Tag: online bank

How To Get a Bank Fee Refunded

The Banks are Making Bank by Charging You Fees

Calling my bank to get a fee refunded is truly one of my least favorite things to do. You most likely feel the same way, but I’m here to tell you it’s worth it. Banks made $34.3 billion in overdraft fees alone in 2017?and they are counting on you to begrudgingly do nothing about these ethically questionable fees despite a bill passed in 2010 that explicitly requires you to opt-in for ‘overdraft protection’.

Make Money While Doing Chores

Depending on the fee, it can be well worth your time to get a bank fee refunded. If the call takes 15 minutes and you get two $35 overdraft fees returned, that’s the equivalent of making $280/hr. I typically do it during down time, when I’m driving somewhere or doing laundry, so I feel like I’m making money while doing chores.

Get a Bank Fee Refunded in Three Easy Steps

So, how do you go about getting a fee refunded? Follow these steps:

  1. Call your bank and get a human on the phone (just keep pressing zero). You can find the number to call on the back of your card. Have your account information handy.
  2. Once through to a rep, use this script:

    ‘Hi (rep’s name), I was reviewing my statement and I noticed that I was charged a number of fees. The fees were (x, y, and z) and totalled ($x). I’ve been a loyal customer for (X) years and I’d like to have these refunded as a courtesy.’

  3. If the first answer you get is ‘no,’ don’t give up. Remain polite, use the rep’s name, and repeat your request and ask what they can do. Insist that you’ve been a valuable, loyal customer and that you would really like to stick with the bank.

    ‘These fees are quite substantial and I’d like to have them waived. What can you do to help me?’.

Also: Stop Paying a Monthly Fee for Your Checking Account

If you’re being charged a monthly service fee for your checking account, you can follow a similar approach. Use this script:

‘I noticed I’m being charged a monthly maintenance fee on my checking account. I’ve received a number of offers from other banks that offer free checking. I don’t want to be paying a service fee and I’d prefer not to switch banks. What can you do to help me?’

FYI, there’s no reason you should ever be paying a monthly fee for a checking account! There are banks that offer zero fees for checking accounts.

Important Last Tip

One thing to remember is to be firm in your request to get a bank fee refunded. But be kind. Don’t yell or threaten. The rep has the power to help you and you need them on your side. Say please and thank you. Use their name. They get yelled at all. day. long. If they get someone nice on the phone for a change, they are often more inclined to help.

Tags: , , , ,

What?s Keeping You From An Online Financial Institution?

What’s Keeping You from an Online Financial Institution?

Let?s be honest. When was the last time you actually walked into your bank?s local branch to perform a transaction? If you are like most people today, you are performing most of your transactions online.

Online financial institutions have a host of advantages over traditional banks.

  • Higher earned interest – Many of the costs incurred by traditional brick-and-mortar banks are nonexistent for online financial institutions. That means that they can afford to pay out higher interest on your deposits. Would you rather earn 0.01% or up to 2.00% APY interest on the money sitting in your account?
  • Fewer fees – Banking fees have been the subject of controversy over the last few years and rightly so. Monthly fees oftentimes wipe out your earned interest for the year and sneaky banks love to charge hidden fees. For example, fees are often activated when you don?t maintain a specific balance or perform a certain number of transactions per month. Would you rather pay $15 a month or $0?
  • Convenience – 24/7 access. Ironically, most traditional bank customers already use online services, and it?s the primary reason for sticking with their bank. Some customers are even charged for online services. Would you rather pay $2.50 to use an ATM, or use any ATM in the world for $0??

What?s Keeping You From An Online Financial Institution?

In light of the obvious financial advantages that online services offer, what keeps people from making that switch? People are worried about security; primarily data theft and loss.

Data Theft: While data theft is a valid concern these days, traditional banks are not any safer. Traditional banks store all of your information in big online data centers which are equally vulnerable to hackers. We live in a digital age. That means all data kept by both traditional and online banks is vulnerable to data theft. What?s important is to research the security processes offered by the institution, traditional or not.

Loss: Online banks backed by the FDIC cover losses up to $250,000, just like any traditional bank customer. If you want to find out if a bank is insured by the FDIC, you can check here.?

What?s the best online banking service?

We think Aspiration deserves your attention.

Here?s a quick overview of Aspiration’s Account:

  • Pays you up to 2.00% APY interest?- at least 100X more than the big banks offer.
  • No minimum deposit – you can open an account with $10.
  • No minimum balance – no minimum balance required, ever.
  • No service fees?- their Pay What Is Fair philosophy allows you to pick your fee, even if it?s zero.
  • No ATM fees – Aspiration reimburses ATM fees worldwide.
  • FDIC insured
  • Certified B Corp

  • Industry Standard Encryption

What?s not to love?

So, if you are on the fence about whether to move your money from a traditional bank, ask yourself what is holding you back.

Online institutions pay you higher interest rates, have fewer fees and are more convenient than traditional banks with the same level of security and insurance against loss.

It?s your money. Stop giving it away to megabanks and let it work for you.

It?s a Well Wallet smart move.

Based on a comparison of Aspiration’s up to 2.00% APY Interest rate to the following checking account interest rates reported by Bankrate for 2019: Wells Fargo (0.01% APY), Chase Bank (0.01% APY) and Bank of America (0.01% APY).

Aspiration Partners, Inc. and its affiliates are committed ?to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it?s $0, which is why we call it Pay What Is Fair.

All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard?, Interlink?, Cirrus?, or Maestro? logos. The reimbursement will be credited to the account two business days after the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.?

Tags: , , , , ,