CIBC Overdraft Protection Service

Overdraft protection is a credit service that covers transactions when your account balance is low, so you can avoid declined payments and purchases, non-sufficient funds (NSF) fees, and returned cheques. If you make a purchase, withdrawal, pay a bill, or there’s a pre-authorized payment that exceeds the balance available in your account, overdraft covers the shortfall up to your approved limit.

Interest is only charged on the amount of overdraft you use, calculated daily at an annual rate of 21% and charged to your account monthly. Additional fees may apply depending on your CIBC Overdraft Protection fee option. For more information on fees and interest, refer to the Personal Account Service Fees (PDF, 105 KB) Opens a new window..

You can avoid using overdraft by keeping your account balance above zero and monitoring your spending. Use CIBC balance alerts to help you stay informed and avoid accidental usage.

If you already have an eligible account, you can apply for CIBC Overdraft Protection Service anytime through the CIBC Online Banking® or the CIBC Mobile Banking® App:
1. Sign on to online or mobile banking.
2. Select “Customer Services” from the menu.
3. Choose “Apply for or change CIBC Overdraft Protection Service.”
4. Complete the form.

Otherwise, book a meeting at a CIBC Banking Centre, or call us at 1-866-525-8622 Opens your phone app.. 

If you already have CIBC Overdraft Protection Service you can change your fee type through CIBC Online Banking® or the CIBC Mobile Banking® App:
1. Sign on to online or mobile banking.
2. Select “Customer Services” from the menu.
3.Choose “Apply for or change CIBC Overdraft Protection Service.”
4. From the Account drop-down list, select your account.
5: From the “Choose an option” list, select “Change overdraft fee option,” then select “Pay-per-use fee” or “Monthly fixed fee” and agree to the Terms and Conditions and check the box to accept.

Otherwise, book a meeting at a CIBC Banking Centre, or call us at 1-866-525-8622 Opens your phone app.. 

Your approved limit is based on your account and credit history and can range from $100 to $5,000. You can request to increase or decrease your limit at any time through online or mobile banking, or by visiting your local banking centre. All requests are subject to credit approval.

If you try to make a payment or purchase that would take you over your approved  limit, CIBC may decline the transaction. In rare cases, if a transaction is processed and puts you over your limit, you may be charged additional fees.

Repayment is automatic, and any deposit made to your account is first applied to reduce your outstanding overdraft balance. There is no fixed repayment schedule, but you must bring your account back to a positive balance at least once every 90 days¹.

If you do not have CIBC Overdraft Protection Service, and CIBC chooses to process a debit which overdraws your account (based on end-of-day balances), you are charged a $5.00 Casual Overdraft fee, plus interest at CIBC’s current overdraft interest rate on the overdrawn amount. Please note that if CIBC allows one or more such debits, it has no obligation to do so again at any time in the future.