BLOC Overdraft helps eligible customers complete certain payments when their CAD balance is not enough. It uses your available CAD balance first, then borrows the remaining amount from your bitcoin line of credit (BLOC).
Who can use BLOC Overdraft?
BLOC Overdraft is available to eligible customers with an active BLOC, enough available credit, and the feature enabled on their account. Availability may be limited during the initial rollout.
Is BLOC Overdraft turned on automatically?
No. BLOC Overdraft is off by default. If it is available to you, you need to opt in to enable it. You can turn it off at any time in your settings.
How does BLOC Overdraft work?
We use your available CAD balance first. If it is not enough to cover an eligible payment, BLOC Overdraft can borrow the remaining amount from your BLOC. Your CAD balance will not go negative.
Does BLOC Overdraft affect my cashback?
You still receive cashback on the full transaction amount. This includes the amount paid from your CAD balance and the amount borrowed through BLOC Overdraft.
Does Roundup apply to BLOC Overdraft transactions?
No. Roundup does not apply to a transaction covered by BLOC Overdraft. Even if Roundup is enabled, the transaction uses your full available CAD balance and borrows the exact remaining amount from your BLOC loan. No additional Roundup amount is added.
Which payments are eligible for BLOC Overdraft?
BLOC Overdraft can cover eligible Shakepay Card purchases and pre-authorized debits when your CAD balance is not enough and you have enough available credit. ATM withdrawals are not eligible. Your existing card limits still apply.
How much can I borrow?
You can borrow only up to your available BLOC amount. BLOC Overdraft will not borrow an amount that would bring your loan-to-value (LTV) ratio above 50%. Your regular daily, weekly, and monthly card limits still apply. Your available CAD and available credit must be enough to cover the full payment.
Does BLOC Overdraft increase my card spending limits?
No. Payments covered by BLOC Overdraft still count toward your existing card spending limits.
Is BLOC Overdraft a loan?
Yes. Any amount borrowed through BLOC Overdraft becomes part of your BLOC balance. Your existing BLOC interest, fees, collateral requirements, and repayment terms apply. Refer to your BLOC details and agreement for your current rate and repayment information.
What happens to my collateral?
Your existing collateral continues to secure your BLOC. Eligibility is assessed using your BLOC status and loan-to-value requirements when the payment is approved.
What if my loan-to-value ratio changes after a payment is approved?
A change after approval does not cancel the BLOC Overdraft draw for that payment. You remain responsible for managing your BLOC according to its terms.
What happens if I do not have enough CAD or available credit?
BLOC Overdraft will not cover a payment if your available CAD and available BLOC credit within the 50% LTV limit cannot cover the full amount. A card payment may be declined, and a pre-authorized debit may be returned for insufficient funds.
How can I see when BLOC Overdraft was used?
Your transaction details show the total payment and identify how much was covered by your CAD balance and how much was borrowed through BLOC Overdraft.
What happens if a card payment is reversed or refunded?
A reversal or refund does not automatically cancel the BLOC Overdraft draw. The borrowed amount remains part of your BLOC balance and is handled under your normal BLOC terms.
Will I receive an email when BLOC Overdraft is used?
BLOC Overdraft transactions appear in your activity. You will not receive the usual email informing you that cash is available for overdraft-funded transactions.