The refund process is fully controlled by the bank; they will usually issue the refund to the same account to which the fee(s) were charged. Depending on the bank, and more specifically on the type of fee, the refunds will appear in different ways on the account.
Checking and savings accounts fees (overdraft fees, ATM fees, maintenance fees) typically get refunded within 2 to 3 business days of the confirmation from the bank. You will typically find refunds for these fees between the day you submitted the negotiation and a few days after you receive confirmation of the refunds.
- You submitted a checking account negotiation on January 13th and received a notification on January 15th. The refunds are most likely to appear between January 13th and January 18th.
Credit card refunds can take longer to appear. While sometimes they appear within the same timeframe as checking account fees, they usually take 1 to 2 billing statements to appear on the account.
- You submitted a credit card negotiation on January 13th, received a notification from us on January 15th, and your statement comes on the 1st day of the month. The refund may not appear in the account until your statement is issued on February 1st.
Some banks have different ways of processing certain refunds that could make them more difficult to find.
- Chase will often backdate refunds to appear on the date the fee was originally charged, especially on credit card refunds.
- Wells Fargo sometimes deletes fees instead of adding a credit on the account, especially if the refund and the fee occur in the same billing period. In this case, the refund would not appear at all in the account, but the fee that was charged won’t appear either.