How to ask your bank to waive an overdraft fee
An overdraft fee is a charge from the bank when a payment goes through and the account does not have enough money. Asking the bank to remove it is a request. The bank can say no. This page does not promise a waiver.
This consent rule is a US rule
The opt in rule below comes from the US Consumer Financial Protection Bureau. If your account is in Canada, use your bank's own complaint steps and the Canadian bank fees guide. A US rule does not set the fee on a Canadian account.
Find the fee before you call
On the statement, the payment and the fee are different lines. Write down the date, the name printed on the fee line, and the amount. Also write the name of the payment that caused it. How to find bank fees on a US statement shows the words banks actually print, including overdraft, NSF (not enough money), and returned item.
A monthly service fee is a different charge. If you also pay one of those, the bank fee calculator turns that monthly amount into a cost over 12 months. Do not put a one time overdraft fee into that calculator and treat the result as a monthly bill.
When the bank needs you to agree first
For a one time debit card purchase and for an ATM withdrawal, the Consumer Financial Protection Bureau says a bank cannot charge an overdraft fee unless you opt in. The rule is Regulation E, 12 CFR 1005.17. The Bureau explains it in What can I do if my bank charged me a fee for overdrawing my account?
Checks and repeating electronic payments are different. The same CFPB page says banks may still charge an overdraft fee for those even if you did not opt in. If a payment is returned, the bank may charge a not sufficient funds fee, and the store may charge its own returned item fee.
If you are enrolled, you can change your mind. The CFPB says to notify the bank that you no longer want the coverage. That stops future overdraft fees on the debit card and ATM payments the rule covers. The CFPB page does not say the bank has to remove a fee it already charged. Declining coverage also does not promise the next payment will go through.
What to say when you call
Call the number printed on the statement. Give the date, the fee name, and the amount. Ask what the fee was for. Then ask the bank to review it or remove it. A first fee is a normal thing to ask about. The person on the phone can still say no.
If you did not agree to debit overdraft coverage and the bank still charged a debit overdraft fee, the CFPB says you may file a complaint. Try the bank first so you have the answer they gave you.
Expenvo can list the fee lines it finds on a statement you open. That list is not a quote from the bank, and it is not a promise they will refund the fee.
Questions
- Does asking the bank remove the overdraft fee?
- No. Asking is a request. The bank can say no, and this page does not promise a waiver.
- Can a US bank charge an overdraft fee on a debit card purchase if I did not opt in?
- For a one time debit card purchase and for an ATM withdrawal, the Consumer Financial Protection Bureau says the bank cannot charge an overdraft fee unless you opt in. Checks and repeating electronic payments can still be charged without that opt in.
- If I tell the bank to stop overdraft coverage, do old fees come off?
- The CFPB says you can notify the bank that you no longer want the coverage. That applies to future fees on the debit card and ATM payments the rule covers. The CFPB page does not say the bank has to remove a fee already on the statement.
- Does this US rule apply to a Canadian bank account?
- No. Regulation E is a US rule. For a Canadian account, start with the bank's own steps.
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