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How much can I overdraft chase debit cards? (Explained)

How much can I overdraft chase debit cards? (Explained)

How Much Can I Overdraft Chase Debit Card

Chase is a great bank, and its debit card programs are no exception. You may be wondering, though, just how much you can overdraft your card before fees start piling up.

There are a few reasons why someone might want to know this information.

Maybe you’re close to your limit, and you want to make sure you don’t get charged. Or maybe you’re just curious about how much leeway you have.

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In any case, here’s what you need to know about Chase overdrafts.

What is Overdrafting?

Overdrafting is when you spend more money than you have in your account.

This can happen if you write a check for more money than you have, make a purchase with your debit card that exceeds your balance, or if an automatic payment goes through and there isn’t enough money to cover it.

If this happens, your bank may cover the difference, but they will usually charge you a fee for doing so.

Chase’s Overdraft Policies

Chase has a few different policies when it comes to overdrafts. 

If you have other accounts, you can set services in place that if you overdraft your account, Chase will automatically transfer money from another account that you have with them (such as a savings account) to cover the difference.

If there isn’t enough money in the other account, they’ll still pay for the overdraft, but you’ll be charged a $34 fee.

Chase also offers overdraft protection via a linked credit card. If you have a Chase credit card, you can link it to your debit account, and Chase will automatically transfer money from your credit card to cover any overdrafts.

You’ll be charged interest on the money you borrow from your credit card, but you won’t be charged a fee by Chase.

Finally, if you don’t have either Debit Guard or a linked credit card, Chase will still pay for your overdrafts, but you’ll be charged a $34 fee for each one.

How to Overdraft Chase Debit Card?

There are a few ways to overdraft your Chase debit card. The most common is by making a purchase that exceeds your account balance. This can happen if you’re not keeping track of your spending or if you miscalculate how much money you have.

You can also overdraft your account by writing a check for more money than you have in your account. This is less common, but it can still happen if you’re not careful.

Another way to overdraft your account is if an automatic payment goes through and there isn’t enough money to cover it.

This can happen if you have a subscription or membership that automatically deducts payments from your account.

For example, if you have a gym membership that automatically deducts $50 per month, and you don’t have at least $50 in your account when the payment goes through, you’ll overdraft your account.

How Much Can I Overdraft My Chase Debit Card?

Generally speaking, you can overdraft your Chase debit card by up to $50 before an overdraft fee is charged.

However, this may vary depending on your account history and spending habits.

For example, if you have a history of overdrafting your account, Chase may lower your limit to $25 or even $0. Similarly, if you frequently make large purchases with your debit card, Chase may lower your limit to reduce the risk of fraud.

However, it’s important to note that this number can vary depending on a few factors. For example, if you have an account with a higher balance, you may be able to overdraft by more than $50.

Additionally, if you have multiple accounts with Chase, they may be able to work with you to cover an overdraft that’s more than $50.

Finally, if you have a good account history and you don’t overdraft your account often, Chase may raise your limit to $100 or even more.

What Are The Fees Associated With Overdrafting My Chase Debit Card?

If you do happen to overdraft your Chase debit card, you’ll be charged a fee of $34 per transaction. This means that if you make three separate purchases that overdraft your account, you’ll be charged a total of $102 in fees.

There are a few ways to avoid these fees.

First, you can opt-in to Chase’s Overdraft Protection program. This program links your checking account to another one of your accounts with Chase, like a savings account or credit card.

Then, if you do overdraft your account, the funds will be transferred from the linked account to cover the charges.

There is a fee for this service, though it’s typically much lower than the standard overdraft fee. 

Another way to avoid fees is to simply not use your debit card if you don’t have enough money in your account. This may not be convenient, but it will save you a lot of money in the long run.

Final Thoughts

Chase is a great bank with plenty of perks for its customers. If you have a Chase debit card, you can overdraft by up to $50 without incurring any fees. However, if you do overdraft your account more than $50, you’ll be charged a fee of $34 per transaction.

You can avoid these fees by opting in to Chase’s Overdraft Protection program or by simply not using your debit card if you don’t have enough money in your account.