Since we have seen so many customers panic on noticing tot odp\\swp cr memo on their bank statement, it is important to figure out why this charge is something you be concerned about.
- 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 Bank Statement?
The billing statement at the end of the month does not often point out where certain charges are coming from. This often 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 it right away.
- tot odp\swp cr memo points out that you have over drafted from your account. Consequently, the fee is put on your monthly bill.
Although it is possible to overdraft a debit card or use an ATM to pull out extra cash, the process is almost never fee-free. This is probably why you are seeing the charge on your billing statement right now!
Overdraft Protection May Help With The Fee
If you have signed up for overdraft protection, the deficit amount would be pulled out from your savings.
- However, this only works if you have sufficient funds in your savings.
In case your other account can not cover the charges, you would have to pay the whole overdraft fee as highlighted by the bank’s terms of service.
Moreover, there is a limit on the number of times that a bank may allow you to overdraft. Even with checking accounts that don’t use Chexsystems, you can not take out excessive funds over and over again.
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 for you. It helps to maintain a good credit history when you have to cash such favors from the company.
Okay, so what can you do?
Simple, you can get in touch with the customer support team and request for assistance. You can explain to them what led to the overdraft and request 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 just have to 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 a surprise that no one enjoys very much. Therefore, it is better to be aware of handy alternatives before you tend to overdraft from your account and end up paying unnecessary charges.
An easy way to avoid overdraft fee is by keeping a check on your account funds and limiting the purchases until next payday.
Other than that, you can also look into money loan apps. Luckily, there are dozens of apps like Moneylion, Dave, Earnin, etc. that provide short term loan 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.
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 you billing statement, there is little that you can do to reverse it!
- You can try your luck by getting in touch with the customer support team and requesting for a refund.
Alternatively, if you are running out of cash, it is better to apply for cash advances or reliable personal loans as we discussed multiple options above.
Frequently Asked Questions About tot odp\\swp cr memo
What does tot odp mean on my bank monthly statement?
Odp stands for overdraft protection transfer. This phrase on your monthly statement probably means you over drafted from the account and need to pay the 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 over drafted multiple times, the bank would automatically close your account.
Can I go to jail for over drafting my bank account?
Overdrawing from the bank account is not a criminal offense. Hundreds of customers tend to do it everyday. However, it is necessary to pay the fee for the overdraft and now withdraw excessive funds over and over again.
What happens if you overdraft and never pay the fee?
If you are unable to pay the fee for overdrafting your account, the bank would eventually close your account and report you to the credit bureau. Consequently, you may have to face a law suit. This would also damage your credit history and make it difficult to apply for loans in the future.
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.
