Avoid the Risk of Non-Sufficient Funds
Even if it has never happened to you, it’s not hard to imagine the embarrassment and complications of a returned cheque. Now you can counter that risk with Overdraft Protection from FirstOntario.
Available in amounts from $100 to $5,000, Overdraft Protection provides qualifying Members with a standby facility to backstop temporary shortfalls in their chequing account. You can avoid having a cheque or automatic payment returned for non-sufficient funds should your account fall into a negative balance.
Protect Your Reputation
Did you know an insurance policy may be cancelled if a premium payment is returned for non-sufficient funds? What’s more, every returned cheque is subject to a $45 NSF fee. Instead, put Overdraft Protection in place and you’ll be worry-free, knowing the standby facility is there automatically, with no need to transfer between accounts.
Subject to credit approval, Overdraft Protection is available on your chequing account for a monthly fee of $2.50, with an annual interest rate of 19% calculated daily on amounts borrowed. There’s no fixed repayment required – just ensure your subsequent deposits are sufficient to cover the overdraft interest charged on amounts borrowed each month. Plus, optional life, disability and critical illness insurance are available to protect you and your family for any balance outstanding.