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How to Get Your Chase Overdraft Fees Waived? A Step by Step Guide

How often do you check your bank account? It is hard to remember the exact amount so you may overspend it. Unfortunately, your bank may charge you an overdraft fee when you overspend your fund available in your bank account. 


For example, Chase will charge you $34 per overdraft transaction, although you just overspent a few dollars. Fortunately, here are ways you can do to avoid get charged overdraft fee or get a refund from Chase. 


About Chase

Chase Bank is one of the top four banks of the United States. JPMorgan Chase Bank, N.A. is an American bank headquartered in Manhattan New York City, with offices across the United States.

Here is a quick snapshot about Chase Bank:


Headquarters

270 Park Avenue, Manhattan, New York, NY 10017, United States

Revenue

US$109.029 billion (2018)

Founded

1799

Website

https://www.chase.com/

Customer Service

1-800-935-9935

Resource: Wikipedia


What do you need to know about overdrafts and overdraft fees?

An overdraft occurs when you don’t have enough money in your bank account to cover a transaction, but the bank pays it anyway. As a result, the bank will usually charge an overdraft fee on that transaction.

Every bank has different overdraft fee, and here is a list of the overdraft fees of some top banks in the US (2020)

overdraft fee

Chase Overdraft Rules and Policies

Standard Chase Overdraft Fee: $34.Under Chase’s standard overdraft practices, Chase will charge you a $34 Insufficient Funds Fee per item if it pays for you unless your account balance is overdrawn by $5 or less at the end of the business day, or for items that are $5 or less. 

Overdraft Fee Daily Maximum: $102. The daily maximum of Insufficient Funds Fees charged is $102, as for three items per day.


What should you do if you have been charged an overdraft fee by Chase?

If you have overspent and got charged the overdraft fee by Chase, don’t be upset. There are ways that you can do to waive the overdraft fee or get refunded. Here is how:

Call the bank customer service

If this is your first-time overdraft, most banks are willing to waive your overdraft fee to keep you remain a customer. You can just call the Chase customer service phone number +1 (800) 935-9935 and ask it.

If this is not your first time, you will make some efforts to negotiate it back. Here are some tips about how to make the phone call:

·         You will need to bring up your compliant with a reasonable explanation of the situation

·         You will need to show you are a good customer and you want to stay with Chase

·         Be polite and firm

Here is an example of the phone script:

1. Customer: hi I just checked my bank account and found that I was charged for an overdraft fee on [date] and I would like to have it waived.

2. Bank: I see the fee. Unfortunately, we are not able to waive the fee because xxx

3. Customer: I have been a good customer for xx years and the overdraft is a rare occurrence. Could you help me to waive it? I will be happy to stay with Chase.

4. Bank: OK. Let me check. One sec, please.


Notice: For Chase SapphireSM Checking accounts, the Insufficient Funds and Returned Item fees will be waived if the item(s) are presented or withdrawal request(s) are made against an account with insufficient funds on four or fewer business days in the past 12 months.


What you should do If a call doesn’t work?

Sometimes a phone call may not solve the problem and you will need to try other ways.

Call the manager: 1-800-242-7338

Email the customer service:  sign in to Chase OnlineSM and use the Secure Message Center

Mail a letter to the CEO

Jamie Dimon

270 Park Avenue

New York, NY 10017-2070

USA

Ways to avoid the overdraft fee

Opt-in overdraft protection

Chase offers overdraft protection through a link to a Chase savings account, which is less expensive than its standard overdraft practices since there isn't a fee for an Overdraft Protection transfer. All transactions, including everyday debit card transactions, will be covered. Only if there isn’t enough money in your linked Chase saving account, the standard overdraft practices will apply then.

Set up notifications 

Chase offers notification service that you can enable so you will get an email or text message when the fund in your bank account is below a certain number. This way you will be notified and you can take appropriate action to avoid overdraft. 


Why waste your time to deal with this issue, try Cheese Card instead!

There are some debit cards will not charge you overdraft fees although you overspent it. For example, Cheese Debit Card is a debit card with zero-fee, saving bonus and cashback on every purchase. The Cheese card is for everyone.

Cheese Debit Card
Cheese Debit Card

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