Editor’s Note: Overdraft Apps provides detailed product reviews and recommendations based upon extensive research and our own hands-on testing. We may earn a referral fee when you sign up for or purchase products mentioned in this article.
Mitchel holds a Bachelors of Business Administration in Finance from The Goizeta School of Business at Emory University and a Masters of Business Administration from The Haas School of Business at The University of California.
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“Can I get overdraft fees waived?”
Whether you’re asking that question because you had to dip into a one-off overdraft to pay for dinner or you’re struggling to break free from the cycle of overdrafts, we can help.
Scratch that. You can help yourself.
The #1 way to get an overdraft fee refunded is to contact your bank and ask. As part of their customer service policies, many banks will refund at least one overdraft fee every twelve months upon request – so make sure that you request it!
At the same time, picking up the phone is only half the battle. The Consumer Financial Protection Bureau (CFPB) estimates that banks generated $15.5 billion in overdraft fees in 2019. Raking in that type of money is big business and not all banks will let go of this revenue source willingly. But that doesn’t mean you need to resign yourself to paying thirty-something dollars when your account dips into the negative.
A phone call can be your most effective weapon against greedy banks. And we’ll show you how to handle yourself when getting overdraft fees waived.
We compiled a list of tactics proven to help you get your expensive and painful fees waived by your bank. The big banks have taken enough of your money, read on to find out how to waive overdraft fees and keep more money where it belongs – with you!
Can my bank waive or refund overdraft fees?
Yes. The more appropriate question is, “will the bank waive overdraft fees?”. Overdraft fees generated roughly $11 billion for banks in 2021. This is down from the $15.5 billion generated in 2019. But not all banks are likely to waive overdraft fees without a fight. Whether you bank with Chase, Wells Fargo, Bank of America or another institution, your bank can waive overdraft fees. But convincing them to refund your fees is another challenge.
Thankfully, that’s exactly what we’ll show you how to do.
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5 strategies to waive or refund overdraft fees
Recent moves from Washington to Wall Street suggest overdraft-related services may no longer sting the millions of Americans currently living paycheck to paycheck. While many banks have started to lower overdraft fees (or signaled their intent), and the overall volume of fees has decreased, current overdraft practices can create serious financial headaches for you or your loved ones.
Here’s what to do to convince your bank to withdraw overdraft fees.
Step #1. Be quick to react
When you see that you’re getting hit by fees, call your bank immediately. It will become far easier to get overdraft fees waived if you address them as soon as they happen. The best way to stay on top of your fees is to keep track of your expenses and bank balance on a daily basis.
Consider using a monitoring and budgeting app like Cleo to track your spend and stay within your means where possible. Of course, it’s not always possible to avoid going into a negative bank balance, in which case…
Step #2. Pick up the phone and call (right now!)
Don’t schedule an appointment with someone from the bank. Pick up the phone and call your bank manager, the customer support line, or anyone you can reach out to. Do it now (or at least, when you’ve finished this article).
It’s worth noting, visiting a bank branch can also be an effective tactic if you are up for the challenge and have the time. You can take advantage of the fact that the branch manager doesn’t want to pick a fight in front of all the other customers.
While visiting your branch in person is a very effective tactic, we recommend calling first – you might be able to avoid the hassle!
Step #3. Be polite but assertive
Try to be polite even if you think that the fee is a mistake. The bank representatives on the phone speak to tens of angry customers every day. If you are polite you are far more likely to stand out and get a positive result. If you are rude, even if you are right, you might upset the person on the phone, and at the end of the day, your fate is in their hands.
Step #4. Deal with decision makers
Try to think of a friend or connection you know that works for the bank. If you have a personal connection, it can be very helpful. Even if you don’t, you should ask to speak with a manager or supervisor if the bank representative is being unhelpful. It is easier for a person of higher rank to refund your overdraft fees, so don’t consider it a lost cause when a customer service rep at Chase, Wells Fargo or Bank of America rejects your request.
Step #5. Take advantage of your status and bank history
There are many things you can say as a loyal customer of your bank to help convince them to cancel your fees. Here’s a list of just a few points worth mentioning if the bank representative disagrees with you:
- “I always pay my bills back on time!”
- “I’ve been a great customer of this bank for 2 years!”
- “I have never asked to cancel a fee or a penalty before!”
- “I keep getting very good offers from other banks and I’ve never considered it until now!”
Make sure you point out those things firmly and politely. Be assertive but not too aggressive. Most banks won’t want to lose you as a customer, so the threat of switching banks can be enough to cancel an overdraft fee which costs less than losing you as a customer.
Don’t have an established history at your bank? Don’t worry. Consider switching to banks with no overdraft fees or simply check out banks with no fees.
Bonus Tip: Use social media (but tread carefully)
This technique is no sure thing however if you’re lucky it can work like a charm. Banks want to avoid reputation damaging posts from going viral on social media. If you write a well worded post on a bank’s social media page, they might see it and respond to foster a positive social media image.
It is, however, quite difficult to get the attention of banks; some of which have limited social media presence; or conversely, so many followers that your post gets lost in the crowd. Most likely you will end up putting time into writing a well phrased post that receives a useless, generic automatic reply from the bank, but it’s worth a shot!
To help you pull the trigger more easily, here are the Facebook pages of some big banks.
How to refund overdraft fees: Bank-by-bank list
➣ How to get Chase overdraft fees refuned
If you’re a Chase customer and looking to avoid paying a $34 insufficient fund fee (payable when overdrawing your account by $50 or more), here are a few helpful resources to help you get in touch with a bank representative and refund your Chase overdraft fee.
Website: Chase
Chase FAQs: Personal banking
Chase Customer Service: 1-800-935-9935
➣ How to get Wells Fargo overdraft fees refunded
If you’re a Wells Fargo customer and looking to avoid paying a $35 overdraft fee (up to a maximum of three overdrafts per day), here are a few helpful resources to help you get in touch with a bank representative and refund your Wells Fargo overdraft fee.
Website: Wells Fargo
Wells Fargo FAQs: Personal banking
Wells Fargo Customer Service: 1-800-869-3557
Wells Fargo Overdraft Policies
➣ How to get Bank of America overdraft fees refunded
If you’re a Bank of America customer and looking to avoid paying a $10 overdraft fee (reduced from $35 in May, 2022), here are a few helpful resources to help you get in touch with a bank representative and refund your Bank of America overdraft fee.
Website: Bank of America
Bank of America FAQs: Personal banking
Bank of America Customer Service: 1-800-432-1000
Bank of America Overdraft Policies
➣ How to get Capital One overdraft fees refunded
If you’re a Capital One customer and looking to avoid paying an overdraft fee then you’re in luck, because Capital One announced they would completely eliminate overdraft fees for consumer banking customers. If you do still need to get in touch, here are a few helpful resources to help you get in touch with a bank representative and refund your Capital One overdraft fee.
Website: Capital One
Capital One FAQs: Personal banking
Capital One Customer Service: 1-877-383-4802
Capital One Overdraft Policies
➣ How to get Fifth Third Bank overdraft fees refunded
If you’re a Fifth Third Bank customer and looking to avoid paying a $37 overdraft fee (with a maximum of 3 overdraft fees charged every day), here are a few helpful resources to help you get in touch with a bank representative and refund your Fifth Third Bank overdraft fee.
Website: Fifth Third Bank
Fifth Third Bank FAQs: Personal banking
Fifth Third Bank Customer Service: 1-513-579-5353
Fifth Third Bank Overdraft Policies
➣ How to get Huntington Bank overdraft fees refunded
If you’re a Huntington Bank customer and looking to avoid paying a $15 overdraft fee (for a maximum of 3 overdraft fees per day), here are a few helpful resources to help you get in touch with a bank representative and refund your Huntington Bank overdraft fee.
Website: Huntington Bank
Huntington Bank FAQs: Personal banking
Huntington Bank Customer Service: 1-800-480-2265
Huntington Bank Overdraft Policies
➣ How to get Key Bank overdraft fees refunded
If you’re a Key Bank customer and looking to avoid paying a $33 overdraft fee (though this figure may vary based on your number of overdrafts in the current statement cycle plus the 11 previous statement cycles), here are a few helpful resources to help you get in touch with a bank representative and refund your Key Bank overdraft fee.
Website: Key Bank
Key Bank FAQs: Personal banking
Key Bank Customer Service: 1-866-295-2955
➣ How to get M&T Bank overdraft fees refunded
If you’re an M&T Bank customer and looking to avoid paying a $15 overdraft fee (for all transactions over $5 which can quickly add up), here are a few helpful resources to help you get in touch with a bank representative and refund your M&T Bank overdraft fee.
Website: M&T Bank
M&T Bank FAQs: Personal banking
M&T Bank Customer Service: 1-800-790-9130
➣ How to get Navy Federal Credit Union overdraft fees refunded
If you’re a Navy Federal Credit Union customer and looking to avoid paying a $20 overdraft fee (capped at just one per day), here are a few helpful resources to help you get in touch with a bank representative and refund your Navy Federal Credit Union overdraft fee.
Website: Navy Federal Credit Union
Navy Federal Credit Union FAQs: Personal banking
Navy Federal Credit Union Customer Service: 1-888-842-6328
Navy Federal Credit Union Overdraft Policies
➣ How to get PNC Bank overdraft fees refunded
If you’re a PNC Bank customer and looking to avoid paying a $36 overdraft fee (that can be charged up to 4 times every day), here are a few helpful resources to help you get in touch with a bank representative and refund your PNC Bank overdraft fee.
Website: PNC Bank
PNC Bank FAQs: Personal banking
PNC Bank Customer Service: 1-888-762-2265
➣ How to get Regions Bank overdraft fees refunded
If you’re a Regions Bank customer and looking to avoid paying a $36 overdraft fee (payable for transactions that overdraw your account by any amount over $5), here are a few helpful resources to help you get in touch with a bank representative and refund your Regions Bank overdraft fee.
Website: Regions Bank
Regions Bank FAQs: Personal banking
Regions Customer Service: 1-800-472-2265
➣ How to get TD Bank overdraft fees refunded
If you’re a TD Bank customer and looking to avoid paying a $35 overdraft fee (up to a maximum of 3 fees per day), here are a few helpful resources to help you get in touch with a bank representative and refund your TD Bank overdraft fee.
Website: TD Bank
TD Bank FAQs: Personal banking
TD Bank Customer Service: 1-800-457-2387
➣ How to get Woodforest Bank overdraft fees refunded
If you’re a Woodforest Bank customer and looking to avoid paying a $32 overdraft fee (for a maximum of 3 overdrafts per day), here are a few helpful resources to help you get in touch with a bank representative and refund your Woodforest Bank overdraft fee.
Website: Woodforest Bank
Woodforest Bank FAQs: Personal banking
Woodforest Bank Customer Service: 1-877-968-7962
Woodforest Bank Overdraft Policies
Final thoughts and what to do next…
As a final note, your bank might try to charge you an illegal fee that does not comply with state regulations. If you suspect an illegal fee, reach out to the regulator and make sure to let your bank know about it. You can do this by submitting a complaint directly to the CFPB by filling out the online form on their website.
And that’s everything you need to know!
You can get $100’s in overdraft fees waived by using your banking history (or the threat of leaving) as leverage. Or, if you don’t have a history with your bank, consider switching to a bank (or neobank) that better suits your financial situation.
Remember, big banks may not have let go of overdraft fees yet, but there are plenty of ways for you to access the money you need without overdraft fees. Be sure to check out our top 9 best money borrowing apps too if you’re in need of fast cash to get out of a financial black hole.
Banks waive overdraft fees at their discretion, so there’s no guarantee they’ll reverse their decision. But with online banking platforms like Chime, Go2Bank and Albert, there is no shortage of alternatives if it’s time to say “see ya” to your current bank.
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Mitchel holds a Bachelors of Business Administration in Finance from The Goizeta School of Business at Emory University and a Masters of Business Administration from The Haas School of Business at The University of California.
- Current App: Cash Advances up to $500 PLUS No Fee Overdrafts - August 9, 2024
- Empower App Review: Instant Cash Advances Up to $300 (With No Credit Check) - June 11, 2024
- Kikoff Review: A Credit-Building App For Just $5 Per Month - June 10, 2024
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