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An NSF fee is simply a fee you pay to your bank every time you overdraw from your account with a debit card, credit card or check. NSF fees are $30 to $35 per instance at major banks these days. And, because of the way most overdraft protection programs are set up, you could be hit with such charges multiple times in a single day – resulting in charges of $100 or more.
The best thing to do is to avoid putting yourself in a position where you could be charged this type of fee. After all, at least in theory, it should be pretty simple: Just don’t charge or write a check when the balance in your checking account won’t cover it.
However, as with most things in life, there is a huge gap between theory and reality. In practice, on a day-to-day basis, there are many things that make it a challenge to always keep a proper eye on one’s account balance checking. For example, because of the way many online bank statements display your balance information, it is not always clear which checks or charges have been processed and which have not. This means that if you really want to know your balance, you will need to sit down with a calculator every morning before you go shopping.
And don’t rely on having your debit card declined at the register as a fail-safe way of making sure you don’t overdraw from your account. That’s because, as with most overdraft protection programs, they are actually willing to accept debit card fees through a merchant, even when your balance doesn’t cover the fee! This will result in an automatic NSF charge.
If you’ve recently been assessed this type of charge on your account, you’ll want to learn how to write an effective NSF bank fee waiver letter in hopes of getting a refund. Here are the 5 steps to request a refund via letter:
1. State Your Facts:
Whenever you’re making a fact-based case for something, it’s a good idea to get the facts ahead of time. View your bank statement for the day of the NSF transaction and note down details such as merchant name, transaction data, before and after bank balance and transaction amount.
2. Make up a story together about what happened:
Of course, you’ll need to stay truthful, but put together a story or narrative form of how it happened. You want to make sure it doesn’t sound like an excuse, but just an explanation.
3. Come to a calm state of mind:
The way you feel while writing a letter will come through in your words and syntax. Be sure to put yourself in a relaxed, non-confrontational state of mind before putting pen to paper.
4. Write a well punctuated, grammatically correct letter:
Of course, presentation is important in these cases. Make sure your letter is well-written, and be sure to proofread it for grammar and punctuation.
5. Send it and wait for the result:
Make sure that at the end of your letter you are actually asking for a refund – don’t just apologize and leave it at that. Then, send your letter and wait for a response.
If you follow these 5 steps, you are more likely to get a refund for your NSF fee if it is the only fee you have had within the past year.
Important: Whether or not you are able to successfully obtain a refund, you should consider switching to banks that do not charge overdraft fees – even when you overdraw your account. These banks are out there and they’re looking for customers just like you – who are tired of paying exorbitant overdraft fees.
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