Does anyone have any tips for the best way to negotiate with a bank re: reversal of overdraft fees?

Question

Hello. I'm hoping for some advice from someone in the know in collections or banking. My daughter-in-law went into the negative on her checking account back in July. She had not stopped an automatic payment on her car which she had issued from a different account. Thus she double paid and got an NSF of 37.50 to boot. Well, she spoke with someone at the bank who was not helpful and instead was snotty to her: I mention this because she's very sweet and very easily intimidated. So she chose to ignore the problem and just start using money orders to pay bills. She's currently 8+ months along and I only found out about these banking problems the other day when I asked her why she was so upset when we started talking about financing a more appropriate car for transporting the new baby. Long and short of it---the bank charged daily overdraft fees for 60 days and she now owes them 725.00, 375.00 of that in fees. I've offered to negotiate with the bank as she's a wreck. Any words of advice?

Hi, Delaina. Thanks for your prompt response. They have indeed closed the account---she requested they close it when they were charging the daily fee but, of course, they said she had to bring it to a zero balance first. So to answer your question it has been written off and transferred to the recovery dept.. Thus I'm not sure the branch can do anything anymore. I would just think that a bank would want some money vs. all the money, but I'm not getting that idea from what I'm reading on the net.Oh and here's a fun one... she actually checked her balance a few times at non-Chase ATMs back in July when this all started: they charged her for that transaction as well as a $ 37.50 fee each time. Amazing!

Pengy, you are a sad, sad ignorant little man. You may claim to be an expert in credit, but you are certainly not an expert in mastering the English language: anyone who can say "would OF" instead of "would HAVE" is simply not intelligent enough to be giving financial advice. Further, I believe most second graders could tell you that 725. minus 375. equals 350. not 400.. And your accusatory tone re: issuing from another account (umm, her husband's) proves your opinion to be worth even less than I first thought.

Answer 1

Be prepared to pay at least the amount that is not fees. Have they closed the account? Have they sent the account to collections? Did they report her to Chexsystems. These are all things you need to know. If the answers are no then just deal with the bank and try to make a deal with them to re-open the account and not send it to collections or Chexsystems.

I worked for a bank that did this sort of thing all the time We called it the Freshstart program and it was basically a loan in the amount of the delinquency to re-open the account and a direct debit set up on the account to get it paid off and if they missed even one payment they were closed for good and immediately sent to collections.

When you go to talk to them just go straight to a branch manager. Don't call the customer service number. Go with your very pregnant DOL and talk to someone in charge it will be easier to get them to be nice in person especially in her condition and she'll have to go because it was her account.

Answer 2

If she would of paid the overdraft fee, and then talked to the manager, and it was her first overdraft this would have been handled and most likely the fee reimbursed. By closing the account, which was stupid she not only collected additional fees, but most likely is in the Chex system and cannot open an account anywhere until those fees are paid. Very irresponsible. It is now also on her credit report if 375 is in fees then she also owes the principle of 400. Another question arises is if she is now using or at the time another account to pay the bill, why did she switch to money orders, and not continue with the other account? Intimidated, or manipulative, sorry something does not add up here. Personally think Mother in law is being taken for a ride.

Answer 3

She should have dealt with this in July. But that can't be helped now. I would call the bank; ask to speak with a manager. Tell them the situation and be ready to negotiate a lower payoff amount. Maybe 1/2 of the fees and all of the other amount. Definitely call them and tell them what is going on. They can't help you unless you keep them updated on the situation.

Answer 4

All NSF expenditures are avoidable. all people who overdraft their bills on a universal foundation at the instant are not preserving song of their stability. it is your accountability. never circulate off a stability that shows on the computer - you're able to reconcile it by making use of deducting each and every thing that has no longer cleared - like the examine. then you definately understand what you could spend. you're able to shop song of your stability in a examine register. Write each and every thing down and subtract something you do no count if that could be a examine, computerized charge, card purchase, money withdrawal and upload in any deposits. At a minimum write down the quantity simply by fact is the main mandatory element to write down. Subtract what you authorized and you have what you could spend without overdrafting your account. Reconcile on your financial employer fact each and each month or extra frequently in case you're able to on line. examine off each and every thing on your examine register that has cleared then take each and every thing that has no longer cleared and subtract it from what the financial employer has. they could examine. in specific situations a checking isn't for each guy or woman. that is extra fee-effective to apply money to purchase issues and purchase money orders to pay expenditures. in simple terms think of of each and every of the money orders you're able to purchase for $35.00.