Chase Helps More Than Two Million Customers Avoid Overdraft Service Fees
December 08 2021 - 10:30AM
Business Wire
New enhancements continue the bank’s efforts
over the last decade to give customers more access and value
Chase has helped more than two million customers save on
overdraft service fees through new enhancements to checking
accounts that give them more flexibility when they are just a
little short on any given day, the bank announced today.
Earlier this year, Chase made several new enhancements to
checking accounts:
- Expanding the overdraft cushion to $50. Customers pay no
overdraft service fees when their account is overdrawn by $50 or
less at the end of the business day. Overdraft service fees only
begin with the transactions that overdraw the account by more than
$50 at the end of the business day.
- Eliminating the Returned Item Fee. Customers pay no fee
if Chase doesn’t pay a check or electronic payment because the
customer doesn’t have enough money in their account.
Continuing with the enhancements made this year, in 2022 the
bank will provide more ways for consumers to avoid overdraft fees
by enhancing its services to include:
- Providing a day to catch up. Customers will have until
the end of the next business day to bring their balance back to $50
overdrawn or less to avoid overdraft service fees from the previous
day.
- Providing customers early direct deposit. Customers will
be able to use their direct-deposited payroll up to two business
days early.
These continue the enhancements Chase has made over the last
decade, including rolling out Chase Secure Banking, a no-overdraft
service fee bank account, eliminating additional fees for accounts
that are continuously overdrawn, and processing customer’s debits
in the same order they see on Chase.com and the Chase Mobile
app.
Increasing the cushion to $50 from $5 has helped many Chase
customers who didn’t expect a check or electronic payment to post,
or just don’t have enough money in their checking account.
Customers value access to overdraft services so that they can
avoid late fees when making payments on important bills like
utilities and rent, avoid negative impacts to their credit score,
and can continue making every day purchases like groceries with
debit card coverage. And now with the $50 cushion, they can
continue to have access to the service without incurring overdraft
service fees as long as their account isn’t more than $50 overdrawn
at the end of the business day.
“We work to make our products better for customers every day.
These changes have already provided the extra support to more than
two million customers who have avoided on average $60 in fees
waiting for their paycheck to hit or are just a little short in
funds that day,” said Jennifer Roberts, CEO of Consumer Banking at
Chase.”
“We know that customers incur late fees on important bills. With
overdraft, we help our customers avoid late fees and potential
negative impacts to their credit score, and with debit card
coverage customers can continue making purchases with their debit
card.”
Chase customers can avoid or reduce overdraft service fees
by:
- Signing up for Secure Banking, a low-cost account that has no
overdraft fees.
- Signing up for Overdraft Protection, which links a Chase
savings account as backup to a Chase checking account, so we can
transfer the exact amount needed to cover an overdraft
transaction.
- Choosing not to opt-in to Chase Debit Card Coverage. Without
this service, a point of sale debit purchase would be declined if
there’s not enough money in the account, and there would be no
fee.
These new enhancements build on Chase’s ongoing commitment to
improve customers’ financial health in person and online. From more
than 100 Community Managers working in new Chase Community Centers
and branches, to new tools and content on chase.com/financialgoals,
Chase provides the education to help consumers manage their budget,
grow savings and build credit.
Chase continues to look for ways to help customers manage their
money. To learn more or check for updates, please visit:
chase.com/overdraft
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version on businesswire.com: https://www.businesswire.com/news/home/20211208005675/en/
Media contact Elizabeth Seymour
elizabeth.c.seymour@jpmorgan.com
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