Let us see more about Chase bank overdraft in this article…!
What Is An Overdraft?
An Overdraft is a bank account shortfall produced by withdrawing more money than your account has.
Overdraft costs are governed by each bank’s policies, and depending on the account you have, Chase may even waive them.
What is Chase Bank Overdraft Policy?
Chase bank charges $34 for each overdraw, starting with the first item that overdraft your account balance by over $50.
This means that for every item or service costing over $50, Chase Bank charges $34.
As far as you don’t overdraw more than $50, Chase will not charge an overdraft fee.
How Does Chase Bank Determine Your Eligibility For Their Overdraft Policy?
Chase Bank overdraft system checks out these three parameters before they deem you eligible for their overdraft policy:
- Your account history
- Your deposits
- The transactions you make
If you are using Chase Secure Checking, Chase High School Checking, and Chase First checking, you are not eligible for Chase’s standard overdraft policy. Only other Chase accounts, apart from those aforementioned are eligible.
What Does Chase Overdraft Policy Cover?
Chase overdraft system covers checks, automated bills like your mortgage and phone bill, and regular debit card payments like gym memberships, movies, and music subscriptions.
What does Chase Overdraft Policy Not Cover?
Chase overdraft policy does not cover daily debit card payments like eating out, grocery, and gas payments.
Take note that Chase may not be able to pay your overdraft transaction. Your transaction will be denied or returned unpaid if this happens.
How Much Can You Overdraw with Chase and How Frequently?
Chase bank operates an arranged overdraft policy where you can overdraw a maximum of $120 daily.
You can only initiate an overdraft transaction three times a day; so if you’re in a money pinch, make sure you don’t segment your overdrafts into more than three categories.
When does Chase Not Charge An Overdraft Fee?
Chase does not charge a fee if:
- Your transaction is denied or returned unpaid
- The item you are paying for is 5$ or less
- your bank balance is sufficient for your transaction
Under What Conditions can Chase Overdraft fees be Waived?
Your Chase overdraft fees can be waived if:
- You use the Chase Private Client Checking account or
- You use Chase Sapphire Checking accounts to present an item to an insufficiently funded account within four business days.
What Can You Do To Waive Your Chase Overdraft Fee?
According to Chase, you can cancel out the overdraft by sending funds to pay the shortfall by the end of one business day.
You can do this at a Chase branch before closing hours, at an ATM point, or transfer via the app (before 11 p.m. Eastern time)
In the event you observe a Chase overdraft fee (more than one business day after the transaction has occurred), you can follow the simple steps below to waive it:
- Have your bank details on hand as the care rep will ask to search for your details on their database.
- Phone Chase Customer service at 800-935-9935 or 866-564-2262.
- Tell the care representative that you have been charged an overdraft fee and you were calling to check if it could be canceled. Remember to be polite, as a gentle answer turns away anger.
- Be sure to explain in clear terms why you think the overdraft is unfair. Make sure the points you bring out mirror something that you and your bank benefits from. A good example is if stating that you have been a loyal customer and you refer your friends to open accounts with them.
- If your request is denied, don’t give up. You can either visit the bank to make an official complaint or hang up and call back after an hour.
What If You Don’t Want To Incur An Overdraft Fee?
Unchecked overdraft fees can morph into a pricey inconvenience- so you want to take precautionary measures to keep your account in good credit. Below are some tips to help you out:
- Opt-in for a “low balance” notification: When your bank balance falls to a set price, you receive an alerting message. You can then either make arrangements to fund your account or cut back on spending for a while.
- Keep an eye on charges and your account balance: You can prepare for expenses in advance when you are more aware of your account balance.
- Stick to your budget: Sometimes, all it takes for an overdraft to occur are a couple of impulse buying situations.
Conclusion
In conclusion, overdraft fees are inconvenient, and the costs make it difficult to save money while also putting your account at risk. So, if it can be helped, try as much as you can to avoid one.
