I won't get hit with an overdraft fee will I?
July 1, 2014 8:55 AM   Subscribe

This morning I got an email from chase saying that my account was overdrawn. Apparently I picked the wrong bank account by accident to pay my credit card bill. Well anyway I looked at my account and the transaction was still pending. I ran over to the bank and put enough cash in my bank account to put me in the positive. Now chase says I should be fine seeing how it was still pending but, I just want to be sure.
posted by mamamia88 to Work & Money (9 answers total)
I'm not sure how we can give a more authoritative answer than your actual bank.
posted by desjardins at 8:56 AM on July 1, 2014 [13 favorites]

I don't know why you don't believe Chase about their own policies. That said...

The transaction you're doing is called an "ACH transfer". Although the banks I've used have always reserved the right to charge an overdraft fee for ACH transfers that fail due to insufficient funds, I've never had any of them ever do so.

If you are actually charged an overdraft fee, banks are usually pretty lenient about refunding overdraft fees if you are a good customer and you ask for some equivalent of a "one time exemption" to their policies. If you aren't a good customer or they deny your request for some reason, you may consider switching to a credit union, who are usually more generous with their policies.
posted by saeculorum at 9:06 AM on July 1, 2014 [4 favorites]

If you do get hit with an overdraft fee just call the bank and ask them to remove it.

Shit happens. Unless you're a repeat offender, most banks will give you a pass. It was an easy mistake and you did the absolute best you could to rectify it.

If you see a fee, just ask them to refund you.
posted by phunniemee at 9:06 AM on July 1, 2014 [5 favorites]

I use Chase and have had the same thing happen to me.

If you deposited cash today before the check has finished clearing, then everything will settle out tonight and you won't be hit with an overdraft fee. Your account may show it right now, but it won't be there when it's all settled.

Keep your cash deposit receipt and a snapshot of your transaction history right now so you have some backup in case something goes wrong.
posted by JoeZydeco at 9:19 AM on July 1, 2014 [1 favorite]

No, you won't get an overdraft fee. As long as you have the money in the account by the close of the business day, you won't overdraft.
posted by tckma at 9:21 AM on July 1, 2014

Hi there! I work for a bank! Well, not in the front of an actual branch, and not for Chase. But I just ran out front to the branch (I sit in an office in the back) and asked them this question. If the overdraw is "made good" same day, you will not be charged a fee. Same day overdrafts happen a lot, because of the ebb and flow of deposits and withdrawals during the day. If you were to wait to fix it AFTER the nightly cycle, the fee hits automatically (but can still be removed by a nice person).
posted by ersatzkat at 9:33 AM on July 1, 2014

If you do get hit with a fee, just call Chase and see if they'll waive it. If someone at Chase already told you that you shouldn't be charged, having the fee waived shouldn't be a problem.

In any event, if you don't make a regular habit of overdrawing, and it happened in a "one time honest mistake" kind of way, usually they're willing to waive an overdraft fee once a year or so.
posted by Sara C. at 9:46 AM on July 1, 2014 [1 favorite]

Be glad you're not dealing with HSBC. I wrote a check for the wrong amount on my heloc, when paying several bills at once; called the next day and was advised to just let it go, and add to next payment due; then they froze my line of credit and expected me to pay an application fee to reopen it. So much for relying on advice from the customer service line.
posted by mmiddle at 12:32 PM on July 1, 2014

What saeculorum and also what Sara C. said - first, if they say you won't, you won't get a fee. Second, the bank phone support people are generally nice, and have the power to waive fees.

I've had fees cancelled for no other reason than I asked.
posted by IAmBroom at 3:38 PM on July 1, 2014

« Older How to securely erase an SDD drive without...   |   Where to stay for a weekend retreat in between... Newer »
This thread is closed to new comments.