Find Out How to Legally Fight Overdraft Fees

Legally Fight Overdraft Fees

Unfortunately, overdraft fees are something that most people are familiar with. When a charge hits your bank account, and there aren’t enough funds to cover it, your bank may pay the charge and then charge an overdraft fee. When this happens multiple times for non recurring charges, banks tend to charge exorbitant overdraft fees. Over 90 percent of the overdraft fees paid last year were paid by families and households who were already struggling financially.

Most people don’t realize that it is possible to fight overdraft fees. The bank charges these fees and automatically takes them out of your bank account. Once that happens, it’s nearly impossible to get them back unless you have the right help. Read on to learn more about these excessive fees and what you can do to fight overdraft fees from your bank.

Overdraft Charges

Many big banks charge overdraft fees and non sufficient funds fees. Some banks treat these fees as the same item, while others treat them as 2 different types of fees. When you attempt an ATM or check card transaction without enough money in your account to cover the expense, the bank can choose to decline the transaction or pay for it and charge you an overdraft fee.

An overdraft fee is usually $35 or more per transaction. If the bank chooses to cover three separate transactions on a single day, that customer may be charged $105 in overdraft fees. This snowball effect can be nearly impossible to dig out from under. To make matters worse, big banks typically just take their overdraft fees out of your account and notify you after the fact.

You Can Fight Overdraft Fees

It is not uncommon for customers to request that their bank waive or refund overdraft fees. Most banks will refund one overdraft fee annually per customer as a courtesy. Unfortunately, customers who request a return of overdraft fees typically cannot afford to lose them, but this does not phase big banks. When banks tell customers that they will not refund these fees, most customers do not realize that they can fight overdraft fees legally.

Most big banks require customers to sign an arbitration agreement when they open their accounts. This does not mean they are forfeiting their rights to get these fees back; it only means that they agree to bring their argument before an arbitrator who acts as a judge. Consumers still retain counsel who argues the case, and the judgment is final. Arbitration is just a specific type of private resolution rather than a public lawsuit.

How to Fight Overdraft Fees

If you have been charged exorbitant and unfair overdraft fees by a big bank, you may be able to fight overdraft fees and get your money back with the right help. First, fill out a contact form and request a free consultation with an exceptional law group that isn’t afraid to take on the shady business practices of big banks. Then you’ll meet with a Financial Services Team to discuss the potential of moving forward to fight the overdraft fees you’ve been charged.

Until then, take the time to create a file and get organized. Save bank statements and receipts relating to any questionable transactions. If you have spoken to any bank employees in the past or requested these fees be returned, make notes detailing the conversation. Notate who you spoke to, the date and time, the details of any conversations, and of course, the outcome of such correspondence. This information may be helpful later. 

Partner with an Exceptional Law Firm

Big banks are greedy, and they have teams of attorneys working on their side. It is crucial that you partner with an exceptional law firm that understands the complex case law regarding these types of cases and understands how to fight for the rights of their clients. The right law firm will be skilled and aggressive as they use their resources to help you fight overdraft fees. No matter what your bank says, it is possible to fight overdraft fees and get your money back.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.