<\/p>\n

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      3) Try the envelope system<\/h3>\n

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      This is a great system to help you keep track of your expenses for anything.<\/p>\n

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      And it\u2019s simple: At the beginning of each month, you allocate cash for things like going out, groceries, gas, and whatever else into envelopes. Once you\u2019ve spent the money in those envelopes, you\u2019re done spending for the month.<\/p>\n

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      Of course, if there\u2019s an emergency you can definitely dip into other envelopes \u2014 but that only means you have less money to spend in those areas.<\/p>\n

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      You can set up your envelope system in three steps:<\/p>\n

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      1. Decide how much you want to spend in each major category each month.<\/li>\n
      2. Put money into each envelope (e.g., $200 for groceries, $150 for eating out, $60 for entertainment).<\/li>\n
      3. Spend the money \u2014 but when the envelopes are empty, that\u2019s it for the month.<\/li>\n<\/ol>\n

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        You don\u2019t even need to use physical envelopes. You can track your spending with a separate bank account and debit card while opting out of overdraft protection.<\/p>\n

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        When the month starts, transfer around $200 into the account \u2014 and when you go out, only spend that money. Once the money is gone, stop spending.<\/p>\n

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        Whatever system you decide to use, you just need to make sure to decide how much you\u2019re willing to spend in each category (and that\u2019s all up to you).<\/p>\n

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        4) Get a new checking account<\/h3>\n

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        One great way to avoid overdraft fees entirely is to get a checking account with a bank that doesn\u2019t have them.<\/p>\n

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        My favorite: Charles Schwab Investor Checking<\/p>\n

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        A few highlights:<\/p>\n

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