If you write a check or charge your debit card when you don’t have enough money in your checking account to cover the payment, it’s called an overdraft, and your bank can simply reject the transaction, leaving you unable to make your purchase. Chase Bank’s standard overdraft policy might cover the remaining amount due, however, resulting in a negative balance you’ll have to pay back with your next deposit, but it comes at a price.
If you overdraft, you’ll likely be charged an overdraft fee, which can be pricey, especially when your checking account is already empty. Learn how much Chase overdraft fees cost, how to get them waived and how to avoid Chase overdraft fees in the first place.
How Much Chase Overdraft Fees Cost
Chase’s standard overdraft practice will charge a $34 insufficient funds fee every time it pays an overdraft with the exception of your account being overdrawn by $5 or less or if the account is overdrawn due to a transaction that costs a total of $5 or less.
Here’s an overview of Chase Bank’s overdraft fees and costs:
|Chase Overdraft Fees||Cost|
|Insufficient Funds Fee||$34|
|Returned Item Fee||$34|
|Extended Overdraft Fee||$15|
- Insufficient Funds Fee: You’ll be charged $34 when Chase covers an overdraft.
- Returned Item Fee: This $34 fee is charged when a check or automatic payment is returned.
- Extended Overdraft Fee: This $15 fee is charged every time your account is overdrawn for five or more business days in a row — even for transactions of $5 or less.
Chase will honor payments by check, automatic payments and recurring debit card purchases at its discretion based on the customer’s account history. Attempts to use your Chase debit card for daily purchases, however, can be rejected. If your account is not in good standing, the transaction might be declined.
Chase Overdraft Fee Rules and Limits
Depending on your Chase checking account, different overdraft rules might apply. Here’s an overview of Chase overdraft rules for various checking accounts:
- Personal Chase Checking Accounts and Chase College Checking: You can be charged a maximum of three insufficient funds and returned item fees per day.
- Chase Premier Platinum Checking Account: Your first four insufficient funds and returned items fees are waived each year.
- Chase Business Checking Account: You can be charged a daily limit of six insufficient funds or returned items fees.
How Chase Applies Deposits and Withdrawals
To determine whether you owe an overdraft fee, Chase applies withdrawals and deposits in the following order:
- Chase first adds all your deposits to your account.
- Then, it subtracts all wire transfers, regular debit card transactions, online transactions, Chase ATM and teller withdrawals, and any checks that are cashed at a teller station.
- Then, Chase subtracts all other items, including checks that are cashed or deposited.
So, if you write a check in the morning that you know is going to cause a returned item fee, you essentially have a Chase overdraft grace period until the end of the day to deposit enough money to avoid the charge.
Find Out: How to Find Your Chase Routing Number
How to Get Chase Overdraft Protection
Besides tracking your spending carefully, you can add an extra layer of protection for yourself by linking a Chase savings account to your checking account for overdraft protection. That way, if you do overdraft, Chase will withdraw money from your savings account to cover the difference. If this happens, Chase will transfer the exact amount needed to pay for the remainder of the transaction from your Chase savings account to your Chase checking account.
You won’t pay a fee for this service, but you’re limited to six savings withdrawals per month before a $5 fee applies to subsequent withdrawals. You can opt out of Chase debit card overdraft coverage at any time to avoid the fees and any transaction for more than your balance will be automatically rejected.
How to Get Chase Overdraft Fees Waived
If you notice an overdraft fee on your bank statement, you might be able to get it waived. Follow these steps to try to get a Chase overdraft fee waived:
- Call Chase customer service at 800-935-9935.
- Politely explain that you have been charged an overdraft fee and would like to see if the representative can remove the charge.
- If you’ve been a longtime Chase customer, mention you’ve been a loyal bank customer.
- Ask an open-ended question such as, “What can you do for me?” Questions like this don’t allow a simple “no” answer like asking, “Can you waive this fee?”
- If the representative denies your request, go to a bank to ask in person or hang up and call again. Another representative might be more accommodating.
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