Overdraft Protection

Every now and then, unexpected expenses come up – having overdraft protection can help you stretch between paydays. Basically, it’s a small ‘when you need it‘ loan attached to your chequing account.

It’s there in the event that you need a bit of extra money, and you usually pay it off once or twice a month simply by bringing the balance of your chequing account back up to zero.

Who’s eligible?

Any member with a chequing account may apply (Businesses and Organizations can also apply, but there are special conditions as it would be considered Commercial Credit).

Maximum Amounts

Your overdraft can equal as much as 100% of your Net Monthly Income up to $5,000. There is a $500 minimum amount.

Rates

The interest rate for your overdraft is fixed at the same level as our credit. Interest will only be charged if you use the overdraft, and only for the amount of days that you use it – you won’t be charged for a full month if you only use it for a week. There is a minimum $3.00 monthly interest charge, but only if you use the overdraft (there’s no fee for having it available).

Payments

Payments are easy – all you have to do is deposit to your chequing account.