Photo Credit - sdbj @ Flickr

I made a few mental mistakes in the last month or so with regards to transferring money to/from some of my savings accounts. Unfortunately, this led to approximately $60 in overdraft fees – not a small chunk of change. I could have thrown in the towel and just ate the charges, but that’s not how I roll – as the kids say these days.

Using some of the same techniques Ramit outlined in this article from I Will Teach You To Be Rich, I got both charges reversed without much hassle. Similar results can be obtained for credit card interest rates How’d does one do it?

1. Call ASAP after you see the charge – dawdling may tie the hands of the CSR you talk to (it may be past the time they can do anything about the charge)
2. Be polite, yet firm – The CSR you get on the phone can either be your best friend or your worst enemy. You don’t want to be a total pushover, but you can’t come off as a total jerk. Your attitude may be the difference between getting what you want and being read to out of the policy book.
3. State what you want -With regards to the fees – apologize and sound incredulous about how such a thing could happen, and can they possibly reverse the charge as a courtesy? With regards to interest rates, state that you are looking for a lower interest rate and that you are considering transferring your balance to a competitor that has X% rate. If they aren’t sure on either situation, ask them to talk to their manager in a polite manner.
4. If you succeed, thank them – they don’t have to reimburse you for your mistake, so if they go out of their way, be courteous.
5. If you don’t succeed, don’t lose your cool. Remember, they are under no obligation to satisfy your every whim and compensate you for things that are your fault/give you a better deal. You can always try again.
6. Don’t abuse it – most companies track when you call. In addition, they often can only give you one “get out of jail free” card. These are designed for one-time/occasional usage, not for trying to sneak your way out of two overdraft fees a week.

Do you have experiences doing this? If so, share them in the comments for reference.

Related posts

• Why I’m Glad I Have An Emergency Fund (0)
• Why I Love The Library… (0)
• Where Did He Go? (0)
• What’s In My Wallet? (0)
• Want The Simple Life? (0)