Posts by fadedheron91

Casey Bennett said:It won't amount to much, but I’d suggest settling up as soon as possible to avoid those interest charges and, more importantly, to protect your standing as a reliable client with Chase.

Thanks for the lightning-fast reply! 👍 I'll be handling this first thing tomorrow morning to get my student account standing back in good graces. 😁

Quick emergency question here: due to a combination of sheer bad luck and my own lack of attention, it turns out my card didn't register several store payments on time (?). Because all those transactions ended up hitting my account one day late, I realized I miscalculated—and now I'm suddenly sitting at a $341 deficit, which means I've blown past my $1,000 limit. My main concern is whether I’m going to face immediate repercussions for this, or if I have enough time to sprint to the bank tomorrow morning to deposit some cash and get that balance back under $1,000? I shouldn't run into any issues before the end of the month when they actually apply interest and monthly maintenance fees, right?

Casey Bennett said:The overdraft stays active automatically as long as you keep your accounts in good standing and meet the eligibility requirements for the student package. This means starting March 1st, your new limit will be $333. You aren't required to pay back the overdraft itself, though you really ought to be careful not to exceed that $1,000 threshold once interest or other fees start piling up.

So, what you're saying is I don't need to scramble to pay back every cent by that date? As long as I absolutely do not exceed $333, I'm fine?

What actually happens if I don't clear an authorized overdraft—say, $300—by the agreed deadline, like April 30th, 2016? To put it plainly: let’s say I pay back $233 but still have $67 hanging out there unpaid. Am I looking at some kind of lawsuit or legal headache, or does the bank just refuse to extend any further credit until the balance is wiped clean? Just to be crystal clear—I have absolutely no intention of being $333.

Casey Bennett said:That credit limit gets reviewed every six months. If you play by the rules—meaning you don't blow past that $333 limit and stay on top of your Amex payments—they’ll keep extending it until you hit 27.

Thanks a ton. I actually spoke with some folks over at JPMorgan Chase in the meantime, and they explained the exact same thing—it all makes sense now.

As for the credit card, I haven't even opened it, nor do I plan to; it's just sitting in an envelope, which is probably for the best. All I really need is this checking account feature. 🙂

Thanks again!

I have a question regarding the overdraft limit on my checking account under the student S&P 500 package.

Basically, when I was setting up this checking account as part of that specific student package, the bank representative told me the deal lasts until I turn 27—and that I’d be eligible for an overdraft limit of $333 during that timeframe.

However, at the bottom of my November account statement, it says this overdraft facility is valid until April 30, 2016. This has left me completely confused—I can't figure out when I actually have the right to access that $333 overdraft limit.