In certain cases you will need the convenience of overdraft protection. It will be able to give you the peace of mind knowing you have the extra money to cover a cheque or payment.At the Bank of Montreal (BMO), you have two great overdraft options.
The first of the two options are, the Overdraft Transfer Service.
Overdraft Transfer Service is when you pre-arrange funds transferred from one of your accounts; your Mosaik MasterCard or Personal Line of Credit to cover your overdraft situations.
This form of overdraft protection is included with the Performance, Premium and Plus Everyday Banking Plans. There is a per transfer fee applied when this service is used, in addition to a debit transaction fee which is $5.00 per transaction.
The second overdraft option is the Personal Credit Reserve.
The Personal Credit Reserve provides overdraft protection coverage from $500 to $2,500 at prevailing interest rates.
The monthly fee is waived when you are using the Performance, Premium or Plus Banking Plans.
There is no per item fee, once you are within your approved Personal Credit Reserve limit.
If you need coverage greater than $2,500 you should consider a Personal Line of Credit with Overdraft Transfer Service.
This is a great form of overdraft protection, and for those who bank with BMO should consider getting it, especially if you are already using one of the above plans.