ByDraft a Letter for Reversal of Bank Charges With the Help of DoNotPay
Banks charge several types of fees for services rendered to you. And while it's fine to pay the charges, there are times you might get charged for services you never authorized.
According to recent studies, on average, Americans lose $167.40 per year on bank fees. Such charges can leave your financial situation in shambles. So it's imperative to learn how to write a to have your wrongly deducted fees returned to your bank account.
However, it can be daunting to write such a letter when you have no knowledge of how to draft one. This guide discusses how to easily with DoNotPay.
Common Bank Charges and Fees
When you keep your money in a bank, you are bound to incur several charges for services rendered. The most common types of bank charges include the following:
| Monthly Service Fee | Most brick-and-mortar institutions charge a monthly fee to every customer who maintains a bank account. The fee is usually between $5 and $15 and can be higher for bank accounts with higher rates or more perks. The bank withdraws the fee automatically from your bank account. |
| Overdraft Fee | When your checking account balance goes negative, you get charged an overdraft fee. This fee is relatively high and can be up to $35 per transaction. A bank charges an overdraft fee if a purchase would cause you to exceed your checking account balance. |
| Insufficient Funds Fees | Insufficient funds fees are similar to overdraft fees. A bank will charge an insufficient funds fee when you lack enough money to cover an automatic payment or when a check bounces. |
| Excess Transactions | Most banks impose a limit on the number of monthly withdrawals allowed from your savings or money market accounts. This is designed to protect the account holder if their debit card gets lost or stolen. Upon exceeding the required limit, the bank will impose charges of $3 to $25 per transaction. |
| ATM Fees | Using ATMs not affiliated with your bank can result in charges from your bank and the ATM provider. You may incur charges of up to $4 to your bans and $4 to the ATM provider. |
| Foreign Transaction Fee | Banks charge a foreign transaction fee every time you use your debit card outside the United States. Debit card issuers Mastercard and Visa charge a 1% foreign transaction fee. |
How to Draft a Letter for Reversal of Bank Charges by Yourself
When you notice a wrong charge on your account, it's important to contact the bank to reverse the fees. However, if your request isn't addressed through the phone, or if you aren't happy with the decision, you can write a letter for reversal of bank charges to the bank manager. Here are the steps to follow:
- Gather the necessary information, including the bank's contact information, your bank account details, the transaction date, and the amount. You can get all these details from your bank statement.
- Draft the letter addressing it to the bank manager. Ensure you include the branch's full address where you maintain your bank account.
- Provide details about the wrongly deducted charges, including the date, amount charged, and why it shouldn't be there.
- End the letter with a request for how you want your fees to be refunded. You can opt for the bank to issue an immediate refund, reverse the charges with reevaluation, or carry out an investigation on the transaction to ascertain if you were indeed liable for it.
- Allow time for the bank to investigate your claim. In most cases, you should expect a response from the bank within 1-2 weeks.
What Types of Bank Fees Can I Get Refunds for With DoNotPay?
With DoNotPay, you can get refunds and waivers for all bank fees, including overdraft, ATM, wire transfer, international transactions, maintenance fees, and more. Besides, DoNotPay supports all banks and credit cards and will only cost you $36 for a quarterly subscription. You can also use DoNotPay to automatically appeal your monthly bank fees and get them waived or refunded.
Tips for Avoiding Bank Charges
Banks have the power to charge fees for their services. Still, consumers can fight back. Here are the top tips to avoid incurring bank charges:
- Always keep track of your account balance. Look out for transactions that are not yours and immediately notify the bank.
- Keep track of your transactions after a specific limit. Banks often charge for exceeding the allowed withdrawal transactions from savings or money market accounts.
- Sign up for low balance alerts to notify you when the account balance is low.
- Use bank apps to find fee-free ATMs to avoid ATM fees.
- Set up overdraft protection limits to avoid incurring overdraft fees.
- Sign up for a direct deposit to avoid checks bouncing and insufficient fund penalties.
How to Draft a Letter for Reversal of Bank Charges With the Help Of DoNotPay
DoNotPay offers a convenient, super-easy way of writing a . You won't even break a sweat.
How To Get Bank Fees Waived With DoNotPay:
DoNotPay has you covered in four easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
Why Use DoNotPay to Draft a Letter for Reversal of Bank Charges
DoNotPay is the ultimate solution for all your bank fees problems. With DoNotPay, you can get refunds and waivers for bank charges with just a few clicks. Some of the distinct benefits of using DoNotPay include:
- Fast. There is no need to spend hours trying to craft a professional letter on your own. DoNotPay takes just a few minutes to draft and deliver your letter to the bank.
- Easy. With DoNotPay, you don't need to fill any tedious forms or keep track of your statements. DoNotPay does all the hard work for you, saving you time and effort.
- Successful. We have helped tens of thousands of customers gain refunds and waived bank fees through our simple, quick, and reliable service.
What Else Can DoNotPay Do?
Drafting a letter for reversal of bank charges is just one of many things DoNotPay can help you accomplish. DoNotPay can also help you with:
- Chargebacks and refunds
- Revocable living trust
- Send Demand Letters To anyone in a small claims court
- Gift card cashback
- Credit cards
- Find missing money
- Insurance claims
- File a complaint
- Create a power of attorney
- Breach of contract
- Help with bills
Try it today and see for yourself.