Overdraft protection

Your peace of mind, covered. Weston Credit bank overdraft protection gives you options for when you don't have enough funds in your checking account to cover your transactions. It's an optional, short-term solution for unexpected expenses.

Apply online

What is overdraft protection?

Overdraft protection is an optional, short-term solution that helps you manage your finances. If you’re ever short on funds in your bank account, it can help you complete your transactions by temporarily covering your payments. Learn more about the benefits of an overdraft protection plan here.

Honours all kinds of transactions up to your approved overdraft limit.

Zero Non-Sufficient Funds charges.

Provides protection from a minimum of $250 to a maximum of $5,000.

Say goodbye to overdraft fees

Overdraft protection provides coverage which gives you some peace of mind and eliminates the annoyance of a rejected check, debit card or ATM transaction, and the potential for overdraft fees.

We eliminated overdraft fees from all our accounts

Avoid the expense of a $45 non-sufficient funds (NSF) fee

Make debit card purchases without the embarrassment of a declined transaction

Cover pre-authorized payments and pay interest only on outstanding balances

Overdraft Transfer Service

Link your Weston Credit bank Savings or Money Market Account to your Spending Account, and we'll move money over in one transfer, rounded up to the nearest $100, should you accidentally overdraft.

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What documents do I need to apply for overdraft protection?

You may be asked for the following documents when applying for Weston Credit overdraft protection.

Government issued ID (one of the following):

  • Passport
  • Driver’s licence
  • Other valid government issued ID card

Proof of employment:

  • Salary slips/letter
  • Employment letter

Self-employment documents:

  • Proof of self-employment (e.g. recent CRA My Account Assessment or recent NOA and corresponding T1 General 4-page summary)

Choose your plan

Monthly Overdraft Protection Plan3

  • Optional, short-term solution for unexpected expenses
  • One low monthly fee
  • Your peace-of-mind, covered. 

Right for you if you:

  • Are short on funds in your bank account and need help with temporarily covering your payments and/or avoiding NSF fees
  • Frequently go into overdraft

May not be right for you if you:

  • Don’t expect to use overdraft on a regular basis. Consider our pay-per-use overdraft protection plan instead (not available for customers in Quebec)
  • You want a payment method for everyday purchases with an interest-free grace period on purchases
  • Will be overdrawn for a long period of time

$5/month

If you think you might frequently be going into overdraft, consider this plan. For just one low monthly fee, you can protect yourself from overage charges no matter how many times you use it as long as the overdrawn balance is within the overdraft limit. 

In addition, interest is also payable on overdrawn balances, calculated daily at 21% (per annum), charged monthly.

Apply now

Pay-Per-Use Overdraft Protection Plan4

(not available in Quebec)

  • Optional, short-term solution for unexpected expenses
  • Fees based on usage
  • Your peace-of-mind, covered

Right for you if you:

  • Are short on funds in your bank account and need help with temporarily covering your payments and/or avoiding NSF fees
  • Don’t think you’ll go into overdraft often and are looking for more of a safety net when needed

May not be right for you if you:

  • Expect to use overdraft on a regular basis - if so, consider our monthly overdraft protection plan instead
  • You want a payment method for everyday purchases with an interest-free grace period on purchases
  • Will be overdrawn for a long period of time
  • Live in Quebec and need Overdraft Protection

$5/use

If you aren’t expecting to go into overdraft often, this plan can provide you with a safety net. You’ll be ready for any unexpected expenses and you’ll only pay when you use it.4

In addition, interest is also payable on overdrawn balances, calculated daily at 21% (per annum), charged monthly.

Apply now

Alerts and Notifications

Set low balance alerts in Online Banking that notify you by text message when your account falls below your desired amount. You can also set alerts to notify you of large withdrawals, large deposits, or to send you a regular text with balance updates.

Get started now

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Ideal if you want protection against interest rate increases.

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Ideal if you want to save money if interest rates go down.

Second home mortgages

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FAQs

®
Registered trademarks of Weston Credit.
1
NSF fees are not charged as long as the payment is within the predetermined overdraft limit.
2
Subject to approval.
3
The Monthly Overdraft Protection Plan has a $5.00 Monthly Overdraft Protection fee that is applied at the end of your statement billing cycle, regardless of the number of overdraft transactions as long as the overdrawn balance is within the overdraft limit. This fee will apply even if your account did not go into overdraft in that month.
4
The Pay-per-use Overdraft Protection Plan has a $5.00 Per-use Overdraft Protection fee applied on the same day or within two business days every time an overdraft is created or increased in your account. There is no Per-use Overdraft Protection fee if you do not use the overdraft.