Managing your finances effectively requires an understanding of your bank’s overdraft policies, especially if you find yourself in a tight spot.
Chase Bank offers various account options, each with its own rules and limitations regarding overdrafts.
In this blog post, we’ll provide a clear breakdown of how much Chase will let you overdraft for different accounts.
how much will Chase let you overdraft?
Chase Overdraft will let you overdraft 3 times per day i.e up to $102 if your minimal balance is below $50.
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 Type | Free Monthly Transactions | Free Monthly Cash Deposits Limit | Minimal Overdraft amount | Extra Time to Cover Overdrafts |
|---|---|---|---|---|
| Chase Business Complete Checking℠ | 100 | $5,000 | $50 | Until 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 |
What are the Overdraft Fees and Policies into Chase
- 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.
Does Chase give back overdraft fees?
Maintaining a good banking history and keeping overdraft occurrences to a minimum can improve your chances of having such fees waived.
Chase may waive or refund overdraft fees in certain circumstances. As a customer, if you find yourself having incurred an overdraft fee, you have a few options:
- Overdraft Reversal: If your account becomes overdrawn but you make a deposit to bring your account back to a positive balance before the end of the business day, Chase may reverse the overdraft fee.
- First-Time Courtesy: If it’s the first time you’ve encountered an overdraft fee, or if you don’t frequently overdraw your account, Chase might be willing to refund the fee as a one-time courtesy if you contact their customer service.
- Bank Error: If the overdraft fee was the result of a bank error, Chase will typically refund the fee.
- Account Type: Depending on the type of account you have, you may be entitled to certain protections or fee waivers. For instance, certain premium accounts might offer features that include the waiver of occasional overdraft fees.
- Customer Relationship: Customers with a long-standing relationship with the bank and multiple accounts might have more leverage in requesting the waiver of an overdraft fee.
If you believe you are eligible for a refund of an overdraft fee, or if you would like to request a courtesy waiver, you should contact Chase customer service directly.
It’s important to act quickly, as banks generally have a limited timeframe in which they will consider refund requests.
How to Request Overdraft Fee Removal with Chase
If you’re a Chase customer who has been charged an overdraft fee, you might be wondering if there’s a way to have these fees waived.
The good news is that it’s possible, and there are several methods you can use to reach out to Chase and explain your situation. Here’s how you can get started:
Prepare Your Case
Before reaching out to Chase, gather all relevant information regarding your overdraft incident.
This includes the date the overdraft occurred, the amount of the transaction that caused the overdraft, and any reasons why you believe the fee should be waived (such as it being a first-time occurrence or a bank error).
Choose Your Communication Method
Chase offers several ways for you to get in touch when seeking fee removal:
- Visit a Local Branch: One of the most direct methods is to visit a Chase branch in person. Speaking face-to-face with a representative allows you to explain your situation in detail and may help in negotiating the removal of the overdraft fees.
- Send an Email: If you prefer written communication, you can send an email to Chase’s customer service. Make sure to provide all necessary details and be clear and concise in your request.
- Call a Representative: Sometimes, a phone call can be the quickest way to get a resolution. You can reach Chase customer service for such matters is 1-800-935-9935. Be prepared to provide your account information and any relevant details about your overdraft situation.
If this is your first overdraft or if you have a good banking history, mention this as it could strengthen your case.
If there were extenuating circumstances that led to the overdraft, such as an unexpected delay in a paycheck, let them know. After explaining your situation, directly ask if the overdraft fees can be waived.
