Overdraft Protection

Haven't we all been there? An unexpected expense pops up, or we overlook a cheque and we're caught short. For any reason, overdraft protection provides peace of mind.

Overdraft Protection

At Your Neighbourhood Credit Union, overdraft protection is a convenient service that guarantees a specific amount of credit to cover your account between paydays.  Your cheques, withdrawals, pre-authorized payments, and direct payment purchases are honoured up to your predetermined overdraft limit. 

  • Overdraft protection is available on most personal chequing accounts.  Protection limits are available from $500 to $2,500;

  • A monthly fee is applied to the account in months that the credit limit is being used;

  • Interest is calculated on the daily outstanding balance and applied to the account at month end;

  • There is no fee or interest cost for this protection service if the limit is not being used;

  • Every 90 days the account must be brought into a positive balance.

To apply for overdraft protection, or obtain more details, please contact your branch.

Coverdraft Protection

An alternative to Overdraft Protection is Coverdraft. This a good choice if you regularly maintain a balance in another YNCU chequing or savings account and would like some added protection on your chequing account.

With Coverdraft protection on your chequing account, we will automatically transfer funds from another YNCU chequing or savings account to cover an overdraft, protecting you against an NSF fee or declined transaction. 

A fee is applicable for each coverdraft transfer.

To see if coverdraft protection is right for you, please contact your branch.

 

 

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