How can I get my money back from overdraft?

Question

Recently I put money order in Bank of America and it took them one week to let me use it.I thought the money is on my account so I've used card 5 times when it turned out there was no money just yet.Now BOA is charging me 35 dollars for each overdraft which makes $ 175!!!Is there a way I can get that money back?Or at least some of it?I really can not afford to give that kind of amount to the bank!

Answer 1

The short answer is that you can't get the money back because the fine print on your paperwork from when you opened the account said they would charge you $35 per overdraft transaction.

However, that isn't the end of it. I suggest that you go into your branch and ask to talk to someone who can assist with a problem on your account (don't just talk to the teller at the counter). Explain the situation. Tell them you simply made a mistake by loosing track of your balance, and you made 5 transactions before you realized it. Tell them you think its only fair to be charged for 1 overdraft fee, since it was only one occurrence where your account was overdrawn (5 transactions in the same period of overdrawn balance). Point out your history of having an account in good standing. Ask to have them reduce the fee to just $35 (the amount of one overdraft charge). You think this is reasonable since it was only one time that the account was overdrawn. Plus tell them you are disappointed that their system would allow you to continue using your bank card even after your account was in the red. They will resist at first, but be firm about what you want, and threaten to close your account and move to another bank. Banks are in high competition for customers these days and most banks will wave a fee to keep a customer. If they don't, then be prepared to close your account right there on the spot.

Above all else, be polite. If you go in screaming and cussing, you won't get anywhere, they may even call the cops and say you were a threat to the safety of the bank. If you are polite but firm about what you expect in the way of customer service, you are far more likely to get the fee reduced. Also, dressing nice (like a job interview) can't hurt your cause, this will make you look like a responsible person who is trying to take responsibility for a mistake. If you dress like a thug, then you look like an irresponsible thug who is just whining about the fees.

Good luck.  

Answer 2

Normally the bank will allow you one overdraft charge per year, sorry, I know from experience, you will have to call them and will probably have to spend time convincing them that you didnt know.   If you dont pay the bank back you will not be allowed to bank anywhere else the have a link where they check to see if you owe banks money, good luck.  

Answer 3

Sorry, but you are not going to get your overdraft fees back.  The bank may be willing to reverse one, but only if you do not have a history of over drafting your account.  When you signed up for your account you should have been told that funds are not always made immediately available.  It should have also been in the paperwork that you signed and were given a copy of when you opened the account.  By using the funds from the money order before it was available, you overdrew your account and should pay the fees.  It takes an average of 3 - 5 business days for checks and money orders to clear and the funds to become available.  

Answer 4

You can call them and explain the situation and ask to have some or all of your fees refunded.

Sometimes, the bank will refund fees in these circumstances, but not usually.

When you got your receipt for your deposit, did it notate that the funds were "uncollected" or otherwise not available to you?  If the bank failed to notify you that the funds were not available at the time you received your receipt, you may have some recourse against the imposition of fees.  Then, you could take them to small claims court.