Everybody wants their service fee waived once in a while to reduce the amount they pay for some services. Here is a little explanation on a fee waiver especially for a student.

A fee waiver is when a university charges you a lower fee than usual. For example, if the usual fee is £9,000 per year then the waiver might reduce this to £6,000.

It’s very rare for a fee waiver to cover the fees in full, so you’ll still need a Tuition Fee Loan to cover what’s left.

If you can get the Tuition Fee Loan, then all a fee waiver will do is reduce the overall size of your student loan. 

Because of the way repayments work, this won’t affect you until you have graduated, you are earning enough to make repayments on your loan, and you have already paid off most of what you borrowed. A fee waiver won’t give you any extra money while you study.

If you aren’t eligible for a loan (for example, because you already have a degree), then a fee waiver will mean you don’t have to find as much cash for your fees each year- but at most universities, if you don’t qualify for the loan, you won’t qualify for a fee waiver either.

The explanation above should give you an idea of what it means for your service fee to be waived. Although we took a student as an example, service fee waiver can apply in other aspects of life.

We are going to look more closely at home you can get your service fee waived, what it will mean for you and some of the benefits.

• What are the Tips to get Your Service Fee Waived?
• How do I Avoid Monthly Service Fees?
• How do you get Annual fees Waived?
• How can I Negotiate a Service Waiver fee if Your Bank is not Offering it?
• How do I Apply for a fee Waiver?
• What are 7 Common Bank Fees and how can I Avoid Them?

What are the Tips to get Your Service Fee Waived?

1. Be Polite

As a customer, you may always be right — at least according to the old adage — but you’re not a king or a queen. Nine times out of 10, the person that you’re speaking with is just trying to do his or her job.

Read Also: How to Achieve Financial Freedom as a Student?

In some cases, that sales associate or clerk may not even have the authority to waive service or handling fees. Get upset with them and you’d best just a well-off raising your voice at a magazine rack.

Now more than ever, kindness counts. Being polite will vastly increase your odds of getting what you want. Ultimately, you’re asking for a favor, and who wants to do a favor for someone who berates or belittles them? Nobody.

2. Ask To Speak to a Manager or Supervisor

It doesn’t matter if you’re at the bank or on the phone with your recycling service: Very few customer service reps or sales associates like to bring a problem to their boss’s attention.

In some cases, it means additional (and tedious) protocols or paperwork. In most cases, it’s just a hassle.

By asking to speak with someone higher up the food chain, you may motivate the person with whom you’re currently speaking to work harder to see what can be done to make things right.

3. Remind the Company of Your Value

Companies are nothing without their customers. Sometimes, politely reminding a customer service rep of this fact is all it takes to get a fee waived.

You will find this approach particularly effective with organizations where you have been a member or loyal patron for years, if not decades.

For the vast majority of industries, it’s more difficult — and costly — to land a new customer than it is to retain an existing one.

4. Threaten To Close Your Account

While this approach isn’t suited to every business, it can be very effective in certain industries. For me, threatening to close my cable account and switch to a competitor has saved me hundreds of dollars over the years.

Again, it’s important to remain courteous. As a matter of course, you can always begin by expressing how much you enjoy and value a service before threatening to jump ship.

Then explain that you are going to have to seriously think about terminating my account because of the exorbitant fees.

Sometimes, this gets me nowhere. Other times, it gets the fee waived. Sometimes for example, such as in the case of a cable provider, it might mean the fees stay, but you get switched to the monthly rate enjoyed by new customers for the next 12 months, even thought you have been a customer for years.

5. Read the Fine Print

You might be surprised by the number of companies that have certain criteria you can meet to make fees vanish.

At most banks, for example, there are a variety of ways to avoid monthly fees, such as signing up for direct deposit, having a savings account at the same institution or simply keeping enough cash in your account to meet a minimum monthly balance.

If you regularly rely on delivery services for food, groceries and other items, many of those services will reduce or waive fees entirely if you sign up for a membership.

Essentially you’re trading your consistent use of its services for a company’s tacked-on service fees.

Ill-defined service fees don’t have to be part of your monthly statements and purchases. Take the time to investigate the situation and explain your case, and you may be able to waive that mystery fee from your next bill.

How do I Avoid Monthly Service Fees?

Few of us enjoy reviewing our bank statements, and for good reason: “I spent how much on takeout this month?” “When’s the last time we even watched that channel?” “Maybe I should just quit the gym already.” It can be a sobering and downright frustrating experience.

Perhaps even more maddening is seeing that your bank hits you with checking account fees for “maintenance.” This is the price you pay just to park your cash in a safe place, and it can add up to more than $100 a year.

But you might be able to avoid paying a monthly service fee by meeting one of the following requirements. Better yet, they’re pretty reasonable.

Meet the minimum balance requirement

Fees and rules vary by institution, but customers at most banks and credit unions can dodge monthly charges by keeping their balance above a certain amount.

For basic checking accounts at national banks that don’t earn interest or other perks, that figure tends to be around $1,500. For premier accounts, it may be as much as $10,000.

If you can’t meet that mark today, you can make moves to bolster your balance. Approach this as you would any other savings goal.

“Put aside $25 per week, or whatever you can reasonably save, until you meet your goal,” says Carrie Houchins-Witt, a financial advisor in Coralville, Iowa.

“Keep saving that $25 each week until you have a cushion. That way, you won’t have to worry daily about dipping below the minimum and getting hit with fees.”

Enroll in direct deposit

Another way to avoid fees is to enroll in direct deposit, a service through which your paycheck or some other money you receive regularly is paid into your bank account automatically.

Some banks and credit unions will require you to receive a certain amount of money in direct deposits each month, typically not more than $500 for basic checking accounts. If that applies to you, don’t distribute your income to more than one account.

“If you’re splitting your direct deposit between two accounts, like checking and saving, you may never meet the minimum,” says Johanna Fox Turner, a financial advisor in Mayfield, Kentucky.

“But you can set up your direct deposit so that your entire income goes to your checking account, and then simply transfer some of that money to your savings each month.”

Open a savings account at the same institution

A bank or credit union also might waive fees for customers who have multiple accounts under the same roof. For most people, opening a savings account will be the easiest solution.

In addition to helping you avoid monthly service charges, opening a savings account and linking it to your checking account can protect you from incurring overdraft fees, which can be as high as $38.

Switch to plastic

A few banks and credit unions waive monthly service fees for customers who use a debit card linked to the account a certain number of times each month, usually around 10 transactions.

If you’re having trouble meeting some of the other waiver requirements, consider finding a financial institution that cancels fees for frequent debit card users.

Look for free checking elsewhere

Another option, of course, would be to simply ditch your bank or credit union for one that offers free checking.

Just make sure that you won’t be hit with an early account closure fee when leaving your current financial institution, which can happen if you close your account within a few months of opening it.

But if you like your bank or credit union and just want to eliminate fees, these moves can help you avoid paying them.

How do you get Annual fees Waived?

While there are lots of rewards cards out there, the cards with some of the best benefits usually come with an annual fee. The good news is that it’s possible to have a credit card with great benefits and avoid paying an annual fee.

Ask for the fee to be waived

Your business is important to your card issuer, and the world of credit cards is full of competitors that could take your business away. So, if you are interested in keeping your credit card without the annual fee, give your issuer a call and simply ask them to waive it.

It’s possible they will waive it outright, but more than likely they will find a way to credit you the amount through a statement credit or additional rewards.

If simply asking a representative doesn’t get you the results you hope for, ask to be transferred to the retention department. The representatives in this department will have more power to negotiate a deal concerning your fee.

Use your rewards to make up for the fee

The whole point of having a rewards card is to get the most out the rewards you can earn. Whether you are earning miles, points, or cash back, it’s important to take advantage of as many rewards possibilities as you can.

That said, your rewards often have more value than just hotel stays and flights. Miles can often be converted to a dollar value and so can points.

Aim to earn enough miles or points to get a statement credit for the amount of your annual fee. If you are working with a cash back card, you can work to earn enough cash back to cover your fee.

Switch to a different card

If you’re not getting enough back from your credit card to justify its annual fee, it may be time to switch your cards. Contact your credit card issuer to see if you can change your account to another card with a lower fee or, even better, no annual fee.

If your account is in good standing, your issuer will likely be more than happy to do this for you. It means that they get to keep you on as a responsible cardholder, just with a different card property.

One example would be switching from the Capital One® Venture® Rewards Credit Card (annual fee of $95, waived the first year) to the Capital One® VentureOne® Rewards Credit Card which has no annual fee.

Both offer rewards miles, though the VentureOne card offers a reward of 1.25x miles per purchase versus the Venture card’s 2x miles per purchase. The VentureOne’s variable APR is 14.49 to 24.49 percent. Just make sure any existing points or miles will transfer before switching cards.

Get a card with no annual fee

While many of the big players for credit card rewards charge an annual fee, there are quite a few cards that offer great rewards at no extra cost to you.

One card in this category is the Citi® Double Cash Card, which offers 1 percent cash back on purchases and another 1 percent when you pay for your purchases.

The Double Cash Card is also a great card for balance transfers, offering a zero percent introductory APR for balance transfers for the first 18 months (13.99 to 23.99 percent variable thereafter).

And if you’re looking for travel rewards, the Bank of America® Travel Rewards credit card offers 1.5 points towards travel for every dollar you spend and zero percent introductory purchase APR for the first 12 billing cycles (16.49 to 24.49 percent variable thereafter).

Get a card that waives the fee

While many rewards cards have an annual fee, they will often waive the fee for the first year or a bit longer. You could take advantage of the free year to earn points. Then it would be up to you to decide whether it’s worth it to keep the card.

Cancel the card

If you find that the annual fee for your card is not balancing out with the rewards you’re receiving, it may be time to consider canceling your account.

If you do ultimately decide to close your account, there are some important things to keep in mind. The first being the possible loss of rewards points.

If you can transfer your points to another loyalty program, say an airline or another card, you’ll want to do that before you close your account. If your points aren’t transferable, try to use them before you close your account.

Another thing to consider before closing your account is the effect that will have on your credit score. Closing an account can hurt your credit score due to a number of factors, so make sure you’ve considered all of your options before going ahead with this option.

How can I Negotiate a Service Waiver fee if Your Bank is not Offering it?

Banks big and small are waiving fees and relaxing policies amid the coronavirus crisis. But not everyone is automatically making adjustments for their customers with deposit accounts.

If you find yourself with a bank that’s not openly waiving overdraft fees or ditching early CD withdrawal penalties, you might have to speak up in order to have some charges dropped.

Negotiation is an art. And it should be approached in a certain way if you want the outcome to work in your favor.

Here’s what to keep in mind if you’re hoping to talk your way out of paying bank fees and options if you want someone else to do the dirty work for you.

Getting your bank to waive fees

When negotiating a fee waiver, it’s important to be specific and straightforward. Call the bank, mention the fee you incurred and say you would like to have it waived by the bank.

If the bank isn’t immediately open to helping you, try to show you’re a valuable customer. If you’re a long-standing account holder whose had a relationship with the bank for years, that’s something worth highlighting.

“Finding a customer that’s been with you for 20 years, you know they don’t grow on trees,” says Edgar Dworsky, founder of ConsumerWorld.org, an internet consumer resource guide.

If it’s the case, it also doesn’t hurt to remind the bank that you’re a lucrative customer or that you have many accounts with the bank, like a CD, savings account or loan in addition to a checking account — anything to appeal to the bank’s better instincts, Dworsky says.

Starting the conversation with a sob story isn’t necessary, but as the discussion continues, it could be helpful to give the bank a bit of insight into any financial struggles you might be facing.

Bringing up better policies offered by the competition could also help, but avoid threatening to leave if you’re not going to follow through.

Your likelihood of success also depends on the type of fee you want waived. While there’s a good chance that you’ll be able to bypass an overdraft or late fee, your chance of dodging something like an annual safety deposit box fee is small, says Greg McBride, CFA, Bankrate chief financial analyst.

Negotiating when your account standing is subpar

Getting the bank to waive your fee could be harder when you don’t have a great track record with the bank. But that shouldn’t stop you from trying to negotiate.

“I wouldn’t let that deter you from pursuing it,” McBride says. “And that goes for whether we’re talking about getting a fee waived or pursuing something bigger like forbearance.

We’re in unprecedented times, but there’s also unprecedented latitude for financial institutions to work with their customers in a way we haven’t seen before.”

Find out what the bank can do for you and remember to always remain calm and courteous, but firm. Don’t speak as if you’re demanding something from the bank. If needed, request to speak with a manager.

Ultimately, you’re not guaranteed to get the bank to waive your fees. But it doesn’t hurt to ask. And every little bit helps if you’re feeling burdened by the financial consequences of COVID-19.

“In many respects, you’re really at the mercy of the banks since there’s no requirement that they ease up, but you may be able to convince them,” Dworsky says.

Consider negotiating online

There’s nothing worse than going through the trouble of asking your bank to waive an overdraft or ATM fee only to have the bank representative neglect to process your request.

If your bank signs off on waiving your fees, make sure to ask them to send you an email confirming that you won’t be responsible for the charge you called about.

That’s also why you should consider contacting your bank and negotiating through a digital channel, like an online chat, social media or the bank’s secure message center.

Besides the extra-long wait times many customers are experiencing due to the coronavirus, negotiating through the internet leaves a paper trail — proof that the conversation you had with the bank took place.

“The beauty of using the secure message center or reaching out via social media is that you do have it in writing,” McBride says. “And even on online chat, you could take a screenshot for example, so it’s not just a verbal promise made over the phone.”

Waiving fees through apps and online platforms

Another way to bypass the large call volumes many banks are experiencing due to COVID-19 is to use an app or online resource that can negotiate fees on your behalf. Bank customers these days have many apps to choose from, including Truebill, Cushion and Recoup.

Namrata Baral is the founder and CEO of Harvest Platform, which helps customers negotiate bank and credit card fees and find unclaimed funds held by state and local governments. 

Ultimately, the startup’s mission is to help Americans reduce debt and Baral says she’s seen a boost in traffic to the site since the pandemic began.

Before turning to an app or another negotiation website, just note that there may be limitations, depending on where you bank.

Harvest Platform is expanding its reach but because it builds custom technology for the banks it supports, it currently only negotiates fees for some of the country’s top 10 banks, Baral says.

Customers of other institutions, however, have resources available to help them navigate the negotiation process on their own.

How do I Apply for a fee Waiver?

Fee waivers can be a huge help, but they aren’t available to everyone. Fee waivers are given only to applicants who are eligible by proving special circumstances.

Ask for a Waiver

Therefore, never be afraid to write to the school’s contact to ask for a waiver based on financial hardship. You will be surprised how many of them will respond to you.

Some might require that the applicant provide proof of financial hardship, but most schools do not.

Many Africans come from developing or least-developed countries, and many schools are aware of some of the financial hardships faced by even the most promising candidates?

Furthermore, many schools are very eager to have a full mix of international students to ensure that students with different experiences and from various backgrounds can enrich their programs.

You are not at a disadvantage even if you cannot pay the application fees. Reach out and you may be surprised at the warm reception.

Do your due diligence

Prepare a list of schools that routinely grant application waivers and those that do not. That way, you can spend your application budget on schools who are less likely to give you a waiver, while you can submit your applications for free to schools that grant you waivers.

Here are some few tips to keep in mind when applying for an application fee waiver request.

First, it is important to be clear about your request.

For instance, your subject should read “Request for Application Fee Waiver.” This prepares the reader for the content of your email or letter.

Your waiver request to the admissions representative at the school should also include information on why you require a fee waiver. Information on ‘special circumstances’ that will qualify you for the waiver should be provided.

In the letter or email, the applicant should explain his/her personal situation and the difference between how things look on paper versus how they are in real life.

For instance, the applicant should state any applicable foreign exchange restrictions in the home country and how this limits the applicant’s access to foreign currency at the bank rate.

Furthermore, the applicant may also provide the school with details of financial support currently being provided to the applicant’s immediate family. It is advisable to provide figures you earn and how much you contribute as family support (be sure to put the currency equivalent in the School’s home country).

If you are a recent graduate, fresh out of law school, let the recipient of your email know this and that you either do not have any earnings or that you only earn a base salary as a young associate.

Any additional information which does not involve financial hardship will be useful.

Read Also: How to Calculate Your Financial Freedom?

Finally, just go all out in your request for a waiver. However, do not bore the reader with irrelevant information.

What are 7 Common Bank Fees and how can I Avoid Them?

If you’ve ever felt like your bank charged you for something and you didn’t see it coming, this list is for you. Here’s a rundown of seven of the most common fees banks charge—and tips to avoid them.

1. Account maintenance and minimum balance

Many banks charge fees for maintaining checking or savings accounts.

How much? $5 to $25 per month—accounts with more bells and whistles, like rewards accounts, may charge more.

Can you avoid it? Banks often waive their fee if you keep a minimum amount in your account or meet other requirements such as linking checking and savings accounts. Some banks may require a minimum balance and may charge a fee if you drop below it.

2. ATM

Using ATMs that aren’t affiliated with your bank can lead to charges from the ATM provider and your bank.

How much? For a single transaction, you could pay as much as $4 to the ATM provider and $4 to your bank.

Can you avoid it? Many banks offer apps that tell you where to find a fee-free ATM. Or you could withdraw cash in advance when you’re near your bank’s ATM.

3. Overdraft

Overdraft coverage or protection allows purchases to go through—for a fee—even if you don’t have enough funds in your checking account.

How much? About $35, if you’ve signed up for your bank’s overdraft coverage. Your bank may also offer overdraft protection, in which money comes from a linked savings account, credit card, second checking account or line of credit to cover overdrafts. Often this fee is lower than an overdraft coverage fee.

Can you avoid it? Try low-balance alerts to prevent overdrafting.

4. Insufficient funds

When you make a purchase or other transaction that is more than the amount in your checking or savings account, and you haven’t opted into an overdraft program, the bank may decline the charge or return it unpaid.

How much? An insufficient funds or returned-item fee could be $35. Your payee may charge you a fee as well.

Can you avoid it? Try low-balance alerts to notify you when your account is low.

5. Excess transaction

Many banks cap the number of monthly withdrawals you can make from some accounts—usually savings or money market accounts. After a certain number, your bank may charge you.

How much? From $3 to $25 per transaction—the amount may increase with additional transactions.

Can you avoid it? Don’t use your savings account for everyday withdrawals and bill pay—use a checking account instead.

6. Wire transfer

A wire transfer can be the best way to send money fast. However, banks often charge for this service.

How much? It’s not uncommon to pay $20 or more for domestic transfers and $35 or more to send money abroad.

Can you avoid it? For some official transactions, like a loan payoff, a wire may be your best option. If not, try other methods for transfers, using online banking or a person-to-person transfer via your bank’s app.

7. Account closing

Some banks require that you keep your account open for a certain period or face an early-account-closure fee.

How much? Up to $25.

Can you avoid it? Typically you need to keep your account open for 90 to 180 days before closing it to avoid the fee.