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Forum Thread
*NEW*-Chase Debit Card Overdraft Coverage (opt-in/opt-out online!)
February 26, 2010 at
11:12 PM
Thread Details
Last Edited by dzap April 1, 2010 at 05:22 PM
Well..I was screwing around with my account just taking a look at all the options and features I could change when I found this..
"NEW! Update Chase Debit Card Overdraft CoverageSM" under the "Customer Center" at the VERY BOTTOM of the "Checking / Savings Account Services".
https://chaseonline.cha
And surprise, surprise...this is EXACTLY the new option provided by the CARD Act that Chase has to enforce to opt-in/opt-out of OD protection for your account. Hmm...why didn't I get a letter about this? Or anything in my secure center? Guessing they just "forgot"
(I kid, I kid..this is a new feature so it must have been there for only the past couple days or so. I assume I'll see it in my next statement..)
Here's the PDF they had linked to "read" before you do anything.
https://chaseonline.cha
"DON'T LOSE THE CONVENIENCE OF THIS IMPORTANT FEATURE. TALK TO A BANKER TODAY." Yes very convenient to have $35 deducted out of my account (side note: WTF?!? They increased it AGAIN?!? It used to be $33...)
Here's a quick run-down of what's on the page...
Select "Yes" if you want Chase to authorize and pay overdrafts on your everyday debit card transactions. Your everyday debit card purchases may be approved at Chase's discretion, even if you don't have sufficient funds.
Select "No" if you do not want Chase to authorize and pay overdrafts on your everyday debit card transactions. Your everyday debit card purchases will be declined if you don't have sufficient funds.
It will take up to 10 days for your selection to be effective. If you select "No," this choice will be effective on March 29, 2010. If you would like to update a selection you have previously made, select your preference below and click "Update Chase Debit Card Overdraft Coverage."
And an important part from the PDF:
Good to know that is going to be OPT-OUT by default (eventually). I haven't done anything yet in fear of them closing my sweet Free Wamu account, but I thought I would let everyone else know, you can now opt-out (or opt-in for you crazy people.. )
"NEW! Update Chase Debit Card Overdraft CoverageSM" under the "Customer Center" at the VERY BOTTOM of the "Checking / Savings Account Services".
https://chaseonline.cha
And surprise, surprise...this is EXACTLY the new option provided by the CARD Act that Chase has to enforce to opt-in/opt-out of OD protection for your account. Hmm...why didn't I get a letter about this? Or anything in my secure center? Guessing they just "forgot"
(I kid, I kid..this is a new feature so it must have been there for only the past couple days or so. I assume I'll see it in my next statement..)Here's the PDF they had linked to "read" before you do anything.
https://chaseonline.cha
"DON'T LOSE THE CONVENIENCE OF THIS IMPORTANT FEATURE. TALK TO A BANKER TODAY."
Yes very convenient to have $35 deducted out of my account (side note: WTF?!? They increased it AGAIN?!? It used to be $33...)Here's a quick run-down of what's on the page...
|
Quote
:
Update Chase Debit Card Overdraft Coverage — Your Chase checking account(s) has a feature called Chase Debit Card Overdraft Coverage that may allow everyday debit card purchases to be approved, at our discretion – even if you don't have sufficient funds.Don't worry, there's no fee to keep the coverage and no fee if you never use it. However, standard overdraft fees may apply. (See Important Information below for further details.) Here are a few of the benefits you may get with this coverage: CONVENIENCE: May allow your everyday debit card purchases to be approved when you don't have sufficient funds BACKUP: May cover purchases even if Chase Overdraft Protection isn't available* A SAFETY NET: May cover you in an emergency |
Select "No" if you do not want Chase to authorize and pay overdrafts on your everyday debit card transactions. Your everyday debit card purchases will be declined if you don't have sufficient funds.
It will take up to 10 days for your selection to be effective. If you select "No," this choice will be effective on March 29, 2010. If you would like to update a selection you have previously made, select your preference below and click "Update Chase Debit Card Overdraft Coverage."
And an important part from the PDF:
|
Quote
:
If you don't make a choice, starting 8/15/2010, your everyday debit card transactionswill be denied if you do not have sufficient funds in your account or available under Chase Overdraft Protection. |
)
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About the OP
Community Wiki
Last Edited by the_waDsworth
April 1, 2010
at
01:32 PM
btw- ALL banks are required to automatically do this come august 2010.
Overdraft protection: this is when you link a savings account, credit card, line of credit, etc. to your card so that your card will not have overdrafts. you can use more than you have in your checking account, but this is just because it will be charged to the other account linked to it to cover the funds needed
Overdraft coverage: this is the bill and the reason for this thread. this is what you opt in or out of to say that you want or don't want your card to work in the case that you do not have the sufficient funds available in your account. If you have overdraft protection, there is no reason to worry about overdraft coverage, because it will not (in most most cases) every apply to you (meaning you will never be zeroed out on your checking account and the account linked to your checking)
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
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Overdraft protection: this is when you link a savings account, credit card, line of credit, etc. to your card so that your card will not have overdrafts. you can use more than you have in your checking account, but this is just because it will be charged to the other account linked to it to cover the funds needed
Overdraft coverage: this is the bill and the reason for this thread. this is what you opt in or out of to say that you want or don't want your card to work in the case that you do not have the sufficient funds available in your account. If you have overdraft protection, there is no reason to worry about overdraft coverage, because it will not (in most most cases) every apply to you (meaning you will never be zeroed out on your checking account and the account linked to your checking)
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.
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on the right hand side under 'customer center' there is now a link that says: Update Chase Debit Card Overdraft CoverageSM [chase.com]
open both links to pdf data, select 'yes' you read them.
then choose 'no' i do not want overdraft coverage.
this is for your visa debit/check card that works like a check. it simply will deny a transaction if funds are insufficient. it is not about writing physical checks.
it is my guess that you can probably also go into any chase branch and request this opt-out via a banker.
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i am not here to discuss whether or not people should or should not overdraft.
nobody wants it, but it happens; fraud, mis-communication, abuse, whatever, it does happen.
this allows people to not be charged 35 bux. saves people money.
if you dont think this is a hot deal, please politely tell me where it ought to be instead.
because something saves people money and is not associated with a purchase per-se, can it still be considered hot?
I'm not sure, I haven't had a bank account that long.
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I'm not sure, I haven't had a bank account that long.
this is for your visa debit/check card that works like a check. it simply will deny a transaction if funds are insufficient. it is not about writing physical checks.
Will it deny as well?
Will it deny as well?