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About the Author. Sean Dennison Sean joined the GOBankingRates team in , bringing with him several years of experience with both military and collegiate writing and editing experience. He covered military affairs both in garrison and internationally when he deployed to Afghanistan.
Check Out Our Free Newsletters! Subscribe Now. Check Out the Next Article. Related Articles. Toggle navigation Back. Sending you timely financial stories that you can bank on. Update your browser. For a better experience, download the Chase app for your iPhone or Android. Or, go to System Requirements from your laptop or desktop. It appears your web browser is not using JavaScript.
Without it, some pages won't work properly. Please adjust the settings in your browser to make sure JavaScript is turned on. For more information on overdrafts, how we handle them and the fees we charge, read our Standard Overdraft Practice. Overdraft Protection is a service that lets you link your Chase savings account to your checking account.
To set it up or for more information, go to our Overdraft Protection page. We also offer Debit Card Coverage so you can choose how we treat everyday debit card transactions, such as for groceries, gasoline or dining out. Create a personalised ads profile. Select personalised ads.
Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Even if you regularly peek at your bank balances online, it is possible to accidentally let your account fall negative, otherwise known as overdrawing your account.
For example, you may have written a check to a company or individual who did not deposit it immediately. A debit card transaction may not have cleared quickly, and your balance was larger than it should have been. Or, a deposit could have been delayed, leaving you with insufficient funds to cover your withdrawals. Whatever the reason, the consequences for having non-sufficient or insufficient funds NSF or overdrawing your checking account will depend on your bank's policies, whether or not you have a linked savings account , and if you have opted for overdraft protection.
Your bank may offer an overdraft protection program. In some cases, you can link another account to the checking account, and if your balance goes negative, funds will automatically be transferred in to cover the difference. In other cases, the bank will process the transaction, and you will be charged fees until you deposit money to cover the difference.
Either way, you may pay multiple fees for using these services. There could also be a monthly service fee and daily fees for each day your account is negative. If a check bounces, you may have to pay a returned check fee.
All these costs can add up quickly. Federal regulations require bank customers to opt in to overdraft protection programs. That means that your bank cannot automatically enroll you when you open an account.
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