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Personal Overdraft Facility

Get a personal overdraft from CIBC FirstCaribbean

Features
  • Overdraft Facilities are typically granted up to US$5000
  • Overdraft Facilities are based on the customer's net monthly salary and should be liquidated once per month
  • There is an annual fee for an Overdraft Facility
  • When the account is overdrawn during any month, the customer pays interest at the standard overdraft rate of interest for the days on which the service was actually used or a minimum monthly overdraft charge - whichever is greater
  • All deposits to customer's account are automatically credited to the outstanding overdraft. If customers use the Instant Teller with insufficient credit funds in the account, the withdrawal is automatically covered up to the Overdraft Facility limit
  • Where a customer exceeds their overdraft facility, an excess fee will be charged and penalty interest will be charged

Benefits
  • Cheque is good up to the agreed limit even if customer forgets to check account balance
  • Avoid the embarrassment of cheques being returned "NSF" (not sufficient funds)
  • Avoid the potential blemish on customer's credit record of "NSF" cheque
  • Avoid the inconvenience of transferring funds from savings account to cover a temporary cash shortage


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