Overdraft Protection

Need a bit of breathing room? We’ve got you covered!

Overdraft Protection serves as a back-up plan, covering your chequing account so that even if your balance falls below zero, transactions will not be rejected. It’s a hassle-free way to ensure your finances are in check, every day.

Why is Overdraft Protection a good idea?

  • Overdraft Protection gives you peace of mind, knowing that transactions will be processed without delay, even if you have a cash shortfall, unexpected expense, or an emergency. Also, you’re covered until funds are available if a bill happens to be due before payday.
  • You’ll save money by avoiding non-sufficient funds (NSF) fees if you make an error or forget that a payment is coming through.
  • Overdraft Protection can be less expensive than the interest penalty for overdrawing your account, or paying interest on a credit card balance.

Overdraft Protection Options

Kindred offers three types of Overdraft Protection for your convenience and peace of mind:

  • Overdraft Line of Credit is an unsecured personal line of credit that is linked to your chequing account. So, if your chequing account hits $0 the Overdraft Line of Credit will kick in to cover cheques, withdrawals, pre-authorized payments, and debit payments. (Subject to your approved credit limit.)
  • Personal or Business Line of Credit is a secured personal or business line of credit linked to your chequing account. If needed, your Personal or Business Line of Credit will cover cheques, withdrawals, pre-authorized payments, and debit payments. (Subject to your approved credit limit.)
  • Coverdraft Transfer works a little differently, as it allows you to specify an account(s) that can be used to cover your chequing account. For example, you can set up Coverdraft Transfer to move funds from your savings account to cover a chequing account overdraft, when needed. Funds must be available in the assigned account(s) or NSF fees may apply.
 
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