JP Morgan Chase - overdraft limits and fees

If your paycheck hits on the exact same day and covers the full amount, you won't be flagged for an unauthorized overdraft.

Rebecca Green7 said:If your paycheck hits on the exact same day and covers the full amount, you won't be flagged for an unauthorized overdraft.

Thanks so much for the clarification. 😉

Quick question here!
So, I managed to lower my overdraft limit, but then one random dinner charge pushed me right back into the red

Can I go ahead and bump up that limit now, or am I stuck having to clear this overage first?

Hey everyone, does JPMorgan Chase automatically approve an overdraft limit once my first paycheck hits an account that's part of a direct deposit setup? Do I need to file a formal request, or does the system just handle it?
Since direct deposit amounts can fluctuate, does the overdraft limit jump straight to three times my salary, or does it start smaller?
Also, if I already have a loan through JPMorgan Chase, will that affect how much they let me overdraw?

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Hey everyone, does anyone know how JPMorgan Chase decides on overdraft limits based on account activity? I usually hover around $12$5000 a month, and I’ve never actually requested an overdraft or anything similar just to pull some extra cash—I don't go looking for it—yet suddenly I see an approved credit limit $1967? My JPMorgan Chase app says it was approved on January 15th, though I didn't even realize because it doesn't show up in my balance on the main dashboard; you can only see it if you dig into the transaction details!

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electricbadger89 said:Hey everyone, does JPMorgan Chase automatically approve an overdraft limit once my first paycheck hits an account that's part of a direct deposit setup? Do I need to file a formal request, or does the system just handle it?
Since direct deposit amounts can fluctuate, does the overdraft limit jump straight to three times my salary, or does it start smaller?
Also, if I already have a loan through JPMorgan Chase, will that affect how much they let me overdraw?

Sent from my 6045K via Tapatalk

anyone know?

After three paychecks, I'm pulling the trigger automatically.

And I'm telling you, you can actually handle some of this yourself
In my case—and honestly, this goes for Wells Fargo and Bank of America too—they handed me 10 $0.00
right then and there. You just have to ask 🙂

Does anyone know if you actually have to show up in person at JPMorgan Chase every year just to extend your overdraft limit? I was using my card without any issues yesterday, but today I’ve hit a massive wall. My credit line was cut off—up until May 1st, the mobile app showed the approval was still valid. I assumed since they approved it automatically once, it would just roll over on its own, but clearly, that isn't how things work here.

Does your statement show that newly approved overdraft yet?

rapidskipper12 said:Does your statement show that newly approved overdraft yet?

My mobile banking app showed an authorized overdraft through January 5th, 2019, because the system automatically renewed it back in 2018. I hadn't actually requested that extra cushion, so I just assumed the bank would keep rolling it over, but clearly, I was mistaken. It wasn't like I was maxed out—just had about $1000 on installments and maybe $333 in my checking account once you factor in the approved $4000 limit—but I definitely took a hit at the grocery store today when my card got declined. Honestly, I turned bright red. It’s a good thing I happened to have some cash on me!

So, have you seen any regular deposits hitting your account lately? You really ought to be getting some kind of notice saying they aren't renewing it—basically, that they're shutting it down.

It’s pretty standard for my paychecks to hit on the 15th and the 20th, along with those extra bonuses around the holidays, totaling roughly $7667. Given that my income has been steadily climbing over the last few months, I find it almost comical how they just decide to cut off my overdraft protection without so much as a heads-up.

I don't know, just head down to JPMorgan Chase tomorrow and check... Are you sitting at zero today? Was James being messy about which specific product it was?

Whatever, they definitely should've sent you a notice about the overdraft extension ending and the installment plan for it anyway.

rapidskipper12 said:I don't know, just head down to JPMorgan Chase tomorrow and check... Are you sitting at zero today? Was James being messy about which specific product it was?

Whatever, they definitely should've sent you a notice about the overdraft extension ending and the installment plan for it anyway.

I was actually planning on heading down to the bank tomorrow to get some clarity on the situation. It wasn't a mess; everything has always been settled within the month. Occasionally, an installment might hit on the 12th when I didn't have the funds, so it wouldn't clear until payday on the 15th, but for the last two or three months, the account has consistently stayed in the black. We spent a little extra this month on Christmas and some random household stuff, but I'm telling you, since $4000 was approved (6 installments and 6 for cash), the total spent has only been $1333!

So, my balance hit zero, and instead of just leaving the overdraft alone, they converted the negative amount into some kind of installment loan from $32/mo over 12 months. To make matters worse, those $1000 for the payments aren't showing up anywhere. I've been digging through my Gmail for ages and can't find a single notification about this. I have everything set to digital alerts rather than paper statements.

Then they just cut you off. They pulled your credit products because you weren't hitting those automatic payments on time. Major fail. They basically flipped your balance into an installment plan (95 x 12), and the bank is just gonna keep pulling those monthly rates like they always have. You should probably just head down to JPMorgan Chase and ask them why they shut everything down.

It all feels a bit trivial to me, honestly, especially considering some of the stories I've read on this forum—plus, their bank was bumping up my limits without a second thought! If they had been stretching out my installments over several months, I might have understood, but everything was always settled within the current month, so why pull the plug like this without any warning!? On one hand, it actually works out for me right now. I already have a meeting scheduled with them tomorrow regarding a mortgage, but now I think I'll just close my account and head over to Bank of America instead. I spent 12 years with Wells Fargo and never had a single issue, then I switched to JPMorgan Chase because of a former employer, only to have them treat me with such blatant disrespect. I'll pay off my balance and say goodbye.

It’s not like they just do it out of nowhere. If you’re using their mobile app or online banking, they’ll send you a notification about any fee changes or overdraft limit cuts at least a month in advance.

darkmaker94 said:It’s not like they just do it out of nowhere. If you’re using their mobile app or online banking, they’ll send you a notification about any fee changes or overdraft limit cuts at least a month in advance.

I haven't received anything in the mail. Looking through my JPMorgan Chase notifications, I see four entries: a welcome message, some stuff about aligning terms with federal regulations, minimum requirements for iOS, and the last one was regarding some Samsung device. To be honest, the money isn't even a huge deal for me since I always keep cash on hand, but my blood pressure absolutely spiked from the sheer embarrassment of having my card declined at the grocery store checkout. Back when I used Bank of America, you actually had to show up in person every year before your overdraft or credit limits expired to renew them, and they’d always mail a notice to my house. Here, I didn't even ask—they just approved it themselves, so I wasn't even looking out for it.