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CIBC Overdraft Protection Service

CIBC Overdraft Protection Service is a valuable safeguard and a great money management tool. With Overdraft Protection, you're covered against temporary cash shortages - now that's peace of mind!

Interested in opening a new account? If you already have a CIBC personal bank account, just call Telephone Banking. Otherwise, call us to start the application process, or visit one of our branches. 1-866-525-8622 toll free.

Is it for you?

CIBC Overdraft Protection Service could be for you if you:

  • Have a busy account, or a joint account with a balance that constantly changes.
  • Make purchases with your INTERAC* Direct Payment card.
  • Have automatic payments come out of your account.
  • Want to avoid the inconvenience and cost of an NSF cheque and declined debit purchase.

Key benefits


Saves you money
  • No service charge, interest, or payments until you actually go into overdraft.
  • Interest is charged only on outstanding balances.
Convenient
  • Available on most CIBC personal chequing and savings accounts.
  • Covers your account for shortages caused by cheques, pre-authorized debits of Electronic Funds Transfers (EFT) for loan, mortgage or insurance payments, bank machine withdrawals, telephone or Online Banking transfers and payments, Interbranch banking, and INTERAC Direct Payments, up to your approved limit.
Easy to manage
  • For every month that your account is overdrawn, you need to make a minimum deposit of only $100, or the amount that is overdrawn (whichever is less).
  • Once every six months1, you must deposit enough into your account to bring it into a positive balance for at least one full business day.

Information you need to know:

  • Minimum Overdraft limit: $100.
  • Maximum Overdraft limit: $5,0002.
  • To apply for Overdraft Protection, you must be a Canadian resident, aged 18 or older (or 19 in some provinces)1.

Important Information

Products and their features may change at any time.

This is a general description only. For more information and product terms and conditions, consult product brochures or call CIBC at 1-866-525-8622.

1 Revised CIBC Overdraft Protection Service Agreement effective July 2001.

2 Subject to credit approval.

* Trademark of Interac Inc., CIBC authorized user of trademark.