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Reversing NSF Fees

Is there any way I can get my credit union to reverse the charges on NSF fees, even if it wasn't the bank's fault, or if they charge an NSF on the same item twice? Are there any laws against this practice? I think the banks are blood suckers for charging these fees, because they're losing any money when someone requests funds that aren't in one's account. What can I do?

You want your bank to reverse charges that you agreed to, and that were not caused by the bank? Can they, sure. Will they? That is another question. Many banks (and I use this term to include credit unions) will waive fees for a customer who had a simple error and perhaps has not made this request before, but some stick to the agreed fee schedule. They impose a fee when a request is made and the funds are not available. The person who runs a check through a second time may cause you to be charged another fee. The bank has little control over the other party re-running the check.

There are laws concerning overdrafts, but what you describe isn't illegal. Mostly there are disclosure rules and terms in your agreement as to what the bank will and will not do. It never hurts to ask, but don't think about spending any of those refunded fees until you actually have them.

Published on 12/22/10