Not only are these representatives not in a position to approve or reject any overdrafts you may incur but they also may not tell you if you’re not already a customer.Ĭhase may decide to pay overdraft transactions based on your previous deposits, transaction amounts, and account history.

Transactions initiated with your checking account numberĬhase representatives probably won’t be the most forthcoming when it comes to telling you what overdrafts the bank will allow.

Automatic payments made with your checking account.

Here’s a quick list of the overdraft charges Chase will potentially allow: If you need cash now and want to know what charges Chase will let go through if you need to overdraft, knowing what limits exist can help guide your decision. Prior approval of a transaction does not mean the same transaction will be approved in the future. You will not be charged overdraft fees.Ĭhase has the authority to grant or reject overdraft charges at will. If you do not opt in for Chase’s overdraft protection, Chase will automatically reject transactions that exceed your available balance.

You’ll see a memo entitled “TOT ODP CR SWP MEMO” or “TOT ODP DR SWP MEMO” on the charges list for your account if you were charged for an overdraft. However, if you do not have sufficient funds in your savings account to cover the overdraft, you cannot escape the overdraft fee.Ĭhase makes it a bit cryptic to figure out when you were charged an overdraft fee. Other banks charge a transfer fee for this service, but Chase does not. Should you end up with a pending transaction that will put your account into the negative, Chase will automatically cover the difference with funds from your savings account. When you choose to opt in for overdraft protection, Chase will link your checking and savings accounts. We’ll also cover how you can avoid overdraft fees in general to keep more money in your bank account.Īre you ready to learn more about Chase overdraft limits and fees? Let’s get started! This article will help you understand what Chase overdraft limits and fees exist, no matter what type of Chase account you have. The more you know about what limits and fees are in place, the better you can manage your money. If you have a Chase bank account and aren’t sure what your overdraft limits and fees are, you could be wasting money when you don’t need to. Chase, however, loosened its limits and fees to give customers more breathing room when it comes to overdrafting their accounts. Some banks like Capital One and Citibank recently did away with overdraft fees. While they limit those overdraft charges daily, the cost of overdrafting your account can add up quickly.

Most banks ding customers with an overdraft fee of between $30 and $36 for each overdraft charge. Charging you and me for spending more than we have in our checking account is apparently very profitable!

In the better half of 2022, banks made a combined $5.8 billion in overdraft fees.

Tot odp swp dr memo chase