Negotiating Banks Fees and Charges

I recently had an encounter with my bank, the grand ol’ Bank of America, regarding surprise bank fees on my statement. Unlike a party, this surprise was not welcome. The account in question had a balance of $5.00 for over three years and no activity. Now all of a sudden I owe them seventeen bucks and need to pay up NOW or suffer the consequences (more eloquently put, of course). Well I was not about to pay for something in which I was receiving no benefits whatsoever, and had been meaning to cancel anyway.

You may have encountered a similar situation yourself recently. Banks have been inventing new fees left and right to keep the money flowing. They need to do something to stay afloat during this financially tumultuous time. I don’t begrudge their efforts. Like so many Americans in my shoes, I just don’t want to be the one to pay for it!

If you want to join the fight against fees, read the following guide to get started and liberate yourself, and your money, today!

First, Ask Nicely

Sometimes all you need to do is ask nicely. If you’ve had an uneventful history with your bank, they will want to keep their customer happy and most likely fulfill to your request. Why might they be so apt to readily agree to your request? It generally costs 10X more money to attract a new customer than it does to keep a current customer!

So many people would rather not deal with the headache of calling the bank, waiting on hold, and haggling with the customer service rep that they don’t even bother to get their $5 or $10 back. The bank gets away with this sort of thing all the time. Think again next time you just accept new fees as part of your monthly expenses. Ten dollars a month for a year will cost you $120 and $600 in five years. It is probably worth 15 minutes of your times to get your bank bill corrected.

Persistence Pays

If your bank wants to play hardball, don’t give up. Ask to speak with someone else of higher authority that can help you. If speaking with that person doesn’t do the trick, call back the next day and you may hit an immediate homerun with the first person you reach. At some point the bank must consider what it’s costing them to pay their employees to negotiate with you, and the goodwill they’re losing with a customer in the process.

Bluff Your Way Out

The last thing your bank wants to do is lose your business (assuming you’re a customer worth keeping). If your bank flat out refuses to refund the fees, tell them that you are ready to take your business elsewhere if they do not stop with the charges. Most likely they’ll back down at this point and find a solution to ensure you stay a customer. If you do use the bluff tactic in this situation, be prepared to follow through. Have a reputable bank lined up, or better yet a credit union, to open an account.

Join a Credit Union

I mentioned earlier that I have not used my BOA account in several years. This is because I am now a member of a local credit union. The credit union has so far exceeded my expectations of customer service, without the snarky attitude the employees of corporate banks seem to share. Not to mention fees are virtually nonexistent! You are also able to use member credit union’s ATMs for free. Bonus!!!

If all else fails, there is sure to be another financial institution waiting to welcome you with open arms who will offer all the bells and whistles without the costly fees.

Have you negotiated bank fees with Bank of America, Chase, Wells Fargo, Key Bank, or another financial institution lately? What was your experience?

Be Sociable, Share!

•