1 Monthly fee and all fees are subject to change by CIBC. This fee is charged whether or not you use the overdraft in any particular month.
2 “Prime Rate” means the variable reference rate of interest per year as declared by CIBC from time to time to be its base rate for Canadian dollar loans made by CIBC in Canada.
3 “U.S. Base Rate” means the variable reference rate of interest per year, as declared by CIBC from time to time to be its base rate for U.S. dollar loans made by CIBC in Canada.
4 A fee is charged at the end of each day on which you create an overdraft or increase the amount of your overdraft (that is not an approved overdraft) due to any action you or your business initiate(s) including, but not limited to: cheques, withdrawals, bill payments, pre-authorized debits and Interac Direct Payments. The current fee is subject to change by CIBC.
5 Interest on any overdraft that is not an approved overdraft or exceeds your approved overdraft limit is calculated based on the final daily overdraft balance in your account and charged monthly. Interest that is charged to you, and is unpaid, compounds monthly and continues to compound whether or not CIBC has demanded payment from you, starts a legal action or gets judgment against you.