Overdraft Protection

Table of Contents

Overdraft Protection Fees

Many people tend to have overdraft protection added to their bank account, it can seem to be helpful at times when your bank balance has run a bit low. But having overdraft protection is an added fee on top of the regular fee from your standard checking account, and this does add up when considering the actual amount charged.

So what are these fees?

Most of the major banks in Canada tend to have very similar charges, that being $4 a month, plus interest on overdrawn amounts which tend to be around 21% per annum.

If you find that you are using your overdraft protection on a regular basis, you should start to review your spending habits. Constantly using your overdraft is costing you extra each month.

You will need to start properly tracking all your expenses and income to help see where the issue may be. Going back over your spending for the past few weeks/months and sorting them into proper spending categories can help shed some light on the problem spending areas. Once you have spotted the problem areas, then you can work towards doing something about this.

Many banking institutions offer premium checking that can allow you to waive your banking fees if you maintain the monthly minimum balance. Granted you will need to have a few thousand dollars in your account to help waive the fee and remember to keep check each year, as the major banks can up this limit. Having enough money in your account to help waive the fee can save you $130 or more per year depending on your Bank and the plan that you are on.

Using Cash

Keeping cash on hand is another good way to avoid going into overdraft. If you do not have enough cash on hand, then you cannot purchase that item. Easier said than done for some, leaving the credit card at home and going cash only, but if you have a habit of overspending, then this could be a viable option to help curb your spending.

There’s always the option of opting out of overdraft protection. Other options. You can begin using our simple method of tracking spending, and you can work on taking control of your managing your bank accounts.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
David
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
Hi there! I am very glad to met this company, especially Jackie Stanley. Thanks for her great work and help me to save my money! Very appreciable!
Mehri Agil
02:43 26 Oct 22
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below.

We know this is stressful, but you’re not alone. It’s going to be okay. 
Book your free consultation today. We’ll do the rest.

Contact Us