JP Morgan Chase - overdraft limits and fees

I don't know, my folks are still getting them and they just pay up

But honestly, if he needs it—or if your friend needs that statement—he can just ask Bank of America to keep sending them over

Of course they can.
I just want to point out that they stopped and didn't even bother to let us know.

It isn’t just some random, one-sided decision to slash overdraft limits without giving the banks a heads-up—it's wild! A member of my extended family saw their overdraft limit slashed by a factor of 21—yes, 21 times smaller—even though, based on the statements, that massive deficit was supposed to stick around for another three months and change. I saw the old statements and the ATM receipt showing the current overage with my own eyes. It's like something straight out of Saturday Night Live!

boldsailor59 said:Of course they can.
I just want to point out that they stopped and didn't even bother to let us know.

They sent out notices a few months back—maybe even up to a year ago—stating they wouldn't be mailing statements anymore unless you specifically requested them, and even then, there's a fee involved. You probably missed the memo, so the statements just stopped showing up. For what it's worth, those statements usually list your overdraft limit, how long it lasts, and the updated limit for the upcoming period (based on the last three months before any changes occur).

I’ve got an approved overdraft limit of $3500 sitting there. Honestly, I don't touch it and I don't need it. Is there any way I can just ask them to lower that limit to $1667... look, I get it, I'm not obligated to use the credit, it could even be $16667, but I just want my account to show that my limit is "only" $1667
...
🤷

Robert Hernandez11 said:I’ve got an approved overdraft limit of $3500 sitting there. Honestly, I don't touch it and I don't need it. Is there any way I can just ask them to lower that limit to $1667... look, I get it, I'm not obligated to use the credit, it could even be $16667, but I just want my account to show that my limit is "only" $1667
...
🤷

Just walk into Bank of America, ask to reduce your overdraft to $1667, and it's done.

Greetings.
I currently hold a checking account with JPMorgan Chase. The company I work for has stopped depositing my salary through the standard payroll method, and now they are threatening to revoke my overdraft protection. I requested that the bank maintain my current status for at least six months, as my employer expects to recover during that timeframe. They indicated this was possible, provided there was at least one qualifying direct deposit. My employer did make a payment, BUT!!! they had to use a different transaction code because their own accounts are frozen. Now, the bank refuses to recognize the deposit as valid payroll!! 😢 I must emphasize that I settle all my obligations to the bank promptly and on schedule. If they terminate my overdraft privileges, I will face severe financial hardship. WHAT SHOULD I DO??? WHOM CAN I CONTACT FOR ASSISTANCE OR ADVICE???? 🙏

Overdraft limits are typically set based on your regular incoming cash flow—things like your paycheck or Social Security. It might be worth sitting down with your branch manager to see if they can work out a repayment plan for your negative balance. Usually, these decisions hinge on your salary, but given your current situation, there isn't much wiggle room for either side—you or the bank. Honestly, it’s not really in the bank's interest to carry around a negative balance indefinitely, so it's definitely worth a shot.

Jeffrey Bishop9 said:Greetings.
I currently hold a checking account with JPMorgan Chase. The company I work for has stopped depositing my salary through the standard payroll method, and now they are threatening to revoke my overdraft protection. I requested that the bank maintain my current status for at least six months, as my employer expects to recover during that timeframe. They indicated this was possible, provided there was at least one qualifying direct deposit. My employer did make a payment, BUT!!! they had to use a different transaction code because their own accounts are frozen. Now, the bank refuses to recognize the deposit as valid payroll!! 😢 I must emphasize that I settle all my obligations to the bank promptly and on schedule. If they terminate my overdraft privileges, I will face severe financial hardship. WHAT SHOULD I DO??? WHOM CAN I CONTACT FOR ASSISTANCE OR ADVICE???? 🙏

Why don't you just take out a personal loan to clear the negative balance and close the hole?

William Cox73 said:Why don't you just take out a personal loan to clear the negative balance and close the hole?

The issue is they can't really qualify for an unsecured loan right now because their credit score is tanked since the employer hasn't processed the paycheck correctly. Honestly, my best advice would be to sit down with the branch manager at Bank of America. If you show them the pay stub from the employer—specifically pointing out that the transaction was coded incorrectly on the direct deposit—you can request an extension on the overdraft. Once they see the error was on the company's end, things usually get sorted out pretty smoothly.

My wife just put in a request to increase her overdraft limit at Bank of America, and I was wondering if anyone here has any insight based on their own experience... specifically, how long does one typically have to wait for an answer or final approval?

Does anyone happen to know if I actually need to have a positive balance before I ask Wells Fargo to bump up my overdraft limit?? And if they actually say yes, do they charge some kind of monthly fee for it? I wonder how long the wait usually is...

Please let me know, this is kind of urgent!!! thanks

Alright, I’ve got a question for the group. Does anyone know if JPMorgan Chase has some kind of control mechanism in place regarding those automatic increases (the ones that either trigger or don't 🙂 every six months)? Specifically, will they block the increase if you happen to be overdrawn on the exact day it's scheduled to go up? Or does the automation just run regardless of whether you're in the red that day?
Thanks for any insight!

neongull12 said:Does anyone happen to know if I actually need to have a positive balance before I ask Wells Fargo to bump up my overdraft limit?? And if they actually say yes, do they charge some kind of monthly fee for it? I wonder how long the wait usually is...

Please let me know, this is kind of urgent!!! thanks

I don't think you need to be in the black.
I guess the main thing is just making sure you aren't already overdrawn and that you have a steady paycheck coming in.
Maybe you could borrow up to three times your salary, and then another two times that amount on a credit card.
You might be able to request an increase to your flexible package through their app if you use online banking.
I think you just click on your checking account and then select the option to change your flexible package.
It would probably get approved in maybe about two business days, or potentially even sooner.
There's usually a $13 one-time fee for the change, and I believe the interest on the overdraft is around 10.50% if you have the basic flexible account, or maybe 10% if you have the premium version.

By the way, there's a whole other thread about experiences with Bank of America, so you might want to check there next time since this is the JPMorgan Chase thread.

Douglas Mitchell said:Alright, I’ve got a question for the group. Does anyone know if JPMorgan Chase has some kind of control mechanism in place regarding those automatic increases (the ones that either trigger or don't 🙂 every six months)? Specifically, will they block the increase if you happen to be overdrawn on the exact day it's scheduled to go up? Or does the automation just run regardless of whether you're in the red that day?
Thanks for any insight!

It depends on how long you've been sitting in that overdraft. If it's just a one-day thing, it won't matter. But if you've been overdrawn for a while, they'll likely scale back your limit, and if you don't settle up promptly, they might just shut the whole thing down.

Quinn: Douglas Mitchell said:Does anyone actually know if JPMorgan Chase has some kind of control over those automatic increases—you know, the ones scheduled every six months? Specifically, will they block an increase if you happen to be sitting in an unauthorized overdraft on the exact day it's supposed to kick in? Or does the automation just run regardless of whether your balance is in the red that day?
Thanks for the reply!!!

It all depends on how long you've been sitting in that unauthorized overdraft. If it was just a one-off thing, it won't matter much, but if you've been running a deficit for a while, they’ll likely scale back your limit. And honestly? If you don't settle up on time, they might just shut the whole thing down entirely.

Thanks, Rebecca Green7! In the meantime, I’ve become convinced this is the right answer. I’ve known for a while that the "metric" they use to calculate the next overdraft limit is based on how long you were actually in the red during the previous period. If you aren't underwater for more than, what, eight days? They immediately send out a notice demanding replenishment—and let me tell you, that is definitely a complicating factor.
We were talking about those three days of unauthorized overdrafts, and it didn't trigger an increase.

George Taylor28 said:My wife just put in a request to increase her overdraft limit at Bank of America, and I was wondering if anyone here has any insight based on their own experience... specifically, how long does one typically have to wait for an answer or final approval?

I am also interested in this. Does anyone have any firsthand experience?

I was sitting there with my personal banker just six months ago, and they managed to bump up my overdraft limit in less than two minutes flat...

It depends. If you’re a reliable client, it won't take long, but if you've got outstanding loans or credit card balances sitting alongside your current overdraft, they'll have to run a full credit assessment first.
A personal banker doesn't have the authority to just bump up your limit on a whim; they need official approval from their branch manager or director.

So, I finally managed to clear out my overdraft at JPMorgan Chase.
I have this loan payment set up via autopay that hits on the 15th of every month—it’s the exact same day my paycheck lands, just a few hours later in the day.
What I'm trying to figure out is this: if my balance is sitting at zero when the loan payment pulls, and then my salary hits a couple of hours after that, will the bank still flag me as being "in the red" for that month? How does that actually work with their accounting?🙂