Chase Bank is a banking institution that for decades has been offering the American public the best financial services. Today, it has more than 4,700 branches throughout the United States and operates in 100 countries. In addition, it is a subsidiary of the large J. P. Morgan Chase, the largest banking company in the country.
For a long time, customers have made the Chase vs. Bank of America comparison, but many stick with the first option. Thus, they set out to find nearby Chase branches to open their accounts.
Chase’s credit and overdraft policies are nationally recognized for their coverage and usage options, which allow you to take advantage of their benefits any time you need to pay and don’t have sufficient funds. In addition, it is the ideal mechanism for you to protect your most important transactions.
How does overdraft work with Chase?
Afraid you’ll overdraft your account when you pay or check? Don’t worry, Chase Bank has the overdraft policies you need to cover that amount instantly. However, in order for this to happen, the bank will take into consideration your banking history, so try to maintain a positive balance whenever you can.
Another important aspect of the overdraft options is that they do not apply to any type of expense, at least not the service that comes attached to your checking account. Therefore, you must know the four overdraft formats that Chase Bank offers to its customers:
- Standard Overdraft Practice
- Chase Overdraft Assist
- Overdraft Protection
- Debit Card Coverage
| Overdraft available | |
| Standard Overdraft Practice | Included in all personal and business accounts. The fee is $34 for the first transaction over $50. |
| Chase Overdraft Assist | Included in most personal accounts. No fee if the amount is $50 or less. |
| Overdraft Protection | Avoids the $34 fee because it backs up the checking account with the saving account. |
| Debit Card Coverage | The option can be turned off. A $34 fee is charged for debit card coverage. |
Standard Overdraft Practice
This service is included in your checking account whether it is a personal or business account. With it, you can make payments to recurring billing services, mortgages, monthly subscriptions, and checks. However, since it is not a specialized service, it will not be useful for the payment of daily purchases or for sporadic outings.
All Chase Bank business checking accounts include this service, as opposed to personal checking accounts, since certain types of accounts such as Chase First Checking℠, Chase High School Checking℠ , and Chase Secure Checking℠ do not come with this service integrated.
Chase Overdraft Assist
This is another service that comes integrated with all personal checking accounts except Chase First Checking℠, Chase High School Checking℠ , and Chase Secure Checking℠.
However, not all business accounts have this protection, only Chase Business Complete Checking℠, Chase Performance Business Checking®, and Chase Platinum Business Checking℠.
For eligible business accounts, you will not be charged the overdraft fee if the amount is $50 or less. In the case of Chase Business Complete Checking℠, users will have the benefit of paying off the overdraft debt by 11 PM ET on the next business day.
Overdraft Protection
With this optional Chase service, you can avoid the $34 fee, as Overdraft Protection allows you to back up your checking account with your saving account. That is, if you are going to pay and you don’t have enough money, this overdraft will take the funds from your backup account.
However, this option is not available for some personal accounts such as Chase First Checking℠ and Chase Secure Checking℠. In the case of business checking accounts, it is available for any type of account.
Debit Card Coverage
The best thing about this option is that you can deactivate it whenever you want and it will be useful to pay for those daily payments such as gas and groceries. For the Debit Card Coverage, the fee amount is $34 and the same policy applies as for the Service Overdraft Practice.
Like most options, it is not available for personal Chase First Checking℠, Chase High School Checking℠ , and Chase Secure Checking℠ accounts. In the case of business accounts, all checking business accounts can enjoy this service and dispense it whenever they wish.
Why won’t Chase let me overdraft?
It is important to remember that it is at Chase’s discretion whether to authorize the overdraft, so it is important that your banking history is positive. The approval will also depend on the amount of deposits you make and the total amount of the transaction in which you will use the overdraft.
In the case of accounts that opt for the Overdraft Protection option, the transaction may be rejected lacking funds in the saving account if the same transaction cannot be covered by the Standard Overdraft Protection.
And if what you need is to withdraw cash from an ATM, you will not be able to do so with these services because they are intended for other types of transactions such as purchases, monthly, and subscription payments.
Can I avoid overdraft fees at Chase?
Yes, you can avoid overdraft fees, but it is significant that you keep track of your checking account balance to avoid overdraft fees. Take advantage of the benefits of the Chase app to keep track.
@pastazor I’ve gotten my over draft fees back many times. Just be nice to the person and explain your situation and they’ll help you if they can.
In addition, in most of the options, the overdraft will not generate fees if the amount is equal to or less than $5. Another good option is to quickly pay the amount for which you resorted to the overdraft according to the type of service you have.
If you want to avoid the Service Overdraft Practice fee with a business checking account, you will have the opportunity to avoid paying it if you manage to deposit the total amount of the overdraft before 11 PM ET (8 PM PT) of the same business day. While for personal accounts, you will have until 11 PM ET on the next business day.
In the case of Chase Overdraft Assist, personal accounts with an overdraft of less than $50 will not have to pay the fee, and if the amount is greater, they will have until 11 PM ET the following business day to transfer the corresponding amount to the account.
Remember that if you do not take advantage of the times to pay the fees that each overdraft service will charge you per transaction, you will have a debt that will affect your banking history in the future.
References
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“Chase Bank Review 2024 | Bankrate.” Bankrate, https://www.bankrate.com/banking/reviews/chase-bank/#bank-fees
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“Overdraft and Overdraft Fee Information for Your Chase Checking Account.” Chase, https://www.chase.com/content/dam/chasecom/en/legacy/ccpmweb/shared/document/chase_consumer_A9_english_web.pdf
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“Overdraft Protection | Overdraft Services | Chase.Com.” Credit Card, Mortgage, Banking, Auto | Chase Online | Chase.Com, https://www.chase.com/personal/checking/overdraft-services/overdraft-protection
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“Overdraft Services | Chase for Business | Chase.Com.” Credit Card, Mortgage, Banking, Auto | Chase Online | Chase.Com, https://www.chase.com/business/banking/services/overdraft/services
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“Standard Overdraft Practice | Overdraft Services | Chase.Com.” Credit Card, Mortgage, Banking, Auto | Chase Online | Chase.Com, https://www.chase.com/personal/checking/overdraft-services/standard-overdraft-practice