Ignoring or not taking a close check on your account after purchasing an item without having too many funds in your account could cost you.
Likewise, making a debit purchase without funds can also cost you. If you find yourself in this situation, what should be on your mind is how you can try to get your overdraft fee waived.
One thing is sure, and it is bound to happen to everyone at some point in their life. You were not paying close attention to your account, or the deposit you are waiting for did not come in there, leading to an overdraft.
At some point in people’s life, they are bound to make mistakes, but the question is, are you willing to do anything to solve the problem of overdraft.
You must know what an overdraft is so that if you find yourself in that situation, you will know what it means and likely work on it.
What Is An Overdraft?
Trying to withdraw more than what you have in your account is simply what leads to an overdraft.
The money you have in your account is just your spending limit, and any other withdrawal will lead to an overdraft.
You can also say, spending more than you have in your bank account is an overdraft. Bank gives you money even when you do not have it in your account, which leads to an overdraft. The money is to cover your shortfalls, but it comes at a cost.
It may not be that difficult. If you have been charged an overdraft and do not want to pay it, you should ask your bank to stop the charge.
Many banks understand and, in particular, recognize the importance of helping customers in this regard.
Many unforeseen occurrences can lead to excessive spending even when the economy is not in the grip of a recession and unemployment.
During the Covid-19 crisis, lawmakers urged banks to stop overdrafts overdue due to the financial crisis seen in 2020.
No law was passed, but billions of dollars under loans were collected quarterly without restriction. Banks seem to be living off this money and may be especially willing to forgive overdraft costs if times are tough.
How You Can Try To Get Your Overdraft Fee Waived
There are ways you can avoid overdrafts or possibly limit them. You can link your savings account to your checking account. This way, the bank will be able to deduct from your savings if your checking account runs down to zero.
This way, you will be able to avoid too much overdraft. Some banks also offer overdraft protection. Monitoring your account is also something you should always do. This will help to control overdraft.
You can quickly check your balance after every transaction using your mobile phone. That way you do not have to visit the bank all the time as that could be one of the problems people face.
Some banks are understanding and forgiving when it comes to overdrafts. This implies that you may be able to reverse an overdraft once you are hit with one.
Most banks or financial institutions will change the draft because they believe that mistakes occur, and as such, you will make amendments.
These financial institutions have made it easy to get your overdraft fee waived. You have to go through some steps, and they include;
Call Your Bank
Do not act like you did not notice that you have been charged an overdraft fee. Instead, contact your bank immediately after you realize that you have been charged an overdraft fee.
You can quickly call the number on the back of your debit card to speak to a representative that will help you out with the overdraft.
Explain What Happened
You can explain why you withdrew even when there is no money in your account. It could be a result of losing your job or other financial issues.
As stated earlier, some banks and financial institutions are considerate about overdrafts. Explaining to them might make them reconsider and reduce or completely remove your overdraft.
Provide A Timeline
You can go as far as telling them how soon you intend to fix up your account positively. This can equally make them waive your overdraft.
On the other hand, you will have to work towards getting your account positive again to avoid more overdrafts.
Point Out Your History As A Customer
You can try to waive your overdraft fee if you do not always do things that result in an overdraft.
Banks have your history in their record. You can tell them about your account as a customer, pointing out that it is a rare occurrence. Make sure the fact you are stating is actual.
Always Be Polite
Running an overdraft is not the bank’s fault, so be polite when talking to them, as being rude may ruin your plan of waiving your overdraft. Make sure you stay calm and avoid arguing with the bank personnel attending to you.
Get A Second Option
If you have tried speaking to one person and there is no positive response, you can ask to speak to another representative.
Some of these workers would likely want to be rude and not respond to you, but others can be polite and see your reasons.
Finally, if you have tried all the steps mentioned above and your bank still does not want to waive your overdraft, tell them that you will opt-out from using the bank immediately after you have cleared the overdraft.
This may likely make them change their mind and reconsider. This is the last procedure to take as banks will not want to lose a customer.
How To Waive An Overdraft
One best way to avoid overdraft payments is by signing up for overdraft protection. This includes linking another bank account, usually a savings account, with a checking account.
The funds are deducted from the connected account to cover the difference when you withdraw more money.
The bank will probably check the payment, but it is usually much less than the overdraft fee.
The easiest way to avoid money is to keep a check account register without registering for overdraft protection.
Instead, record it and maintain a proper balance whenever you authorize a debit order. This allows you to track how much money is in your account and avoid transactions that could lead to an overdraft.
If keeping records with such details in your checking account seems daunting, another option is to set up account alerts.
For example, many financial institutions may email you or text you if your account balance falls below a specific limit.
Lastly, consider getting out of the overdraft cover. In this case, your bank will automatically reject any transaction you may be able to pay with your account balance. It may put you in an awkward position in the register, but at least you will not be charged any fees.
How you can try to get your overdraft fee waived is something you should worry about.
Before now, many bank users do not know how to waive their overdrafts, which is why this article.
Hopefully, this article is an excellent guide for you. Feel free to drop your questions below in the comment section if you have any, and they will be attended to immediately.