You can explain to them what caused the Overdraft and request for the fee to be eliminated. All you have to do is to get in touch with the customer service team and request assistance. If you have a good credit history, you can get rid of the charge by relaying your favor to the financial institution. Also, make sure to keep an account of the amount in your bank account so as to easily note when an additional fee has been charged from your account.

It’s advisable to try to not Overdraft from your account so as to stay clear of paying unnecessary charges.

And if you’ve Overdrafted multiple times, the bank can decide to automatically close your accounts and file a lawsuit against you. On the other hand, if you don’t have a good credit history and you’ve Overdrafted more often than normal, there’s no way you can get rid of this charge. If you’ve maintained an awesome credit history over the years, you can cash such favors from the financial institution. You can get rid of the charge if the financial institution decides to be flexible with you. These reasons may include:Īny of the above reasons could cause your account to be Overdrafted therefore resulting in the attachment of the TOT ODP/SWP CR memo to your monthly bank statement. Overdrafts could occur due to a number of reasons. purchases made with a debit or check card and ATM withdrawals are considered preauthorized and must be paid by the bank whenever they’re presented, even if this creates an Overdraft. Sometimes when non-preauthorized items such as Cheques, or ACH withdrawals are performed on the account, Overdraft protection allows for these items to be paid instead of returning them unpaid or bouncing. Overdraft protection covers debit card purchases, ATM withdrawals, electronic transfers, and checks. When sufficient funds are not present to cover payments, Overdraft protection settles payments made on a customer’s account. If the negative balance surpasses the initially agreed terms, then additional fees are charged with the application of higher interest rates.Ī credit service offered by banking institutions is otherwise known as Overdraft protection. If an initial agreement exists between you and your bank for an Overdraft, and the amount removed from the account by you is within the authorized Overdraft limit, then interest is normally charged at the agreed rate. The Overdraft fee is more like interest on the amount of money withdrawn during the Overdraft process and you’re required to pay the fees back with time. When this phrase is attached to your monthly statement, this means you’ve over-drafted and you’re required to pay the extra charges incurred on the Overdraft. While TOT ODP/SWP CR memo is a memo indicating the Overdraft fee attached to your account due to your Overdraft activity. ODP is otherwise known as Overdraft protection transfer.

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