The average checking account now has up to 30 possible fees according to wallethub and chances are you will have to pay for one of those fees at some point. Getting a fee waived for anything is a pretty good feeling, but unfortunately you’re not always going to be successful in getting a fee waived by your bank.
The next time you pick up the phone to contact your bank about a fee keep in mind these 3 factors that banks consider before waiving your fee. These tips may help you in your next negotiation.
3 Factors Your Bank Considers
- Overdraft History: Maintaining a good overdraft history with your bank works in your favor. This means you want to make sure your account balance rarely drops below zero. On the other hand if you have a habit of overdrawing your account you most likely won’t be getting any sympathy from your bank.
2. Account Relationships: It also helps if you have multiple types of accounts opened at your bank (Checking, Savings, Money Market, etc). That too can be beneficial when trying to get your fee waived. It is also a good idea if you want to set up overdraft protection.
3. Behavior: If you do negotiate to waive a fee it’s always best to remain calm and not come off too demanding when talking to your bank representative. Keep in mind that the person you’re talking to has heard every excuse in the book, so if you present a legitimate case for yourself it is more likely that you will get a fee waived.
Also read 5 Bank Fees You Can Always Talk Your Way Out Of @ gobankingrates.com