TOT ODP SWP CR MEMO: What It Means and What You Need To Do

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In a world when bills and bank notifications fly from your phone to your laptop and (sometimes still) your mailbox, it’s easy to get lost in endless abbreviations and jargon.

So, what does tot odp swp cr memo mean when it appears on a bank statement, and should you be worried?

We’ll answer that question in the next 30 seconds and tell you *exactly* what you need to do if you spot this charge on your next statement.

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What is TOT ODP\SWP CR MEMO mean?

customer using Chase website

If you see the following charge on your statement – tot odp/swp cr memo – then it’s a charge relating to overdrafts in your Chase checking account.

If you’ve opted into Chase’s overdraft protection for your checking account and have initiated a transaction that will push your balance negative, then Chase bank will automatically transfer funds from from your linked savings account to your checking account to try to bring the balance back above $0.

TOT ODP SWP CR MEMO is the transaction that shows these funds moving from your checking account to your savings account. You’ll also notice a corresponding transaction for the same amount in your savings account, except this one will be labeled TOT ODP SWP DR MEMO.

If you have sufficient funds in your linked savings account, this is a pretty straightforward and harmless transaction, though it’s a good idea to replenish your savings account so have funds available for the next time you’re a little short on cash. However, if your savings account balance can’t cover the entire amount of your transactions, things can get a bit frustrating and expensive.

If you’re enrolled in overdraft protection, you can still use your debit card to make purchases, and checks and scheduled bill payments will still be paid (all subject to the bank’s discretion). You won’t be able to withdraw cash from an ATM or bank branch.

And you’re likely to start incurring overdraft fees, which cost $34 each. Chase will charge you for up to three overdrafts per day, which totals a painful $102, especially if it’s for just a few small purchases. The bank is a bit nicer than it used to be, and there are no overdraft fees if your account is less than $50 negative or if you make a purchase for under $5.

tot odp/swp cr memo on a Chase bank statement
Chase has confusing customers with TOT ODP SWP CR MEMO for quite a few years!

What does TOT ODP SWP CR MEMO stand for?

TOT = Temporary Overdraft Transaction

ODP = Overdraft Protection

SWP = Sweep (the bank moving money from one account to another)

CR = Credit (money moved into your account)

MEMO = description of the transaction (though not a very helpful one!)

Reasons you’re seeing tot odp swp cr memo on your bank statement

There are plenty of situations that can cause you to see this overdraft-related charge on your monthly bank statement. 

As this financial term relates to overdrafts, you may be paying transfer fees or your account may have been overdrawn as a result of:

  • ATM Withdrawals
  • Debit Card Purchases
  • Checks
  • Bill Payments
  • Temporary Deposit Hold
  • Unexpected Subscription Debits
  • Authorization Holds
  • Bank Fees
  • Funds unavailable due to a debit card hold on a pending transaction
  • Memo post for a temporary transaction that reduces your balance

Before we show you how to remove or avoid this charge, it’s important you’re aware of the multiple variations that may appear on your monthly statement.

Chase’s 18 page overdraft policy reads a lot like instructions from the IRS.

Be aware of tot odp swp cr memo variations

If you think there are clearer ways to inform you of overdraft fees… you’d probably be right. But Chase uses this, or a variation of this, to let you know your account went into overdraft protection.

You may also see this charge on your statement in one of the following forms:

Variation #1tot odp swp cr memo
Variation #2tot odp\swp cr memo
Variation #3tot odp/swp cr memo
Variation #4tot odp swp dr memo
Variation #5pending tot odp\swp cr memo
Variation #6tot odp\swp dr memo
Variation #7tot odp/swp dr memo
Variation #8tot odp

What to do if you see a tot odp swp cr memo charge

There is some good news is you see tot odp swp memo on your Chase statement – there is a little time to fix it and avoid up to $102 in overdraft fees.

Remember, the TOT stands for Temporary Overdraft Transaction, which means that Chase hasn’t yet reconciled your account for the day. Chase actually offers you a brief grace period to get your checking account balance back to positive (or at least less negative) to avoid fees. If you make a deposit via a branch, ATM or the Chase mobile app before 11:00pm EST on the same day that your account balance turned negative, Chase will apply those transactions to your daily balance. If your account balance turns positive or less than $50 negative, then you face any overdraft fees that day. Even if you don’t have funds available to cover the entire negative balance, making a small deposit may help you eliminate one or two of those pesky $34 overdraft fees.

Chase does offer a few additional tools to help you avoid overdraft fees.

One of the simplest to setup is Chase’s automatic alerts, which can be sent to you via email, text or app notification. You can set the conditions you’d like to be notified about, such as a low balance or a large bill payment that was just made. Knowing that you’re at risk of overdraft fees gives the opportunity to easily prevent them by limiting your spending on your Chase debit card or by moving around money from other sources.

You can also choose to turn off overdraft protection on your Chase account. This can be a good choice if you’re frustrated by frequent overdraft fees, but it also means that if a purchase would push your account into negative territory then it will be declined.

An alternative is to select Chase’s Debit Card Coverage, which can provide a nice cushion in case of emergencies. Debit Card Coverage lets you use your debit card for essential purchases only, such as at gas stations, grocery stores and restaurants. Charges at other merchants will be declined (with no fee) if you don’t have the funds in your account to pay for them. You may still incur $34 overdraft fees for this coverage if your negative balance exceeds $50 and make purchases over $5.

Best apps to help you avoid Chase Overdraft fees

If you’re constantly seeing a variation of tot odp/swp cr memo on your Chase bank statement, it may help to find alternate ways to top up your checking account and avoid overdraft fees. And if you’re finding yourself low on cash at the end of the month, you’re not alone. In fact, a shocking 7 out of 10 Americans live paycheck to paycheck. To avoid the stress that comes with financial uncertainty, a cash advance app can be the perfect solution.

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We’ve rounded up the top cash advance apps to help you say goodbye to the frustration of a confusing charge. These are picked based on cost, ease of application, eligibility criteria, and safety. Click below to explore your options and make tot odp swp cr memo a thing of the past.

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Can you get rid of a tot odp swp cr memo charge?


If seeing a pending tot odp\swp cr memo charge on your account, or your account has been overdrawn, it helps to know how to get rid of this charge.

As this is an overdraft fee, you’ll need to get in touch with your bank and speak to a bank manager or customer service representative. Banks aren’t in the habit of wiping every overdraft fee. But you may be able to wipe one or two charges per year if you have a good credit history.

For more help removing an unwanted bank charge, check out our What is an Overdraft: Industry Guide (with bonus step-by-step walkthrough for reversing overdraft fees).

GET THE GUIDE >>> What is an Overdraft: Industry Guide [UPDATED]

Final thoughts and what to do next…  

In the short term, you know what it means when you see tot odp swp/cr memo on your next bank statement. This charge relates to overdraft protection transfer fees. You have several options to ensure you’re in control of your money in the long term.

If transferring money from a linked savings account doesn’t appeal to you (and you’d like to say goodbye to overdraft fees for good), it may be worth looking into a cash advance alternative to keep your checking account topped up.

Apps like PockBox allow you to borrow up to $2,500 while cash advance apps like Albert can put $250 in your pocket fast. At a cheaper cost than overdraft fees and missed payment penalties, weighing up the advantage of cash advance apps can mean the confusion of a tot odp swp cr memo charge (and the fees that come with them) becomes a thing of the past.


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