Finance Globe

U.S. financial and economic topics from several finance writers.
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Do You Know How to Negotiate a Bank Fee?

negotiate-bank-fee-man-phone

Negotiating a bank fee is not nearly as difficult as it sounds. While there is no way to guarantee success, there are a few tips you can follow to put yourself in better position.

The first thing you need to do is understand the fee and why it came into play in the first place. For example, overdraft fees are extremely common. As the name suggests, this fee is charged when you overdraw your account.

With that out of the way, let’s examine five tips for negotiating a bank fee:

1. Act Fast

As soon as you see the fee on your statement it’s time to take action. This typically means making a phone call to the bank to see if they can help you out.

The sooner you contact the appropriate party the better chance you have of success.

2. Visit in Person

While it may be more convenient to call your bank, don’t overlook the power of visiting in person to discuss your situation.

3. Be Respectful at All Times

As upset as you may be, there is no reason to act in an aggressive, unfriendly, and/or disrespectful manner.

Treating the bank representative kindly will go a long way in improving your odds of success.

4. Remind Them of Your History

If you’ve avoided bank fees in the past and have been a good customer for a long time, don’t hesitate to share this with the bank. This is a nice way of saying “I’ve been good to you over the years, so hopefully you’ll help me out.”

Tip: if you have a bad history, such as several fees over the past few months, you don’t want to bring this up.

5. Ask for a Supervisor

Let’s face it: you won’t always get what you want the first time you contact your bank. Rather than give up and pay the fee, ask for a supervisor.

Your bank knows that you can take your business elsewhere, so escalating the conversation to a supervisor could work in your favor.

So, there you have it. If you find yourself staring down a bank fee, use these tips to your advantage.

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Comments 1

Frank on Tuesday, 28 November 2017 09:01

I would also call multiple times if you get shut down the first time as well.

I would also call multiple times if you get shut down the first time as well.
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Tuesday, 20 August 2019

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