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Is There Any Way to Get My Overdraft Fees Reversed? – Sheri

“Dear Steve,

I have been charged so many overdraft fees by my bank, now I cannot pay my bills there are 1300.00 worth of fees.

Is there a way to get these reversed

Sheri”

Dear Sheri,

If the fees built up because your account was actually overdrawn, then your options are limited. But saying that you need to understand banks have setup a system which is likely to result in big overdraft fees. For example, they will clear the largest checks against your account first in hopes of bouncing multiple smaller items.

Some banks, not all, have said they will change their was. Don’t hold your breath for that. It will take some legislative interaction most likely.

Your options at this point are to find a way to live within your income so you can meet your current obligations and have enough extra money leftover each money to pay down the balance due.

You can always attempt to negotiate a lower amount with the bank but don’t expect them to budge much.

Do you have other debts you owe?

Once this crisis is resolved the best way to avoid this in the future is to make sure you are building a balance in your savings account or emergency fund each month. Cash in savings would have prevented the overdrafts and thus the fees. Not having money is savings essentially cost you $1,300.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

morehelp1

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • Very useful article. In my experience overdrafts are good for short term money management, but can be deadly for long term financial stability. For years, I lived in me overdraft getting charged a seemly insignificant £20 a month, but it all adds up. Found a really useful site talking about dealing with UK based overdraft debt and your legal rights when dealing with banks- http://www.debt-line.org.uk/un

  • Similiar sad experience…I owe two banks and am looking at fees that total @ $1200 and $600….to make matters worse I lost my job….I am working on paying off the bounced checks that they did not pay and bounced several times…..the banks are refusing to negotiate on the fees. I am also a senior citizen now living on social security.

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