What is overdraft protection and how does it work?

Overdraft protection is a simple way to cover for shortfalls in your account. It protects you against declined transactions, non-sufficient funds fees and returned cheques when your account is overdrawn.

How can I apply for overdraft protection?

You can apply for overdraft protection in any of our branches. Make an appointment to visit us .

What is the interest rate on overdraft protection?

Interest will be calculated on your daily balance and charged to your account on the last business day of the month - see the terms and conditions for your overdraft protection type. Please note the interest rates on Overdraft are traditionally higher than other lending options. Interest rate is available online at bmo.com/rates