Overdraft Protection

An Overdraft is added protection that you can have attached to your chequing account. The Overdraft will protect you from unplanned or short term expenses and will save you the inconvenience and costs of having a cheque or pre-authorized debit return for non-sufficient funds.

In the event that the Overdraft is utilized, your account becomes overdrawn and the system will transfer funds from your Overdraft to cover the amount overdrawn, if within authorized limits.

The features of our Overdraft product are:

  • Limits up to $5,000
  • Minimum monthly payments are 3% of the outstanding balance
  • Interest cost are only on the amount being used for the duration it is used
  • Competitive variable interest rate – floats with the credit union’s prime lending rate
  • Approval based on your credit worthiness and declared income

The benefits are:

  • Eligible for Product Bundle1 and Rebate on Loan Interest* through our memberSHARE Loyalty Program when approved for payment
  • Simplified approval process
  • Saves from embarrassment and expense of cheques being returned non-sufficient funds
  • Gives you peace of mind - available for emergencies / unexpected expenses
  • Payroll / direct deposit often covers payments
  • Interest rates much lower rate than credit cards or an unauthorized overdraft at 21%
  • Short term borrowing facility – bridge between paydays
  • Payment protection option protects credit and assets (no health questions)
*While ACU has consistently paid over 15 million in dividends and rebates to members since 2007, please note that dividend, bonus and rebate percentages are announced annually and payment is not guaranteed.

1Personal members who have a business relationship with ACU will be rewarded with a product credit towards a Product Bundle. Qualifying business membership types include: Sole Proprietorship, Partnership, Limited Partnership, Corporation, Limited Liability Corporation, Incorporated Society, and Joint Venture. 2Any of the following Aldergrove Insurance and the Co-operators Insurance policies held in a personal members name: Home, Tenant, Condo, Strata, Rental, Seasonal Property, Commercial.

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