At YNCU, 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 5.00 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.
Overdraft Protection Service is a valuable program that helps you manage your cash flow. It covers you up to your approved credit limit, when sufficient funds aren’t available in your account to complete a transaction.
*Contact your branch for information regarding special features, repayment, eligibility, lending criteria, securitization, and loan protection.