How To Get Overdraft Fees Refunded

Overdraft fees—one minute you’re buying a $5 latte, and the next you’re hit with a $35 fee for going a few bucks over your balance. It’s frustrating, and we get it. But here’s the good news: those dreaded fees don’t always have to stick. If you know what to do, you might get those fees refunded. Let’s show you how to turn that overdraft frown upside down and keep your money where it belongs—in your pocket! 💸✨ Keep reading to see how you can get personalized offers from our trusted partners through MoneyLion!

How much are overdraft fees?

Overdraft fees average around $35 per overdraft charge at major banks. It may not sound like a lot, but if you’re only overdrawn by a couple of dollars, that fee stings. These charges can add up quickly if you make multiple transactions while your balance is still negative.

Here are the overdraft fees for a few major banks as of October 2024:

• Wells Fargo: $35 per overdraft occurrence, up to three daily overdraft fees.
• Bank of America: $35 per overdraft, but only if the overdrawn amount exceeds $1.
• Chase Bank: $34 per overdraft, limited to three daily fees.

Getting a refund on these fees can make a big difference, especially if it wasn’t your fault or it’s your first time overdrafting. Plus, getting those fees back means you can put that money to much better use—like building your emergency fund or treating yourself to a guilt-free coffee.

How to dispute overdraft fees 

Sometimes all it takes is a simple phone call to get an overdraft fee refunded. It’s not always guaranteed, but it’s worth asking—especially if it’s your first offense. Here are some actionable steps to take to increase your chances:

• Make a quick phone call: Call your bank’s customer service line and politely explain your situation. Mention if this is your first time overdrafting and request a “one-time courtesy” refund. Most banks understand mistakes happen and will accommodate at least once.
• Bring your account balance back to positive: Depositing money on the same day the overdraft occurs can work in your favor. It shows the bank you’re acting responsibly, and they may be more inclined to refund you.
• Get overdraft fees back when it’s not your fault: If the overdraft happened due to an error by a merchant, dispute it immediately with both the merchant and the bank. For example, if a duplicate charge put you in the red, many banks are willing to reverse the overdraft fee once it’s confirmed as a mistake.
• Transfer funds from another account: Some banks allow you a grace period to transfer money to cover an overdraft and avoid the fee. This window could be a day or two, but it’s a useful way to prevent fees if you quickly catch the overdraft.

Different banks have different policies regarding overdraft fees and whether or not they’ll refund them. Here’s a quick look at what you can expect from some popular banks:

Bank	Policy on overdraft fee and refund
Wells Fargo Bank	It charges $35 per overdraft, up to three fees per day. If you’re a first-time offender, it may offer a one-time courtesy refund.
Bank of America	Reduced their overdraft fee to $35 per transaction. They’re known to waive fees for customers who don’t overdraft often and make a polite request.
U.S. Bank	It charges $36 per overdraft, with a daily limit of four fees. However, the fees may be waived if the account is brought to a positive balance promptly.
Chase Bank	Charges $34 per overdraft, up to three times per day. Chase typically offers one courtesy fee waiver yearly if you ask and demonstrate it was a genuine mistake.
Citibank	Citibank doesn’t have an overdraft fee. Instead, they have a variable-rate line of credit that automatically transfers funds from your credit line to your checking account to cover overdrafts.
PNC Bank	Charges $36 per overdraft, limited to four fees per day. PNC often waives fees for customers who promptly deposit funds and contact them about the issue.
Truist Bank	The overdraft fee is $36 per transaction, capped at three per day. However, they will waive the overdraft item fee for transactions under $5.
Citizens Bank	Charges $35 per overdraft, limited to five fees per day.
Regions Bank	It charges $36 per overdraft, up to three fees per day. A refund is often possible for customers with a good track record who don’t frequently overdraft.
Fifth Third Bank	Charges $37 per overdraft. It may provide a one-time courtesy refund, especially for customers with otherwise good-standing accounts.

How to avoid overdraft fees

Getting an overdraft fee refund is great, but avoiding the fees entirely is even better. This saves you the stress and hassle of contacting your bank and keeps your hard-earned cash where it belongs.

Avail of free overdraft protection

Many banks offer overdraft protection, which can help you avoid hefty fees by linking your checking account to another account (such as savings or a credit card). Funds are transferred automatically when your checking balance runs low, covering the difference and avoiding the overdraft fee. 

Check your account balance regularly

If you’re unsure of your balance, making a purchase that puts you in the red is easy. Set a regular time each day or week to check your balance. This is especially helpful if automatic scheduled payments could drain your account unexpectedly.

Set up alerts for low balances

Most banks allow you to set up low-balance alerts via text or email. This feature will notify you when your balance drops below a certain level, allowing you to add more funds and avoid an overdraft.

Deposit or transfer money quickly after an overdraft occurs

If you do overdraw, act fast—transfer funds as soon as possible. The quicker you bring your balance to positive, the more likely your bank will consider waiving the overdraft fee if you request it.

Use a prepaid card

Using a prepaid card means you can only spend what’s been loaded onto the card. No risk of overdraft here—once your funds run out, your spending stops. This is a perfect strategy if you want a foolproof way to avoid overdraft fees.

---

PRO TIP! With the Moneylion app you could link your accounts and see your finances in one convenient place for better financial management.

---

Handle overdraft fees like a pro

Overdraft fees can feel like a frustrating penalty for a small mistake, but you may be able to get those charges reversed with the right approach. Remember, sometimes all it takes is a quick phone call or disputing any errors that weren’t your fault. Knowing your bank’s policies, taking proactive steps to avoid overdrafts, and staying vigilant with your finances will help you keep more of your money where it belongs. 💰✨

FAQ