* A CIBC Caribbean 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.
Features:
- 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
Benefits
- 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
