| Seeing an overdraft bank fee show up on your bank | | | | What does this mean to you? It means you could go |
| statement can be a rude awakening. Life these days | | | | out for a full day of shopping on Saturday, not realizing |
| is already pretty expensive, even for those who try to | | | | that a big check you had written three months ago |
| live frugally and within their means. But having your | | | | and forgotten about had finally been cashed on Friday, |
| own bank, whom you were led to believe you should | | | | putting your account into the red. As you shop, you |
| be able to trust, charge you overdraft bank fees is | | | | make three, four, or even five charges against your |
| pretty unsettling. | | | | debit card. And, guess what? Each charge results in |
| You are not alone. In fact, banks make billions of dollars | | | | an overdraft fee charge to your account. Painful! |
| per year in overdraft fees in the United States alone. | | | | How to Lodge Overdraft Bank Fee Complaints |
| Bank fees have become big business. And, as | | | | If you have bank fee complaints, here is how to lodge |
| government regulations reign banks in on their often | | | | them to the right personnel within your bank: |
| reckless (and some say abusive) practices around | | | | 1. First, open up your bank statement, or print it out |
| credit card issuance, banks are going to be looking | | | | from your computer if you check your statements |
| even harder than ever for ways to recoup those lost | | | | online. Get out a highlighter pen and find the |
| profits by charging - you guessed it - more bank fees. | | | | transaction(s) that led to your overdraft. Highlight all of |
| A Brief History of Overdraft Fees | | | | the details, such as merchant name, date, and amount. |
| So why are all of these bank fees being charged? | | | | 2. Build your argument for why you are lodging an |
| The overdraft fee crisis in its current form is a | | | | overdraft bank fee complaint. Be sure you can |
| relatively recent banking phenomenon, going back only | | | | answer the question clearly: why should you not have |
| 5 to 10 years. There are two primary causes of the | | | | to pay this particular fee? |
| current overdraft fee situation: overdraft protection | | | | 3. When you contact your bank, be sure to be |
| programs and the invention of the debit card. These | | | | super-polite. Nobody wants to talk to an angry |
| two banking instruments actually work hand-in-hand to | | | | customer. If you get angry, the bank representative will |
| squeeze more money out of bank customers each | | | | likely just tell you that the fees are "policy" and try to |
| year by way of overdraft fees. | | | | get off the phone with you. But, if you are polite, things |
| Overdraft protection programs work like this: if you | | | | are much more likely to go in your favor. |
| overdraw your account by making a charge that is | | | | 4. If you don't get the fee reversed during your call, try |
| larger than your current balance will cover, your bank | | | | writing a letter. Sometimes, that will get a better |
| will cover the charge for you. Sounds great, right? | | | | response. Be sure to include photocopies of your bank |
| However, they immediately turn around and charge | | | | statement. |
| you a huge fee - often $30 or more - for helping you | | | | Whether or not your complaint results in the successful |
| out. (Some friend, eh?). | | | | refund of your overdraft fee, you should also consider |
| Meanwhile, debit cards make it even easier for | | | | switching banks. Some banks never charge overdraft |
| overdrafts to happen. That is because most banks will | | | | fees, even if you make charges to your account or |
| never deny a pending debit charge, even when your | | | | write checks that result in an overdrawn account. |
| balance is too low to cover the charge. Instead, banks | | | | These banks are out there and waiting for more |
| will just honor the charge and happily collect that hefty | | | | customers who are sick and tired of paying bank fees. |
| overdraft fee. | | | | |