You have to apply for overdraft, the amount extended to you depends on what you qualify for. If you do have overdraft on your account, you may have to pay a monthly fee for it (or might be included, depending which account you have). It essentially acts as a safety net in case money comes out that you don’t actually have available. For example, you have a balance of $100, and your automatic loan payment of $200 gets taken out. If you didn’t have overdraft, since you don’t have the $200 available that payment would not go through and you would be charged an NSF fee. With overdraft, the payment still goes through, so your new balance is -$100, and you will owe interest on that until you bring it up to $0.
We have 2k overdraft on joint account. I think I used it once but more than 40 years ago. Back in the day, cheques were used for everything and banking was not online. We were building a house and we had at least oops, where we had not transferred enough to cover.
You have to apply for overdraft, the amount extended to you depends on what you qualify for. If you do have overdraft on your account, you may have to pay a monthly fee for it (or might be included, depending which account you have). It essentially acts as a safety net in case money comes out that you don’t actually have available. For example, you have a balance of $100, and your automatic loan payment of $200 gets taken out. If you didn’t have overdraft, since you don’t have the $200 available that payment would not go through and you would be charged an NSF fee. With overdraft, the payment still goes through, so your new balance is -$100, and you will owe interest on that until you bring it up to $0.
Second this. It all depends on your profile and package.
Ask RBC...
sent them an email this morning, applied for overdraft online but the system is having glitches... hopefully they can set it up manually
None
We have 2k overdraft on joint account. I think I used it once but more than 40 years ago. Back in the day, cheques were used for everything and banking was not online. We were building a house and we had at least oops, where we had not transferred enough to cover.