After we submit bank fee refund claims, on your behalf, to your bank, your bank will sometimes follow up with you via telephone or in person. We have no control over this. Your bank's reasons can range from their desire to “keep your account safe,” “make sure this claim isn’t fraudulent” or that “you really submitted the claim."
Some banks will even try and convince you that Recoup isn't legit.
Each claim we file, on your behalf, includes the same information: your name and address, any hardships you've identified, a list of fees and a request to refund as many as possible as a courtesy.
As a reminder, per our Terms of Service, Section 4. Services
"By using the Service, you agree that you authorize us to contest fees, request discounts, and perform other actions on your behalf with the Institutions you have connected to Recoup. You authorize us to use the signature you provide to us, when required, and provide that signature to your financial institution, in pursuit of refunds or similar compensation for you. You hereby appoint us as your attorney-in-fact with full authority to act on your behalf in connection with communications with any Institution in order to provide the Service."
In short, yes, we have full right to file refund claims, on your behalf.
So what next?
Banks are like any other business. They want loyal customers. Don't be afraid of your bank.
Remember, your bank wants to keep you as their customer. It will cost them more to find someone to replace you. It's cheaper for your bank to refund a few fees and keep your account in-house. They are making money by loaning out your deposits and charging you.....even more fees. So, if they refund 25-50% of your fees, they are still making a profit.
Forbes: Americans Paid $34 Billion In Overdraft Fees Last Year.
Be very nice and add as many details as possible about your current hardship or reasons for incurring bank fees. Don't make threats ("If you don't refund me, I'm going to close my accounts") and keep it brief. Don't raise your voice. Remember, there is a human being on the other end of the conversation.
Feel free to return your bank's call or meeting request. Ask for a lot and you'll get something. As for just a little something and you may get nothing. The conversation should go something like this:
YOU: Hi, I just saw my bank charges over the past year amounting to $____. I've been a good, profitable customer and wanted to find out what I can get refunded as a courtesy?
BANK: I'll take a look. Unfortunately, we don't typically refund fees.
YOU: Well, I’ve been a good customer with the bank for __ years now and would still like to get my fees refunded since this is a rare occurrence. What can you do to help me?
BANK: Hmm, one second. I’m going to check with my supervisor. Can you hold for a second?
[hold]
We are going to refund some fees this one-time as an exception. I was able to check with my supervisor and refund $_____________. Is there anything else I can help you with today?
YOU: Thank you, thank you, thank you!
What if they say no? Call back tomorrow or try a different communication method (email, chat, phone, branch). In our experience, your local branch has even more lattitude over refunds than centralized customer service centers.
Good luck!