Since we have seen so many customers panic on noticingtot odp\\swp cr memoon their bank statement fromChase, it is crucial to figure out why this charge is something you are concerned about.
What Will We Talk About Here?
- tot odp\\swp cr memo points out that you have over drafted from your account.
- If you have signed up with overdraft protection, the fee may be considerable reduced.
- In order to have the charges refunded, you can contact the bank’s customer support team, explain the situation and seek help.
…and Much More!
Why Is tot odp\\swp cr memo On Your Chase Bank Statement?
The billing statement at the end of the month does not often point out where certain charges are coming from. This usually leaves customers under the impression that they are being over-charged or paying for a service that they did not use.
However, if you have observed the CR memo on your bank statement, there is a thing or two that you should learn about right away.
- Tot odp\swp cr memo (Total Overdraft Protection, Sweep Credit Memo) points out that you have overdrafted from your account. Consequently, the fee is put on your monthly bill.
Although it is possible tooverdraft a debit cardoruse an ATM to pull out extra cash, the process is rarely fee-free. This is probably why you see the charge on your billing statement right now!
Overdraft Protection May Help With The Fee
If you signed up for overdraft protection, the deficit amount will be pulled from your savings.
- However, this only works if you have sufficient funds in your savings.
If your other account can not cover the charges, you must pay the overdraft fee, as highlighted by the bank’s terms of service.
Moreover, there is a limit on the number of times a bank may allow you to overdraft. Even withchecking accounts that don’t use Chexsystems, you can not take out excessive funds repeatedly.
Good News: You Can Get Rid of This Charge Completely
There is a way to overcome such fees, but only if the concerned financial institute can be flexible. It helps tomaintain a good credit historywhen you have to cash such favours from the company.
Okay, so what can you do?
You can simply contact the customer support team and request assistance. You can explain to them what led to the overdraft and ask for the fee to be removed.
- If this has only happened once or twice and you have maintained a stable account history, the bank may choose to reverse the charge.
However, you can only expect them to be this lenient for a couple of times. In other cases, the service may refuse to refund the amount, and you must deal with the consequences.
Alternatives So You Don’t Have To Overdraft Next Time!
Finding out about additional fees at the end of the month is a kind of surprise that no one enjoys very much. Therefore, it is better tobe aware of handy alternativesbefore you tend to overdraft from your account and end up paying unnecessary charges.
An easy way to avoid overdraft fees is by checking your account funds and limiting purchases until the next payday.
Other than that, you can also look into money loan apps. Luckily, dozens ofapps like Moneylion,Dave,Earnin, etc., provide short-term loans to deal with financial emergencies.
Attention! Are you a Cash App user? Now you can also opt for a loan from Cash App on easy and flexible terms.
Albert is another excellent choice that can help you in times of financial emergency. The app lets youborrow up to $25withoutfee or interest.Users can get up to 3 cash advances daily if they repay the outstanding loan. You can download theAlbert appfor free without a credit check.
Lastly, you can seek financial support from family and friends. This is an interest-free way to get hold of some extra dollars. You can return the amount as soon as the funds become available!
The Bottom Line
It always helps to be aware of the amount of money you have in your account at any given time to help you avoid overdraft charges. Once they pop up on your billing statement, there is little that you can do to reverse it!
- You can try your luck by contacting the customer support team and requesting a total odp swr cr memo refund.
Alternatively, if you are running out of cash, applying for cash advances orreliable personal loansis better, as we discussed multiple options above.
Frequently Asked Questions About tot odp\\swp cr memo
What does TOTP mean on my bank monthly statement?
Odp stands for overdraft protection transfer. This phrase on your monthly statement probably means you overdraft from the account and must pay extra charges.
What will happen if I overdraft too many times?
A bank account with a negative balance does not remain active for long. If you have overdrafted multiple times, the bank will automatically close your account.
Can I go to jail for overdrafting my bank account?
Overdrawing from the bank account is not a criminal offence. Hundreds of customers tend to do it every day. However, it is necessary to pay the overdraft fee and repeatedly withdraw excessive funds.
What happens if you overdraft and never pay the fee?
If you cannot pay the fee for over-drafting your account, the bank will eventually close your account and report you to the credit bureau. Consequently, you may have to face a lawsuit. This would also damage your credit history and make it challenging to apply for loans in the future.
Jamie Johnson
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.
