You log into your Chase account and see some disturbing things. First, there’s “TOT ODP SWP DR MEMO.” Your account balance is $0 or negative!

Good news: No one has hacked your account and stolen your money. But you have problems. Let’s explain what’s happening, how to fix it, and how to avoid this (expensive) situation in the future.

What indeed does TOT ODP SWP DR MEMO mean?

TOT ODP SWP DR MEMO means money was transferred from your Chase savings account to a linked checking account to cover an overdraft. You’ll see a TOT ODP SWP CR MEMO overdraft transfer.

Chase could better explain what’s happening with *your* money. Let’s start simple. TOT ODP SWP DR MEMO

TOT = Impermanent Overdraft Exchange

ODP = Overdraft Insurance

SWP = Clear (the bank moving cash starting with one record and then onto the next)

DR = Charge (cash moved out of your record)

CR = Credit (cash moved into your record)

Why is Chase making these overdraft transactions?

tot odp swp cr memo : Most Chase checking accounts allow you to link your checking and savings accounts for overdraft protection. This programme is free.

If you have overdraft protection, Chase will process debit card transactions, bill payments, and checks (up to bank limits). Overdraft protection doesn’t cover ATM withdrawals.

Chase will pay debit card purchases or bill payments that would put your account in the red. It will then move any available funds from your savings account into your checking account. This transaction triggers TOT ODP SWP DR MEMO and TOT ODP SWP CR MEMO on your savings and checking accounts.

There will be no fee if you have enough money in your savings account to cover the overdraft. However, Chase may charge a $5 fee if you make more than six monthly withdrawals or transfers.

What if your savings account isn’t enough to cover your overdraft? Things get complicated here.

Same as before. Chase will approve and pay (reasonable) overdraft transactions, putting your account in the red. Chase will transfer savings money to your checking to reduce your negative balance.

Chase will charge a $34 overdraft fee for all $5 transactions if your account ends the day more than $50 below zero. You can incur up several} $34 draft fees exceedingly|in a very} single day. Therefore a few tiny purchases may result in $102 in Chase overdraft fees, turning a straightforward lunch, coffee, milk, and eggs into an expense of nearly $200.

Might you, for any purpose, keep the order of payment charges from TOT ODP SWP DR MEMO?

The “TOT” in TOT ODP SWP DR MEMO can help you avoid this. TOT stands for Temporary Overdraft Transaction, which gives you a short window to address your negative balance and avoid $102 in daily overdraft fees.

Every night, Chase processes your transactions and charges overdraft fees. You’ll avoid overdraft fees if you can bring your checking account balance positive (or less than $50 negative). Even if you don’t have enough cash, a deposit that covers some of your transactions may be enough to avoid one or two $34 overdraft fees.

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To do so, deposit funds before 11pm ET. You can deposit at a branch, ATM, or the Chase mobile app. You may transfer money from another bank or a money app like Venmo or PayPal, but Chase may not process those simultaneously.

Suppose you deposit or move money into your account. In that case, the TOT ODP SWP DR MEMO transaction won’t change immediately. Your balance may still be $0 or negative until Chase’s overnight transaction processing and account reconciliation.

Tools to assist you in avoiding TOT ODP SWP DR memorandum and Chase order of payment fees

Of course, keeping a cushion in your Chase checking and savings account is the best way to avoid overdraft fees. Chase gives you tools to manage and avoid overdrafts, and a free app can be helpful if you’re short on cash and facing steep fees.

First, set up Chase alerts. Chase’s free service notifies you by text message, email, or app when certain conditions are met, such as a bill payment or a low account balance. You can ask Chase to move money via text message.

Chase’s overdraft protection can be turned off if you’re tired of unexpected overdraft fees. This stops Chase from processing negative transactions. You won’t be charged overdraft fees, but you can’t use your debit card without enough money.

Choose Chase’s Debit Card Coverage to use your card at grocery stores, gas stations, and restaurants. Unpaid charges at other merchants will be declined (with no fee). Negative balances under $50 and purchases under $5 are still exempt from $34 overdraft fees, providing a nice emergency cushion.

The free app can help you avoid Chase overdraft fees.

If you’re frustrated with overdraft fees and find yourself short on cash, check out Earnin, a free app that can move $100 from your upcoming paycheck to your Chase account in minutes, with no fees.

Earnin bank? It’s an app that lets you withdraw money before payday and deduct it from your next paycheck. You can instantly deposit up to $100 per day and $500 per period. Erin is a great way to keep your balance above zero if payday is still a few weeks away.

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In minutes, the free Earnin app connects to your Chase or another bank account. Earnin doesn’t require you to move your direct deposit like other early paycheck apps.

You can access some of your earnings almost instantly from an employer or gig work company like Door Dash or Uber. Earnings cash out feature deposits funds directly into your bank account. Multiple cashouts per pay period are free, too. If and what sort of you tip is as much as Earnin.

Earnin has no mandatory or cash-out fees. Earnin asks for a tip to support the service. Tipping is optional. No tip is also delicate and won’t affect cash-outs.