Just like most of the top banks in the United States of America, Wells Fargo charges its customers to cover items that exceed the amount of money in their accounts. Using an overdraft protection service can help a bank customer to avoid incurring wells Fargo overdraft fees. In the course of this article, we would take you through a practical guide on how to turn off overdraft protection with Wells Fargo.
What is Wells Fargo Overdraft Protection?
Overdraft protection is one of the two optional Wells Fargo overdraft services offered by the bank. It is with the aid of this service that a customer can manage their checking account without any fuss. The overdraft protection has a lower fee and can be removed and added any time.
It is important to note that a customer can link up two eligible accounts (either savings or credit) to their checking account. And then make use of the available funds to cover the transactions that they want to make.
Regardless of the amount of transactions that a Wells Fargo customer makes, a single overdraft protection fee will be assessed. In other to avoid the fee, the customer can go on to make a covering deposit or transfer before the cutoff time on the same banking day. Also worth noting is that the amount of the overdraft protection fee depends on the amount of money the Wells Fargo customer wants to transfer.
Wells Fargo and the Overdraft Protection Fee
Overdraft protection fees are typically incurred when you opt into overdraft protection as well as when the bank lets you overdraw on your account on checks or transactions that are recurring. Some of the transactions include; debit card transactions; ACH transactions; online or automated bill payment and every day, non-recurring debit transactions even the popular ATM withdrawals. You need to have a qualified savings account or line of credit or credit card that is linked with your main Wells Fargo checking account.
A practical way to Turn off Overdraft Protection from Wells Fargo
A Wells Fargo customer can make use of Wells Fargo online banking to turn off the overdraft protection service. Via online banking, after the customer logs in, they can follow the prompt in their checking account to successfully turn off the Wells Fargo overdraft protection service.
Another way to do this is to visit a Wells Fargo branch that is near you and consult with a Wells Fargo branch banker. You can also talk to a Wells Fargo phone banker at 1-800-TO-WELLS (1-800-869-3557). If you are a Wells Fargo business customer, then you have to call 1-800-CALL-WELLS (1-800-225-5935).
How a Wells Fargo customer can Avoid an Overdraft Protection Fee
Overdraft fees are among the most frequently-reported charges on Cushion customers Accounts; however, there are steps you can take to reduce these charges on your account at Wells Fargo Bank:
- Monitor the account charges and balance.
- Sign up to receive notifications about low balances.
- Consider carefully whether you would benefit from overdraft protection.
How a Wells Fargo Customer can Get an Overdraft Protection Fee Refund
At times, overdraft protection costs are necessary. However, if you are struck with one, it isn’t the end of the story. You can attempt to have Wells Fargo overdraft protection fees paid on your own or join “cushion’s Fee Genius” and “optional Fee Negotiation add-on” to assist you throughout the negotiation and monitoring of fees.
If you decide to push your luck all yourself, here’s how you can boost your chances of success in getting a refund.
Get your details ready
Address, name, bank account number, the amount are you looking to settle as well as possibly your social security numbers.
“Hello. My name is [State your name] and I’ve recently been charged an overdraft protection fee while I was making use of my Wells Fargo Credit card. I’m reaching out to you to determine what you’d like to do to refund the fee.”
Make sure you have an interesting leverage
Were you in any way financially affected by COVID-19? Are you a faithful Wells Fargo customer who has been banking with the institution for a lengthy duration? Are you a customer with multiple accounts at the bank? Do you make regular deposits? Can you assert that Overdraft is a rare occurrence?
Be perseverant, patient and don’t expect to receive a refund every time you ask for one
It is important for the Wells Fargo customer to bear in mind that the person you’re talking with on the phone most likely did not write the rules for refunds. However, don’t be afraid to raise the issue even in the situation where you are initially told “no”– that is why you have the afore-mentioned leverage points.
Sometimes, the success of the overdraft refund depends on the individual you get to talk to. This is why you should try calling back a couple of days later to talk with someone else.