Chase Sapphire℠ Checking | Understanding Savings and ... Overdrafts happen when you make a purchase or payment, or write a check, and there isn't enough money in your checking account to cover it. If paid: $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102). With Sapphire Banking, there are no fees on the ...