What is an overdraft? An overdraft occurs when you do not have enough funds in your acount to cover for a transaction. When you have an overdraft protection limit established on your E-Smart or chequing account, we will still honor the transaction on your behalf at an established rate.
What are the requirements to obtain a personal overdraft? Kindly be informed that the requirements for a personal overdraft are:
1. Valid ID such as a Social Security or Passport
2. Proof of occupancy in the form of either a utility bill in your name (within the past 3 months) or a valid driver’s license with your current address
3. Minimum required deposit of $20
What is the minimum and maximum overdraft limit that I can obtain?

The Overdraft Protection will be offered in four different amounts, namely, $500, $1000, $3000 and $5000.

If you wish to apply for a higher limit, pleaso do not hesitate to let us know.
What are your interest rates on personal overdrafts? We provide competitive interest rates on overdrafts that range from 10.50% to 11.50% on personal overdrafts.
What is the payment frequency? An overdraft is an ongoing credit facility with no fixed repayment terms. Overdrafts are a form of revolving credit, much like credit cards. This means that you can pay off your existing overdraft in full one day and then draw from it the next day, or you can increase an existing overdraft as long as you stay within your authorized overdraft limit.
When does my overdraft expire? Personal Overdraft is a revolving facility with 12 months tenor afterwhich it can easily be renewed.
Will I be required to visit the bank to renew my overdraft? No, an overdraft account is reviewed on a yearly basis. Review will lead to one of the following outcomes: Review and enhancement of OD limit or review and renewal at the same level.
What fees can I expect when obtaining an overdraft? An overdraft lets you borrow money through your current account by taking out more money than you have available in your account, In other words you go “overdrawn”. Typically, there is a fee for this service, which ranges from $50 to $250 annually, depending on the level of overdraft you are eligible for.
Do I need to make monthly payments towards my overdraft? Regular deposits will help you maintain the authorized overdraft limit. The interest charges will be applied at the end of the month from your available balance. Please maintain a credit balance to avoid any excess limit fee.
What are the benefits of having an overdraft? Overdraft Protection is ideal for meeting those unexpected costs that may come from time to time. It gives you the peace of mind that you deserve knowing that your overdraft limit protection will cover for your issued checks or POS payment.
What is your approval time period? The typical turnaround time ranges from 1 to 7 business days. Approvals can also take only a few hours when all the required documents are presented and verified.