We all need the convenience to have funds available to us when we are short; for this there is overdraft protection. At Scotiabank, the overdraft protection they provide is great, giving you all you need when you need it.With the Scotiabank Overdraft Protection, your cheques, withdrawals, pre-authorized payments and INTERAC direct payments can be made up to your predetermined overdraft limit.
This service is available to most chequing and savings account at Scotiabank and the limits go from $250 to $5,000. Best of all, unless you use the overdraft protection, you are not required to pay a monthly fee.
The monthly fee will apply once your account is overdrawn a day or more; the fee being $5.00. The interest is payable on overdrawn balances, and calculated daily at Scotiabank Prime (2.250%) + 5% (per annum) – it is charged monthly as well.
For the Scotiabank Overdraft Protection, your account must be at a positive balance at least once every 30 days.
You have the option of having an overdraft under the Scotia Total Equity Plan as well. The Scotia Total Equity Plan is a great borrowing plan that has the flexibility to accommodate your ever changing needs. It lets you use the equity on your home to gain control of your entire credit portfolio – ultimately letting you lower the cost of your borrowing.
To arrange for either form of Overdraft Protection, you simply have to visit the nearest Scotiabank.