Overdraft fees almost never seem to benefit customers. Sure, the payment may go through fine to pay a bill, but you’re left with $30 or more you must pay back for every transaction that bounces.
Why do banks like Chase charge such high fees if they're supposedly trying to help customers? They profit well off overdraft protection, making as much as $11 billion per year.
If you want Chase to refund those overdraft fees, there are a few ways you can do this. Keep reading to learn how you can put the money you would’ve been paying back in your pocket.
Chase Policies for Overdraft Fees
Every bank has different overdraft fees. For Chase, you can expect to pay $34 when you have overdraft protection for insufficient funds.
Chase overdraft protection will go into effect in several instances. For example, if you pay out a check to someone and they come to check it, Chase will enable the service. This way, the check will not come back.
Overdraft protection will also kick in anytime you have automatic payments you set up on your account. This could be monthly deductions on your mortgage, a utility bill, or insurance.
The same also goes for recurring debit card purchases you make such as a gym or movie subscription.
Do You Even Want Overdraft Protection?
Oddly enough, not everyone will be able to get overdraft protection. Chase, for example, will enable the service or continue the service based on your account history. Banks want to make sure you are making enough income by checking all direct deposits on the account.
If you are a new customer, Chase may use your social security number to determine your past history. Once you are approved for an account, standard overdraft protection is often enabled by default.
This means when signing up for Chase, you may already have the service and not be aware of it. There's a good chance you doing even want the service. If you do not want to have overdraft protection in the first place, you should read the terms and conditions when creating your account online.
Look to see if there is a "yes" or checkmark next to overdraft protection and remove it. If you're signing up at a branch, a team member will ask you if you want the service.
Chase overdraft protection is available for all Chase checking accounts with the exception of Chase Secure Checking, Chase First Checking, and Chase High School Checking accounts.
Times You Don't Have to Worry About Overdraft Fees
Chase will not enable overdraft protection if your account balance is overdrawn by five dollars or less at the end of the business day. If the item you need to pay for is five bucks or less, Chase won't activate overdraft services.
The good thing is if you do some overdraft fees, there is a limit of $102 per day. This means Chase will not cover you more than three times per day in overdraft fees.
Asides from checks and recurring payments, Chase will not start the service when you're low on money. If you want to make a debit purchase and you lack the funds, you don't have to worry about overdraft protection kicking in.
You don't have to worry about seeing the overdraft fees on your account. You will get a "declined" statement. This means you will be unable to complete a shopping, gasoline, or food purchase.
There is a final instance Chase won't enable overdraft protection. Chase will not turn on the service if a pending transaction does not go through or is returned unpaid. Keep in mind that if there is an item that is unpaid, there may still be a separate fee for this.
It's a good idea to set up notifications with Chase if you have overdraft protection. Chase will inform you any time your account goes below a certain amount (which you set). This alone can help prevent overdraft issues from happening in the first place.
Waive Your Overdraft Fees
You're in better control of discovering if you have an overdraft fee on your account by checking your statements often. The best way to do this is online. Don't panic if you notice the charges.
If you're wondering how to get overdraft fees refunded, the answer is simple. Get in contact with a Chase representative. If you don't have a lot of overdraft fees on your account or a long span of time passed from a previous incident, Chase will waive it.
The best number for Chase to get your overdraft fees removed is 1-800-935-9935. Be sure to provide your account information. You need to be prepared to state your case. Explain to Chase the reason you lacked sufficient fees in a polite, but firm manner.
You are in a better position if you have more deposits on your account that completed not long after the overdraft fees occurred. Chase representatives will look at your account and listen to you. Most people do not have issues getting the fee off their account.
You can also send a secure message to Chase if calling is not your favorite method of contact.
Get Chase to Refund Overdraft Fees Quickly
Chances are if you’re dealing with overdraft fees you are struggling to make enough and pay the bills. Overdraft fees will seem more like a punishment than a reward for customers. Overdraft fees are worse in interest than credit cards.
Chase probably won’t refund overdraft fees if you do nothing and decide to pay it. However, there’s a good chance you can get the fee removed by just asking them.
If you want to avoid overdraft issues altogether, join the Yotta family and sign up for our debit card waitlist.