3/13/2023 0 Comments Tot odp swp cr memo![]() Please note that without the ODP on your account, you could have been charged $68.00 for the fees alone on. When you opted out to the DCOC, everyday debit card transactions will be declined once both the checking account and your ODP account (the credit card in your case) has no funds left. Our record indicates that you opted out for the Debit Card Overdraft Coverage (DCOC) but not the Overdraft Protection (ODP). We apologize for the inconvenience that this may have caused you. Their reply is as follows: Date:Đ7-15-2010 23:40:52 From:Ĝhase Online Subject: Re: Account Inquiry Message: Dear Oscar Valles, Thank you for contacting the Internet Service Center. As I said, I wrote them and asked them to reverse this transaction. Granted, it may not be more than a few bucks but if this happens in the future on a larger scale, I don’t want to be stuck with paying high interest rates. I wrote them, asked them to reverse the transaction since the $50.00 taken from my credit card would be considered a cash advance and I would have to pay the ridiculous interest rate of 20+ percent on those $50.00. They took $50.00 from my credit card to cover a transaction that in my opinion should have been denied in the first place. Recently I had a credit to my account of $50.00 noting it as an ODP transaction from my credit card. It turns out Chase is determined to provide me with some form of overdraft coverage/protection. That is much safer in my opinion and prevents large unauthorized charges from occurring. I’ve had experiences in the past where unauthorized recurring bills occurred so I was much more comfortable with opting out since they will decline transactions exceeding my available funds. Personally, I opted out since you can still be charged overdraft fees when and if they permit for transactions to occur. Note: By choosing “No,” your account(s) will reflect your decision on or before the second business day after your decision has been submitted. Accordingly, you will not be charged insufficient funds/overdraft fees for everyday debit card transactions. Your everyday debit card purchases will be declined 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. Note: By choosing “Yes,” your account(s) will reflect your decision effective immediately. Your everyday debit card purchases may be approved at Chase’s discretion, when you don’t have sufficient available funds. Select “Yes” if you want Chase to authorize and pay overdrafts on your everyday debit card transactions. Below is the option text found in their website. Alternatively you can opt out of this option and have them deny any transaction that where you don’t have sufficient funds. They will allow you a certain period of time to replenish your funds. Essentially what I understand the coverage to be is that Chase will cover any charges above your balance if you ever happen to overdraw from it in the form of a purchase or withdrawal. I remember a while back I had opted out of what is called Chase Debit Card Overdraft Coverage. Recently, I had a transaction that exceeded the dollar amount available in my Chase checking account.
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