When you borrow money the balance is often called the principal balance. If you have all of the terms and conditions of your loan you can calculate how the principal is repaid when you make payments. Your payment is divided between the principal balance and interest. Interest is calculated on the unpaid balance, therefore the faster you pay down your balance the less you will have to pay in finance charges. To pay your balance faster you may want to consider paying more than your standard monthly payment.

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     Gather all of the terms and conditions of your loan. Your loan could be a credit card account, mortgage loan, automobile loan, or even a home equity line of credit. A 10 year loan in the amount of $20,000 with an interest rate of 6 percent will have payments in the amount of $222.04.

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So you did everything you could, but you still got a fee. It happens and it isn't always your fault. Most bankers know this and are usually willing to help you provided it is not a regular habit. The following steps increase in importance the higher the amount you want refunded. Getting a $4 service fee refunded is a lot easier then getting $185 in OD fees refunded- for the third time this month.

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     Prepare. Make sure you know what happened before you go to the bank. The banker will want to know the details. Be sure you know whether you've received the fee in the past. Not being aware that you have been paying a monthly service charge for the last six months is not an excuse.

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