Overdraft covers the funds that you spent more than what you have in your account. This can often happen at the end of the week, when you made shopping a week ahead and did not notice how you exceeded the funds that you have. Thus, you kind of borrow this missing amount from the bank, but then you have to pay rather big fees for this borrowed money. It turns out that you have an additional loan, because banks do not borrow money just like that, it is their business, they make money from it. However, not everything is so bad for you, because you have the opportunity to refuse waiving overdraft and avoid fees.
Next we look at the options that you have, to cancel the overdraft.
The politeness of the city conquers
When communicating with bank employees do not give free rein to negative emotions. This will help you find a common language with representatives of the bank and clearly explain the situation to them. They, in turn, are more likely to listen to you and try to help you solve your problem.
Just ask waiving overdraft and avoid fees
More often than not, if you simply ask to waive the overdraft payment bank employees will be able to do this. Of course, this may not always be the case, because the bank has certain requirements for the work of its representatives, including the reduction of profit losses. In this regard it is sometimes possible to receive a refusal to abolish the overdraft fee, motivated by some kind of reason. Remain polite with the bank employee and continue to communicate. What to talk about in this case, we will tell further.
Remind your history of working with them
Banks are interested in customers, as well as any other type of business. If you have a fruitful positive history of working with them, then this will serve you as a powerful additional trump card. Losing a good customer due to the payment of one fee is likely not to be desired for the bank. If in this history there were not exactly good moments, then follow further on our advice.
Remind the representative of the bank about the duration of your cooperation
There is a concept of customer longevity, which affects the speed and quality of the bank’s return on the rather large investments they invest in the acquisition of each new customer. Fruitful cooperation with banks for several years makes you a good customer who brings them profit, so the bank will be interested in meeting you and not losing such a customer.
Be patient, but persevere
Control your emotions, but let the bank know how unhappy you are with the situation when you are forced to pay an overdraft fee. Do not give up, be persistent, it will help you to make it clear to the bank representatives that this is important to you. If they do not want to lose a client they will probably give you up.
Talk to another bank employee
If you hit a tough bank employee try to talk about the cancellation of overdraft fees with another representative of the bank.
Come to the bank in person
When you tried to negotiate with the bank over the phone, but were refused, visit the bank in person and negotiate live. Personal communication can have a greater effect when you can look at the other person’s eyes.
Pay a fee
It happens that some bank customers may repeatedly make such a mistake and make overruns from their account. In this case, you are likely to receive a refusal, no matter how hard you try. Then you will only have to pay this fee after all, since this is an already established system for you. To break this unfavorable habit, learn how to avoid overspending and how to keep track of it.
Do not take overdraft
In order not to get into an unpleasant situation with an overdraft, first of all give it up altogether. Then the likelihood of overspending with the need to pay fees for it will disappear. This may put you in a situation of lack of funds when paying for some purchase, but this will definitely save you the payment of overdraft fees.
Cancel automatic payments so that the limit is not exceeded without your knowledge. This may not be very convenient in some cases, but this is how you will control the situation with the overdraft.
You can connect alerts via SMS or other means about the time of payment, about the low balance in your account and about many other things.
Place a deposit on your account to waiving overdraft and avoid fees. You can also link different accounts to cover overspending with another one.
Be prudent with your accounts
To avoid charging overdraft fees, as you can see, it’s enough just to follow some simple rules. Control the status of your accounts and you will not get into unpleasant financial situations.
If you have questions about other financial issues, you can find a lot of useful information in our blog. You can also contact our experts and get advice on any of issues.