TOT ODP/SWP CR Memo- What Does It Mean?


What is TOT ODP/SWP CR Memo- What does it mean? Do you know anything about this? Well let me remind you when you try to get money from your account and in case the money falls short that you withdrew then it said that your account has been overdrawn. 

Many of the customers notice the TOT ODP/SWP CR memo at that time on their bank statement. In some of the cases, they will see this memo in their bank statement and don’t know anything about this. So if you searching for a TOT ODP/SWP CR memo what does it mean? 

We are here with everything that we know about TOT ODP/SWP CR. this actually means that you have overdraft your account and also a bank overdraft fee has been attached to your account. You will see that it is attached to your bank statement in order to notify you of the overdraft action. It is those fees that are deducted from your account.

It is very important for the users to know the reason behind this and need to know why this is attached to their bank statement. Also, there are many ways to get out of this situation. If you were facing a problem learning about this TOT ODP/SWP CR then worry not anymore.

We are here with the details about TOT ODP/SWP CR and also the ways with the help of which you can avoid this situation. So keep reading and get your answer here.

What Does TOT ODP/SWP CR Memo Mean?

What Does TOT ODP/SWP CR Memo Mean

The meaning of ODP is overdraft protection transfer. While this whole term means that there is a memo that is attached to your account that is indicating the overdraft fee that is due to your overdraft activity. While this will be attached to your monthly statement if you have over-drafted and you need to pay the extra charges that will be incurred on the overdraft.

This fee is like an interest that will be charged on the money that is withdrawn during the overdraft process and if this is there on the bank statement then the person needs to pay the fees back with time. 

This interest is initially charged at the agreed rate if the initial agreement exists between you and your bank for an overdraft. Then the amount must be removed from the account from the person who is having this within the authorized overdraft limit. 

If the person fails to do this then the negative balance will surpass the initially agreed terms and then the person will be charged with some additional fees with a higher rate of interest. There is also another thing called overdraft protection that is offered by the banking institutions also known as credit service. 

This helps to settle the payments that are made by the customer’s account if there are insufficient funds that are not available to cover payments. This also covers debit card purchases, ATM withdrawals, checks, and electronic transfers.

Overdraft protection also allows the non-preauthorized items such as ACH withdrawals or cheques to get paid and this will not return them unpaid or bouncing.

Purchases that are made with debit, credit cards, or ATM withdrawals will be considered preauthorized and those items must be paid by the bank whenever they are available even if this situation will create an overdraft.

Reasons behind overdrafts occur are many and some of them include:

  • Intentional loan
  • ATM Overdraft
  • Bank error
  • Playing the float
  • Victimization
  • Temporary deposit hold
  • Merchant error
  • Merchant overdraft
  • Authorization holds
  • Unexpected electronic withdrawals
  • Bank fees
  • Intentional loan 
  • Returned cheque deposit
  • Intentional fraud
  • Intraday overdraft

Any of the above reasons can be the cause of your over drafting and then it will result in the attachment of the TOT ODP/SWP CR memo that is added to your monthly bank statement.

How To Get Rid Of TOT ODP/SWP CR

How To Get Rid Of TOT ODP/SWP CR

The first question that comes here is that can you get rid of this? Yes, you can get rid of this if the financial institution is trying to be flexible with you. If the person has maintained an awesome credit history over the years then you can get favours from your financial institution.

But in case you don’t have a good credit history then you will overdraft more often than in a normal situation. There will be no way for you to get rid of that situation. If you are the one who has overdraft multiple times then the bank can decide to close your accounts and they can also file a lawsuit against you.

Thus it is advisable to try that you don’t overdraft from your bank account in order to stay away from paying the unnecessary charges. You need to take account of the amount that is in your bank so that if some additional fee is charged from your account then you will get to know that.

So if you have a good history then you will get away from this easily. You can do this by relaying your favour to the financial institution and for this, you need to get in touch with the customer service team, and then you need to request assistance. 

After that, you can explain to them what caused the overdraft and you need to request them in order to eliminate the fee that is charged to you.

You will be eligible for reversal of the overdraft fee if the overdraft has happened to you once or twice and you have a good credit history. This will not be applicable to you even if you have a stable account history. The reversal is totally dependable on your financial institution’s terms of service.  

You can easily get the fee removal if this is applicable to you or otherwise you have to pay the overdraft fees.

Your financial institution will only be lenient to you a couple of times and if the overdraft becomes a repetitive action then you have to bear the repercussions and need to pay the fees. In case you have overrated once and talked to the financial institutions and they agreed to reverse the fees then you need to be careful for the next time. You need not overdraft your account again and take care of unnecessary charges that can overcome the situation. 

You can also use the money loan apps if you don’t want to overdraft your account. There are millions of money apps that you can use and they will provide you with the short-term loans. 

They will help the customers to deal with their financial emergencies. For example, there is one app called the cash app and it allows the customers to take loans with easy and flexible terms.

With this, you will be able to pay the charges by taking help from your family or your friends and choose not to overdraft your account. This is the best alternative to tackle any emergency situation and you can easily settle funds with this. 

So this was all about TOT ODP/SWP CR. we told you everything about this and how you can get rid of this still if you have any doubt then you can ask us in the comment section.

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