Bank fees are the worst.
They usually show up right when you could really use those few extra dollars in your account — a monthly maintenance fee when your balance dips below $1,500; an overdraft fee for spending one cent too many; or an ATM fee for those times you need cash.
Sure, they’re not massive deductions. But $5 here and $12 there can really add up over time, and without you even noticing, your hard-earned money has disappeared.
Take 22-year-old Colorado resident David Lopez, for example. Sure, he’s a financial adviser now, but only a couple of years ago, he struggled to manage his money. Bills piled up, and he’d overdraft his account. The fees he racked up were getting out of control and making it impossible to save for the future.
Then he came across an app called Cushion, which promised to fight his bank and credit card companies to repay the fees they had taken from him. Since signing up, Cushion has put $431 back in his pocket.
This App Gets Your Money Back From Banks and Credit Card Companies
Cushion negotiates on your behalf with the financial institutions charging you fees. It works with more than 15,000 banks, credit unions and credit card companies, so chances are, yours is on the list.
Here’s how it works: When you sign up, you’ll connect the bank accounts and credit cards you want Cushion to scan for fees, then choose your plan. Lopez signed up for the top-tier plan, which takes on an unlimited amount of negotiations for you.
Then Cushion rolls up its sleeves and negotiates the fees for you. The process can take anywhere from two days to three months, but you don’t have to do anything. Cushion will let you know if it’s gotten you a refund.
How This Financial Adviser Recouped $431 in Bank Fees
Lopez, who is now out of debt and working as a financial adviser, is saving for a down payment on his first house — something he didn’t think was possible just two years ago when he was constantly being charged overdraft fees.
“I love how easy it is,” he says. “I don’t really have to do anything, and they’ve helped me get my money back.”
Lopez didn’t even realize just how much he had been charged in overdraft fees until Cushion showed him the numbers. Now he’s taking better care of his finances and working hard to make sure those fees don’t damage his financial hard work.
“The money I’ve been able to get back has been helping me pay my bills and is helping me get a house now,” he says. “Knowing it’s not becoming ‘lost money’ is something I really do appreciate.”
What Will You Do When You’re Reunited With Your ‘Lost Money’?
Cushion has plans starting at $36 a year (that’s $3 a month). That means for the price of one overdraft fee, Cushion will negotiate all of your fees for an entire year — and you keep 100% of the refunds. That’s a tiny investment toward a fee-free future.
Plus, syncing your bank account or credit card to the app is quick and secure, and it’s possible to see money back in your account within 48 hours.
To date, Cushion has recovered more than $2 million in bank and credit card fees. See how much money your bank owes you.
Kari Faber ([email protected]) is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, a personal finance website that empowers millions of readers nationwide to make smart decisions with their money through actionable and inspirational advice, and resources about how to make, save and manage money.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.