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Overdraft protection
Your peace of mind, covered. An overdraft protection plan is your optional, short-term solution for unexpected expenses. Choose the plan that works for you:
What is overdraft protection?
Overdraft protection is an optional, short-term solution that helps you manage your finances. If you’re ever short on funds in your bank account, it can help you complete your transactions by temporarily covering your payments. Learn more about the benefits of an overdraft protection plan here.
Honours all kinds of transactions up to your approved overdraft limit.
Prevents Non-Sufficient Funds charges.1
Provides protection from a minimum of $250 to a maximum of $5,000.2
Choose your plan
Overdraft protection comes in two different options so you can choose the best one for your needs. If anything changes, you can always switch your plan easily, any time.
Monthly Overdraft Protection Plan3
- Optional, short-term solution for unexpected expenses
- One low monthly fee
- Your peace-of-mind, covered.
Right for you if you:
- Are short on funds in your bank account and need help with temporarily covering your payments and/or avoiding NSF fees
- Frequently go into overdraft
May not be right for you if you:
- Don’t expect to use overdraft on a regular basis. Consider our pay-per-use overdraft protection plan instead (not available for customers in Quebec)
- You want a payment method for everyday purchases with an interest-free grace period on purchases
- Will be overdrawn for a long period of time
$5/month
If you think you might frequently be going into overdraft, consider this plan. For just one low monthly fee, you can protect yourself from overage charges no matter how many times you use it as long as the overdrawn balance is within the overdraft limit.
In addition, interest is also payable on overdrawn balances, calculated daily at 21% (per annum), charged monthly.
If you already have overdraft protection, modify your plan.
Pay-Per-Use Overdraft Protection Plan4
(not available in Quebec)
- Optional, short-term solution for unexpected expenses
- Fees based on usage
- Your peace-of-mind, covered
Right for you if you:
- Are short on funds in your bank account and need help with temporarily covering your payments and/or avoiding NSF fees
- Don’t think you’ll go into overdraft often and are looking for more of a safety net when needed
May not be right for you if you:
- Expect to use overdraft on a regular basis - if so, consider our monthly overdraft protection plan instead
- You want a payment method for everyday purchases with an interest-free grace period on purchases
- Will be overdrawn for a long period of time
- Live in Quebec and need Overdraft Protection
$5/use
If you aren’t expecting to go into overdraft often, this plan can provide you with a safety net. You’ll be ready for any unexpected expenses and you’ll only pay when you use it.4
In addition, interest is also payable on overdrawn balances, calculated daily at 21% (per annum), charged monthly.
If you already have overdraft protection, modify your plan.
Get started
What documents do I need to apply for overdraft protection?
You may be asked for the following documents when applying for Scotiabank overdraft protection.
Government issued ID (one of the following):
- Passport
- Driver’s licence
- Other valid government issued ID card
Proof of employment:
- Salary slips/letter
- Employment letter
Self-employment documents:
- Proof of self-employment (e.g. recent CRA My Account Assessment or recent NOA and corresponding T1 General 4-page summary)
Agreements
Overdraft Protection Agreement found in the Day-to-Day Banking Companion Booklet (Pdf : 891 KB)
Notice of Changes to the Overdraft Protection Agreement effective April 30, 2022 (Pdf: 89 KB)
Ways to contact us
Scotia OnLine
To sign up or switch to a new plan, log into your online banking account here or through the app.
Contact Centre
Contact us if you have any questions or to book an appointment.
Visit a branch
Find a branch near you to book an appointment.