Video transcript: Standard Overdraft Practice
On screen:
This video opens with a logo and title over blue:
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'Chase: Standard overdraft practice which includes Chase Overdraft Assist (service mark).'
Note:
Small text reads:
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'Standard Overdraft Practice is not available for Chase First Checking (service mark), Chase High School Checking (service mark), or Chase Secure Checking (service mark).'
Narrator:
Our Standard Overdraft Practice, which includes Chase Overdraft Assist, is available with most of our checking accounts and doesn’t require enrollment.
On screen:
On an animated icon of a smartphone, green check marks appear under a check, a debit card, and a phone icon with a money symbol.
Narrator:
Here’s how our Standard Overdraft Practice works. If you don't have enough money in your checking account to cover a transaction, we may decide to: Return or decline the transaction, meaning you won't be charged an Overdraft Fee. Or: Approve and pay the transaction, in which case, a $34 Overdraft Fee may apply.
On screen:
Text reads:
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'Decline Transaction: no Overdraft Fee. Approve Transaction: $34 Overdraft Fee may apply.'
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Text goes on:
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'Our decision is based on...'
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The 'O' of 'on' is a magnifying glass, and zooms in to show three factors:
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'Account History, Deposits, and Transaction Amount.'
Narrator:
Our decision is based on factors like your account history, the deposits you've made, and the transaction amount. If we approve the transaction, we may charge a $34 Overdraft Fee per transaction. The maximum is up to three fees per business day, for a total of $102.
On screen:
Under the heading 'Approved,' the word 'Paid' appears over an animated phone. Three $34 account charges appear on the screen in red, and text reads:
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'Up to three fees per business day, for a total of $102.'
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Then, a circle with a line through it reads:
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'No Overdraft Fee.'
Narrator:
There are also some instances when we won't charge the fee, like if you're overdrawn by $50 or less at the end of the business day, or for transactions that are $5 or less.
On screen:
Two animated phones appear. The first reads:
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'Overdrawn by $50 or less, no fee.'
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The second reads:
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'Transactions that are $5 or less, no fee.'
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Then, text appears in a circle:
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'Chase Overdraft Assist kicks in automatically.'
Narrator:
And because we know life is busy and overdrafts sometimes happen, Chase Overdraft Assist kicks in automatically, to give you extra time to help you avoid the fee.
On screen:
The hands of an animated clock spin as text reads: 'Extra time to avoid the $34 Overdraft Fee.' Then, an animated sun rises, becomes a moon, and sets.
Note:
Small text in bold reads:
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'With Chase Overdraft Assist, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Deposits or transfers from another Chase account can be made at a branch before it closes, at an ATM or when transferring money on chase.com or the Chase Mobile (registered trademark) app or using Zelle (registered trademark) before 11 p.m. Eastern Time (8 p.m. Pacific Time).'
Narrator:
Here's how Overdraft Assist works. If you're overdrawn by $50 or less at the end of the business day, there are no Overdraft Fees.
On screen:
A circle with a line through it reads: 'No $34 Overdraft Fee.' Then, a phone screen reads: 'Overdrawn by $50 or more,' and a sun and moon pop up beside text:
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'The end of the next business day.'
Note:
Small text in bold reads:
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'End of day means: 11 p.m. ET/8 p.m. PT.'
Narrator:
If you’re overdrawn by more than $50, you'll have until the end of the next business day, which is 11 p.m. Eastern Time / 8 p.m. Pacific Time, to deposit or transfer funds to bring your end-of-day account balance to overdrawn by $50 or less to avoid the Overdraft Fee.
On screen:
Animated cash slides into an ATM, and money signs move from a 'Savings' icon to a 'Checking' icon. The ATM screen says: 'Deposit Complete,' and a circle with a line through it reads: 'No $34 Overdraft Fee.' Then, a phone screen shows an account balance of $40 on Tuesday as an animated sun rises.
Narrator:
Here’s an example of how Chase Overdraft Assist works: Let’s say that on Tuesday morning, you have $40 in your checking account. You pay a $120 cell phone bill by check or as a recurring automatic payment.
On screen:
The phone screen says: 'Check or recurring automatic payment, $120.' The sun becomes a moon, and the new Tuesday account balance reads: 'negative $80.'
Narrator:
That puts your balance at the end of the day on Tuesday at -$80.
On screen:
A sun rises under the word: 'Wednesday,' and cash slides into an ATM. The ATM screen shows 'plus $50,' and text reads: 'Deposit complete.'
Narrator:
But on Wednesday afternoon, you deposit $50 before 11 p.m. Eastern Time. That leaves your balance at the end of the day on Wednesday at -$30.
On screen:
Beside a moon icon, the phone shows Wednesday's account balance at negative $30. Then, another phone screen reads: 'Overdrawn by $50 or less,' and text in a circle with a line through it says: 'No $34 Overdraft Fee.'
Narrator:
Because you’re overdrawn by $50 or less, there’s no $34 Overdraft Fee.
On screen:
A username and encrypted password are typed into an animated phone displaying a Chase sign-in screen.
Narrator:
Now that you know how our Standard Overdraft Practice, which includes Chase Overdraft Assist, works, check out some of our additional tools in the Chase Mobile app or chase.com to set up account alerts to help keep tabs on your balance and quickly transfer funds when needed.
On screen:
The phone screen shows Account Alerts, and a figure in silhouette. A question mark and money symbol appear above the silhouette, and an animated banker slides in.
Narrator:
Have questions? Talk to your banker or visit us online at chase.com/overdraft.
On screen:
The video ends with a logo and URL:
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Logo: Chase.
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'chase.com/overdraft.'
Note:
Legal disclosures:
On screen:
With Chase Overdraft Assist, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 p.m. ET [8 p.m. PT] to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Account Alerts: There is no charge from Chase, but message and data rates may apply. Delivery of alerts may be delayed for various reasons, including service outages affecting your phone, wireless or internet provider; technology failures; and system capacity limitations. Any time you review your balance, keep in mind it may not reflect all transactions including recent debit card transactions or checks you have written.
JPMorgan Chase Bank N.A. Member FDIC.