ByWill Banks Waive Overdraft Fees? Here's How to File an Appeal
If you have a checking account, you are aware that there are likely to be fees associated with it. Most banks charge maintenance fees, overdraft fees, insufficient fund charges, ATM fees, transfer fees, and more. Sometimes life happens, and you are unfortunately charged overdraft fees. If you are wondering if , DoNotPay can help.
What Are Overdraft Fees?
Overdraft fees are bank imposed fees that are charged when a payment is authorized but you do not have enough funds to cover it. They will charge these fees for debit card withdrawals, ATM withdrawals, ACH/automatic payments, or checks that are presented against your account.
When you overdraw your account, banks often impose an additional fee, which means that not only do you have to deposit enough to cover the charges, but you also have to add enough to cover the extra fees in order to bring your account out of the red. Some banks charge a fee for every item that is paid out, which can add up quickly.
Some banks may call these fees insufficient fund fees. However, some banks have both overdraft fees and insufficient fees, and differentiate between them by whether they pay for the item or return it. You should check your bank's overdraft policy for confirmation.
How Much are Overdraft Fees?
The amount that banks charge you for overdraft fees when they authorize a charge that your account cannot cover varies. A sample of current overdraft fees from popular banks is included below.
| Bank | Overdraft Fee |
| Chase Bank | $34 |
| Bank of America | $35 |
| TD Bank | $35 |
| Fifth Third | $37 |
| Citizens Bank | $37 |
| Wells Fargo | $35 |
Some banks may have flexible overdraft terms. They may not assess an overdraft fee if your account is less than $5 overdrawn, or on charges presented against your account that are less than $5, or if you make a deposit within 24 hours. You should check with your bank to confirm their overdraft policy and fee schedule.
How to Avoid Overdraft Fees on Your Own
Sometimes life happens, and overdrafts cannot be avoided. However, you don't always have to pay overdraft fees.
1. No-Fee Banks
Some banks tout themselves as charging fewer bank fees, or even as "no fee" banks. The following is a sample of banks without overdraft fees that you might consider.
- USAA Bank
- Chime
- Capital One
- Ally
Be advised, that banks may place other stipulations on your account in order for you to avoid overdraft fees. This could mean maintaining a minimum monthly direct deposit amount, or they may limit no-overdraft fees to certain types of checking accounts. Always verify a bank's policies before opening new accounts.
2. Overdraft Protection
Overdraft protection can be achieved in a few different ways, depending on your bank's services. You may link your checking account to a savings account, and funds will automatically transfer to cover overdrafts. You may also be able to link your account to a credit card or line of credit to cover overdrafts.
3. Request a Fee Waiver
You may be able to request a fee waiver in order to avoid fees. You should try to request a waiver if it's a rare or one-time occurrence, or if you can prove a natural disaster or some other extreme circumstance affect your finances to the point of causing your overdraft. While it is not guaranteed the bank will work with you, you can always try.
DoNotPay Can Fight Overdraft Fees on Your Behalf
DoNotPay understands that sometimes financial issues arise and cause overdrafts. However, we don't believe banks should take advantage of your situation and take your hard-earned money in the form of arbitrary fees. We are prepared to on your behalf.
Here’s how to get overdraft fees waived quickly with DoNotPay:
- 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 Fight Bank Account Fees
DoNotPay provides a fast, easy and successful service to help you get overdraft fees waived. When you give us the information, we will make a formal request and make the best case to save your money and get overdraft fees waived or refunded.
In fact, DoNotPay can help you fight or request waivers for any type of banking fees at any banking institution. For instance, we can also help you fight maintenance charges, ATM fees, and PayPal transfer fees, among other fees.
What Else Can DoNotPay Do?
DoNotPay can successfully help you fight and waive bank fees, but we also offer a variety of solutions to any problem you have. We can help you:
- Send Demand Letters To individuals or businesses in small claims court
- Handle Insurance Claims
- File Complaints
- Negotiate Bills
- And more!
No matter what problem or concern you have, DoNotPay is here to help you resolve your issues.