Chase Student Starter Pack

Peter Martin45 said:I got the exact same thing. I have no idea why, since I'm still a student, even though I turn 27 in April. I'm a full-time student, so what are they expecting me to pay back by April 30th? $333 It's like asking for money from thin air. Plus, my student housing subsidy goes into that account, so nothing makes sense. If anyone has an idea or is dealing with the same thing, let me know...🙂

I hit 27 back in August, but since I actually finished my degree two years ago, my student banking package was terminated by March 1st! I didn't receive any prior notice whatsoever. I ended up calling a friend who works over at Bank of America, and she explained that my overdraft protection was revoked; I can still use my Amex until someone finally denies it, and I can access the funds whenever I need, but instead of those low fees I had before, they'll be charging me standard monthly maintenance fees $2.25 every single month. Currently, my maternity benefits are being deposited into that account, just like my paycheck was last year. So, there's no real reason to panic; you can still deposit everything into the account just like you always have, you just won't have the overdraft facility or the Amex perks anymore!

Emily Morgan79 said:I hit 27 back in August, but since I actually finished my degree two years ago, my student banking package was terminated by March 1st! I didn't receive any prior notice whatsoever. I ended up calling a friend who works over at Bank of America, and she explained that my overdraft protection was revoked; I can still use my Amex until someone finally denies it, and I can access the funds whenever I need, but instead of those low fees I had before, they'll be charging me standard monthly maintenance fees $2.25 every single month. Currently, my maternity benefits are being deposited into that account, just like my paycheck was last year. So, there's no real reason to panic; you can still deposit everything into the account just like you always have, you just won't have the overdraft facility or the Amex perks anymore!

And, just so you know, any outstanding overdraft will just be chipped away at by your subsidy payments until the balance is cleared.

Emily Morgan79 said:And, just so you know, any outstanding overdraft will just be chipped away at by your subsidy payments until the balance is cleared.

Thanks for the input...🙂

I’ve got an American Express through my student package, and it says the maximum spending limit is $667.
Does that mean I can't buy a single item worth more than $667, or is it saying the total monthly installment amount can't exceed $667?

Mark Taylor3 said:I’ve got an American Express through my student package, and it says the maximum spending limit is $667.
Does that mean I can't buy a single item worth more than $667, or is it saying the total monthly installment amount can't exceed $667?

The total value of the item shouldn't exceed...

dustyfalcon8 said:The total value of the item shouldn't exceed...

Hmm, that doesn't sound right to me.
What happens if I've already used my American Express for installment plans before?
Basically—I bought two items (split into three monthly payments each) and both have been paid off in full.
Do I still have the full $667 available, or did those two purchases eat into that $2,000 limit?

Well, if you actually paid them off like you say, then you've got that credit limit back in your pocket $667.

Charles Ramos7 said:Well, if you actually paid them off like you say, then you've got that credit limit back in your pocket $667.

Fine, thanks
. My bank is being pretty useless about responding to my emails anyway 🙂.

Hello everyone. I have been holding onto this student package for about a year and a half now, but since I’ve only used it for minor daily expenses, I haven't really put it to the test. Now, however, I am finally ready to treat myself to a new computer. I wanted to check if I can use the student account for a purchase of this size—specifically via my Maestro debit card linked to my Chase checking account. I assume using an American Express wouldn't be ideal given the credit limits.

Unless you’ve got enough cash sitting in your checking account to cover the whole rig right now, you're stuck. Your revolving credit limit on Maestro is actually lower than what you'd get with an Amex, $333. 🙂

Does this student overdraft feature $333 actually work? Also, does American Express charge a monthly service fee, or are students exempt from those kinds of charges?

$1.75 That's just the monthly fee for the S&P 500 package at Chase.

Hey there
The overdraft limit on my checking account is $333.
Is it actually possible for me to withdraw something like $467?
And how much of a headache am I looking at if I deposit $333 ten days later—meaning I’d still be sitting in an authorized overdraft of $133?
What’s the deal with the interest rates?
Thanks
edit: will I run into any penalties if I pull out $467—like, will they cut off my overdraft privileges entirely after I make that follow-up deposit, or worse, mess with my ability to use my Amex for purchases? :/

You can only pull out what’s actually been approved—you can't just withdraw cash to dip into an unauthorized overdraft...

If I open a checking account and a savings account without getting some specific student package—and then set up an automatic transfer to move money from savings to checking—is the bank going to hit me with a fee for that recurring transfer?

@darkviper8 — an internal standing order like that isn't actually processed as a charge by the bank itself.

Casey Bennett said:@darkviper8 — an internal standing order like that isn't actually processed as a charge by the bank itself.

Well, I just got back from my Chase branch after checking personally 🙂 but thanks anyway 🙂

I've been thinking about this whole overdraft protection thing.
Every time I dip into that negative balance, they’re hitting me with interest, right?
When does that actually get charged—is it a monthly thing or do they just wait until the end of the year?

Interest is calculated on a daily basis based on the closing balance of your account, and then they settle up and charge you on the very last day of the month.

Casey Bennett said:Interest is calculated on a daily basis based on the closing balance of your account, and then they settle up and charge you on the very last day of the month.

I've dipped into my overdraft a few times and honestly, I never noticed huge chunks of cash being sucked out at the end of the month. So, if I'm only going about 200-$100 over, are the interest rates actually that negligible?