An NSF fee is simply a fee you pay to your bank each time you overdraw your account with a debit card, credit card, or check. NSF rates these days at major banks are $30-$35 per instance. And, the way most overdraft protection programs are set up, you can receive such a fee multiple times in a single day, resulting in $100 or more in fees.
The best thing you can do is avoid putting yourself in a situation where you might be charged this type of fee. After all, at least in theory, it should be pretty simple: Just don’t make a charge or write a check when your checking account balance won’t cover it.
However, as with most things in life, there is a considerable gap between theory and reality. In practice, on a day-to-day basis, there are a number of things that make it challenging to always keep the right tabs on your checking account balance. For example, the way many online bank statements display your balance information, it’s not always clear which checks or charges have been processed and which have not. Which means that if you really want to calculate your balance, you have to sit there with a calculator to do it every morning before you go shopping.
And don’t rely on your debit card being declined at register as a surefire way to ensure you don’t overdraw your account. This is because, with most overdraft protection programs, they are set up to accept a debit card charge through a merchant, even when your balance doesn’t cover the charge! This will result in an automatic fee from NSF.
If your account has recently had this type of fee assessed, you’ll want to learn how to write an effective NSF bank fee apology letter in hopes of getting a refund. Here are 5 steps to request a refund by letter:
1. Get the facts straight:
Any time you make a factual case for something, it’s a good idea to get the facts straight ahead of time. Review your bank statement for the day of the NSF transaction and note details such as the name of the merchant, the transaction details, the bank balance before and after, and the amount of the transaction.
2. Get a story about what happened:
Of course you will have to be sincere, but put it in a story or narrative form of how this happened. You want to make sure that it doesn’t sound like an excuse, but just an explanation.
3. Get into a calm state of mind:
The way you feel about writing a letter will be reflected in your choice of words and syntax. Be sure to put yourself in a relaxed, non-confrontational state of mind before you put pen to paper.
4. Write a well punctuated and grammatically correct letter:
Of course, presentation in these matters is important. Make sure your letter is well written and be sure to check for grammar and punctuation.
5. Send it and wait for the result:
Make sure that the closing of your letter actually asks 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’ll likely get a refund for your NSF fee if it’s the only one you’ve had in the past year.
Important: Whether or not you can successfully get a refund, you should consider switching to one that does not charge overdraft fees, even when you overdraw your account. These banks exist, and they’re looking for customers like you, those who are fed up with paying excessive overdraft fees.