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.
Rate
21%
Term
Renewed Annually
*Contact your branch for information regarding special features, repayment, eligibility, lending criteria, securitization, and loan protection.
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2024 Your Neighbourhood Credit Union Limited. All rights reserved.
Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA) .
