Chase Offers Customized Overdraft Protection to Its Small Business Customers; New Service Enables Links to Up to Nine 'Protecting Accounts'.Business Editors NEW YORK--(BUSINESS WIRE)--May 12, 2003 Expanding its portfolio of services to its customers, Chase Small Business Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. today introduced a unique enhancement to overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers check protection. Now, Chase SBFS customers can get increased overdraft protection by linking up to nine banking accounts as "protecting accounts." Sole proprietors can even link personal accounts if they choose. One of the most notable features of the enhancement is the expansion of overdraft protection to include debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. purchases. "We are making it easier for our small business customers to manage cash flow and access the funds they need, thereby enabling them to make payment decisions quickly and with higher levels of confidence," said Joe Scharfenberger, Chase Executive Vice President. "This is completely innovative for small businesses." The new list of potential linked accounts for overdraft protection includes saving and money market accounts, additional checking accounts, revolving lines of credit and, in some cases, CDs. Customers can choose the number and order of accounts from which funds can be transferred automatically into their primary checking account. The exact amount of the overdraft will be transferred up to the maximum available funds from the protecting accounts and will "waterfall waterfall, a sudden unsupported drop in a stream. It is formed when the stream course is interrupted as when a stream passes over a layer of harder rock—often igneous—to an area of softer and therefore more easily eroded rock; the edge of a cliff or " - in the order specified by the customer - into their checking accounts until the overdraft amount is satisfied. The enhanced check coverage feature also allows for immediate access to checks deposited at ATMs, up to a daily limit and within available balance amounts in the protecting accounts. Immediate access to funds also provides for same-day check writing against deposits. "We want to make life easier for small business owners. Customers can now use their relationship balances to manage daily cash positions, to cover payments, take advantage of seasonal opportunities, and avoid fees from bounced checks Ask a Lawyer Question Country: United States of America State: Florida I have recently found out that a check I wrote over a year ago bounced and never got paid and that I have a warrant out for my arrest. ," Mr. Scharfenberger added. To enroll, customers can go to the nearest branch, call the Chase Small Business ServiceLine at 1-800-CHASE38 and ask to speak to a Small Business representative, or log on to www.chase.com. Chase Small Business Financial Services and the Small Business team serve more than 300,000 small business customers, offering a comprehensive range of financial products and services to fit both everyday and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business needs. Customers can choose from an array of payment and financing solutions, investor and insurance solutions, and access solutions, including Chase Online for Small Business, 24-hour phone access via Small Business ServiceLine, an extensive branch network throughout the Northeast and Texas, and thousands of ATMs. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $755 billion and operations in more than 50 countries. The firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. , JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. is headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com. |
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