Nobody likes overdraft fees, especially unexpected ones. I strive to avoid bank fees whenever possible, but sometimes they manage to bite a chunk of my money. The other day I was making a purchase with PayPal and got into trouble. PayPal has a setting to select a backup payment option, in case if your primary account has insufficient funds to cover the purchase amount. My assumption was that part of funds will be withdrawn from bank account and the rest would be charged on credit card. Wrong!
As they say, assumptions are the root of all evil. So, PayPal tries to charge my bank account in full, which results in overdraft, which in turn (wait for it), hits me with overdraft fee of 35 USD. Bam!
Next, PayPal will try to charge your bank account a couple of times, and only then it will fall back to backup payment option.
OK, paying overdraft fees is not my favorite task, so I’ve searched for the ways to waive that fee. First, I’ve transferred funds from my savings to checking in order to cover negative balance (it’s always good to have reserve funds). Second, I called to Bank of America customer service and asked if they can do something about it.
Here’s what worked for me:
Hi, I was recently charged an overdraft fee when I made a purchase on eBay. I totally forgot about checking account balance and it was my fault. However, I’ve been with BofA for more than several years, and this is my first overdraft fee. I am calling to see if I am able to get this waived.
Be polite and reasonable, and you’ll have 90% chance that customer representative waives that fee. If first attempt was unsuccessful, drop the call and try once again. If second attempt fails, well, get over it and try to avoid such situations in future.
Have you ever experienced an overdraft fee? Were you able to waive it?