Personal Overdraft Facility

• An ideal way to manage short term changes in your cash flow
• Continuous access to funds whenever you need it once your overdraft limit is approved
• You only pay interest on the amount you use
• Any deposits made to your account reduces the amount of interest you pay
• Avoid the embarrassment of returned cheques or declined transactions with your ATM card*
• Avoid the inconvenience of transferring funds from other accounts to cover a temporary cash shortage

* A CIBC FirstCaribbean Overdraft Facility will prevent a cheque from being returned or a transaction from being declined for ‘insufficient funds’ only to the extent your overdraft limit is unused and available.

• Typically granted up to US$5000
• The overdraft limit is based on the customer's net monthly salary
• A client’s account must return to a credit position at least once a quarter
• A set-up fee and annual fee will be charged
• Overdrawn accounts incur 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 a client's account are automatically credited to the outstanding overdraft
• Where a client exceeds their overdraft facility, an excess fee will be charged and penalty interest will be charged

* A CIBC FirstCaribbean Overdraft Facility will prevent a cheque from being returned or a transaction from being declined for ‘insufficient funds’ only to the extent your overdraft limit is unused and available.