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What is Overdraft Protection?

Overdraft protection

If you don’t have enough money in your Protected Account to cover a payment or withdrawal, ODP may cover your payments or withdrawals up to your Overdraft Limit. This includes returned Payment Instruments (as defined in the Financial Services Terms), service fees, and interest charged.

  • Monthly Plan Overdraft Protection: $5* per month 
  • Pay-As-You-Go Overdraft Protection: $5 per transaction to a maximum of $5 per day.

The interest rate charged on both types of Overdraft Protection is 21% a year.

>> * View details on fees and to apply to add Overdraft Protection service to your chequing account

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