However, they typically won’t say that out loud. Knowing how to bargain is essential if you want fee exemptions when your bank doesn’t provide them.
All banks may be open to waiving part of your costs. Many people encountered financial hardships during the pandemic. If someone at your bank supports the decision, all overdraft fees and penalties may be waived.
How to convince your bank to waive some regular service fees is covered in this article.
There are a few factors to consider while negotiating to have any fee or penalty waived.
Start by speaking firmly and courteously.
Worry, rage or any other emotion is unnecessary because this is merely routine business. Therefore, communicate in a way that suggests you are on an equal footing with the person you are speaking to and that they can understand what you are saying.
Second, avoid vague language and be specific.
Be prepared to provide the following details to the bank when you call:
- When the charge was made
- The cost of the fee
- Your desire to have it waived
Your request will either be granted at this point or you will encounter some pushback. This is expected because fees are very clearly written and legislated in contrast to waivers, which are not.
Here is where the negotiation can start.
Like many other sorts of businesses, banks depend on recurring, long-term business. They seek dependable clients who feel confident approaching them for assistance at any time. So, if the bank isn’t amenable to your request, try your best to prove that you’re a loyal client:
- Tell them you’ve been with them for a while.
- Mention that you made a single error.
- Talk to them in detail about your history.
- Mention how their rivals are reputed to be forgiving in situations like yours.
It may be simpler to negotiate with a bank than it is to do so with businesses like utility providers. The likelihood of a charge waiver depends on how valuable it is to the bank to keep you as a customer.
Tips to Get Your Service Fee Waived
Tell the Company Your Value
Customers are the lifeblood of any business. Sometimes all it takes to get a fee waived is to calmly remind a customer care representative of this fact.
This strategy will work especially well with organizations where you have been a member or consistent customer for many years, if not decades.
In the vast majority of industries, gaining a new customer is harder and more expensive than keeping an existing one.
Request a Manager or Supervisor’s Attention
No matter where you are—at the bank, in a sales office, or on the phone with your recycling company—few customer service representatives or salespeople prefer to bring a problem to their manager’s notice.
Sometimes it entails adding on more (boring) procedures or paperwork. Most of the time, it’s just a hassle.
You might encourage the person you’re interacting with to put in more effort to explore what can be done to put things right by requesting to talk with someone more senior.
Despite the ancient cliché that says customers are always right, you are not a king or queen. The individual you’re speaking with is almost always just trying to do his or her job.
Threaten To Close Your Account
While not appropriate for many businesses, this strategy has proven to be quite successful in some. Threatening to cancel my cable service and switch to a rival has helped me personally save hundreds of dollars over the years.
It’s critical to continue being polite. You can always start by saying how much you appreciate and cherish a service before threatening to leave, of course.
Then say that due to the outrageous fees, you will have to seriously consider closing my account.
This sometimes leads nowhere. Sometimes the cost is waived as a result. Even though you have been a subscriber for years, this can occasionally imply, for instance, that the fees remain the same but you are converted to the monthly rate enjoyed by new customers for the following 12 months.
Read the Fine Print
The number of businesses that have requirements you must meet in order to waive fees may surprise you.
For instance, most banks offer several options for avoiding monthly fees, like setting up direct deposit, maintaining a savings account with the same company, or just maintaining a minimum monthly amount in your account.
Many delivery services can lower or completely waive fees if you sign up for a subscription if you frequently use them for meals, groceries, and other products. In essence, you are exchanging your regular usage of the company’s services for tacked-on service charges.
You don’t have to include ill-defined service costs in your monthly statements and purchases. If you take the time to look into the matter and present your case, you might be able to have that mystery fee removed from your subsequent statement.
What if they reject you?
It’s common to find that starting such conversations with “sob stories” is irritating or even unpleasant. However, it can be beneficial to bring up the fundamentals of your present monetary difficulties after a pleasant talk.
After all, it wouldn’t be reasonable for them to refuse your request for a minor favor if you’ve been a loyal customer for some time.
This is possibly the greatest time to bring up encouraging practices or examples from other banks. The next possibilities are to disclose some specifics about your financial difficulties and bring up better customer service elsewhere.
Of course, you can also threaten to leave the bank, but unless you are certain you will follow through, we do not advise it.
Waiving charges levied by other companies
Although we have mostly talked about banking, there are very few differences between negotiations with banks and any other type of business.
In any event, keep in mind the following key advice:
- Don’t be timid; contact your bank.
- Speak in a straightforward, cordial, and brief manner.
- Request a waiver of the applicable fee.
- bring up your banking history
- Tell us about some of the difficulties you’re having.
- When possible, use internet resources.