Chase OverDraft Assist: An In-Depth Guide to Overcoming Fees

Are you a Chase account user and want to know how Chase Overdraft Assist work and how to use it effectively?

For Chase checking accounts, Overdraft Assist is a feature that comes automatically with eligible accounts, so there is no need to enrol.

The Chase account eligibility isn’t based on credit history but rather on maintaining an account that meets the bank’s standard terms. However, it has its own limitations when you are a new customer to Chase.

In this blog post, you will know the detailed working nature of Chase Overdraft Assists.

How Chase OverDraft Assist Works on Different Account

Overdraft Assist is a service offered by Chase that helps to manage transactions that exceed your account balance. Specifically, it helps to mitigate overdraft fees by providing certain criteria under which these fees can be waived.

There are three types of Business accounts at Chase: Chase Business Complete Checking℠, Chase Performance Business Checking®, andChase Platinum Business Checking℠

Here’s how Overdraft Assist applies to these accounts:

Account TypeFree Monthly TransactionsFree Monthly Cash Deposits LimitMinimal Overdraft amountExtra Time to Cover Overdrafts
Chase Business Complete Checking℠100$5,000$50Until the next business day at 11 PM ET
Chase Performance Business Checking®250$20,000$50 paid by the end of the day
Chase Platinum Business Checking℠500$25,000$50 paid by the end of the day

Overdraft Assist for these accounts offers the benefit that if the account is overdrawn by $50 or less at the end of the business day, Chase won’t charge an overdraft fee.

However, unlike the Business Complete Checking account, these accounts do not provide additional time until the next business day to address the overdraft.

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What are the Overdraft Assist Flexibility For Chase Account

  • You are not being charged an overdraft fee if your account is overdrawn by $50 or less at the end of the business day.
  • Even if you’re overdrawn by more than $50, you still won’t incur any fees as long as you bring your account balance to being overdrawn by $50 or less by the end of the next business day.
  • For certain types of transactions, such as transactions that are $5 or less, Chase Overdraft Assist automatically comes into effect, and you won’t be charged an overdraft fee.

How Does Overdraft Assist Manage Overdrafts

Overdraft Assist can help businesses avoid fees for minor overdrafts, providing a cushion that can be particularly useful for managing cash flow.

It’s important to note that this feature applies to the end-of-day balance, so account holders should monitor their transactions throughout the day.

How Does Overdraft Assist Help In Avoiding Overdraft Fee

To take full advantage of Overdraft Assist and avoid overdraft fees, make sure to review your account balance regularly.

If you notice your account is overdrawn, you have the opportunity to transfer funds or make a deposit to bring your balance within the $50 threshold by the cutoff time.

Additional Overdraft Assist Services Help You In Managing Transactions

Chase may offer other overdraft services or protection plans that can be linked to your business checking account, such as :

1. Set up overdraft protection

If you have another account with Chase, you can link it to your checking account to cover any shortfalls, though fees may still apply for this service.

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2. Set up Account Alert

Chase allows you to set up customized alerts for your account. You can receive notifications for low balances which can be crucial in avoiding overdraft fees.

To set up these alerts:

  1. Sign into your Chase account and Go to the “Account Management” tab.
  2. Choose “Profile & settings,” and Click “Alerts”
  3. Select “Choose alerts” and pick the accounts you want.
  4. Customize your alert: You can set a low balance alert to notify you when your account falls below a certain dollar amount.
  5. Choose your Delivery method: You can select a notification according to your convenience (email, text message, or push notifications through the Chase mobile app).
  6. Click “Save”

3. For holders of Chase SapphireSM Checking and Chase Private Client CheckingSM accounts

There are no Overdraft Fees for items presented against an account with insufficient funds for the first four business days in the current and prior 12 statement periods. If items are returned on a business day, it counts toward the four business days when an Overdraft Fee will not be charged.

4. Make Timely Deposits

Ensure you deposit funds promptly to cover any anticipated shortfalls. If your account is overdrawn by $50 or less at the end of the business day, Chase Overdraft Assist will not charge you overdraft fees. However, if you are overdrawn by more than $50, you must bring your account balance to overdrawn by $50 or less by the end of the next business day to avoid fees.

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5. Monitoring Account Activity

  • Regularly Review Transactions: Keep track of all debits and credits happening in your account. This will help you to identify any unanticipated payments and deposit money if necessary.
  • Use Mobile Banking Apps: Leverage the Chase Mobile Banking app to check your balance and recent transactions on the go. Immediate access to account information can help you make timely transfers to prevent overdraft fees.

Having a disciplined approach to managing and monitoring your account activity is fundamental when utilizing Chase Overdraft Assist to your advantage.

Limitations and Considerations of Chase OverDraft Assist

While Chase Overdraft Assist℠ appears advantageous, you need to be aware of certain limitations and considerations that could affect your usage of this service.

Transaction Types Not Covered

Not all transaction types are shielded by Chase Overdraft Assist℠. For instance:

  • ATM transactions: Any cash withdrawals that lead to an overdraft will not be covered.
  • One-time debit card transactions: These transactions may incur overdraft fees unless they are part of Chase’s Debit Card Coverage.

Potential Impact on Account Standing

  • Repeated overdrafts: While Chase Overdraft Assist helps you avoid fees on minor overdrafts, frequently overdrawing your account can still impact your account standing.
  • Long-term overdrafts: If your account remains overdrawn by more than $50 at the end of the next business day, standard overdraft fees may apply, and this could affect your banking relationship.