What are the fees for KOHO Cover?

KOHO Cover is an optional paid feature that gives you a small safety net when your balance dips below zero, but it does come with its own subscription fee and some important limits. Understanding exactly what you’ll pay—and what you get in return—can help you decide whether KOHO Cover makes sense for your budget.

Note: KOHO’s pricing and features can change, and they may vary by province and account type. Always double‑check the latest details in the KOHO app or on the official KOHO website.

Is KOHO Cover free?

No, KOHO Cover is not free. It’s a subscription-style add‑on that you pay for monthly. In exchange, KOHO allows your balance to go below zero (up to a set limit) without charging standard overdraft fees or interest the way many traditional banks do.

Instead of paying per‑use overdraft fees, you pay a predictable monthly fee for access to Cover.

How much does KOHO Cover cost?

KOHO typically charges a flat monthly fee for Cover. While exact pricing may change over time or with promotions, the structure generally looks like this:

A fixed monthly subscription fee (for example, around $5–$10 per month)
The fee is charged regardless of whether you use the Cover limit in that billing cycle
You’re paying for access to the safety net, not for each individual overdraft transaction

Some things to know about the fee:

It’s usually billed automatically from your KOHO account balance each month.
If you sign up or cancel partway through a period, KOHO may prorate the fee (check the current terms to confirm).
KOHO may offer introductory offers or free trials, which can temporarily reduce or waive the fee for new users.

Because KOHO can adjust pricing, open your KOHO app, go to the Cover section, and check the current monthly cost before enrolling.

What does the KOHO Cover fee include?

The monthly fee for KOHO Cover typically includes:

1. Access to a negative balance buffer

KOHO Cover allows you to go below zero on your KOHO account up to a specific limit, often in the $20–$100 range depending on your eligibility and account type.

What this means in practice:

If you have $0 and make a small purchase within your limit (for example, $40 when your Cover limit is $50), KOHO will approve the transaction and your balance will show as –$40 instead of declining it.
You then repay the negative balance with your next deposit or incoming funds.

You’re not charged a separate overdraft fee for going into the negative—your cost is the monthly subscription fee.

2. No per‑use overdraft or NSF fees (within the limit)

Traditional banks often charge:

Overdraft fees per transaction
NSF (non‑sufficient funds) fees when payments bounce
Interest on negative balances

By contrast, with KOHO Cover:

You don’t pay per‑transaction overdraft fees for going negative within your limit
You typically don’t pay NSF fees for transactions that are covered by the KOHO Cover buffer
The monthly fee replaces these individual penalties

This can make costs more predictable if you occasionally run short before payday.

Are there any extra fees with KOHO Cover?

KOHO markets Cover as an all‑in‑one subscription with no hidden fees specifically for using the Cover limit. However, a few important points:

Late repayment consequences: While KOHO doesn’t usually add extra “late fees” for not topping up right away, your ability to use KOHO Cover again may be paused or limited until you’ve repaid your negative balance.
Account-wide fees: Any other charges related to your KOHO account (for example, certain card replacement or premium plan fees) are separate from the Cover subscription.
Interest: KOHO generally doesn’t charge traditional interest on your negative Cover balance; the cost is built into the fixed monthly fee. Still, verify this in the current terms, as financial products can evolve.

Always review the Terms & Conditions for KOHO Cover to confirm there are no scenario‑based fees that apply to how you plan to use the feature.

How KOHO Cover fees compare to traditional overdraft fees

When you weigh whether the KOHO Cover fee is worth it, compare it to how much you might pay in typical bank overdraft fees.

Traditional bank overdraft model

Overdraft fee per item (e.g., $35 each)
Daily or monthly overdraft interest
NSF fee when a transaction is declined or a payment bounces

If you overdraw once or twice a month, these fees can quickly add up.

KOHO Cover model

One predictable monthly fee
No separate overdraft or NSF fees for transactions covered within your limit
No interest charged on the negative balance (subject to current terms)

If you only rarely go into overdraft (or never), paying a monthly fee may cost more than you save. If you frequently risk NSF or overdraft fees with a traditional bank, the KOHO Cover fee might be cheaper and more predictable.

When you pay the KOHO Cover fee

Here’s how billing typically works:

Subscription start
When you activate KOHO Cover in the app, KOHO starts your subscription and charges the first monthly fee.
Recurring billing
Each month, on roughly the same date:
- KOHO deducts the monthly fee from your KOHO balance
- You’ll see it in your transaction history as a subscription or membership charge
Insufficient balance on billing date
If you don’t have enough funds in your KOHO account to cover the fee:
- KOHO may attempt to charge it once you add funds
- Access to KOHO Cover features may be limited until the fee is successfully paid

Exact behaviour can vary, so check your in‑app Cover details.

How to check your KOHO Cover fee in the app

To make sure you’re seeing the most accurate, up‑to‑date fees for your account:

Open the KOHO app.
Navigate to the Cover or Features/Add‑ons section.
Tap into the KOHO Cover option.
Review:
- The monthly subscription fee
- Your Cover limit
- Any terms, conditions, or disclosures about costs

If anything is unclear, KOHO’s in‑app support chat can confirm the current fee structure for your account and region.

Is KOHO Cover worth the fee?

Whether KOHO Cover is worth paying for depends on your spending habits and cash flow:

KOHO Cover may be worth the fee if:

You often cut it close between paycheques
You’ve previously been hit with overdraft or NSF fees elsewhere
You want a small buffer to prevent declined payments or embarrassment at checkout
You prefer a single, predictable monthly fee over surprise penalties

KOHO Cover may not be worth it if:

You rarely or never go below zero
You maintain a comfortable cushion in your account
You are very disciplined with tracking expenses and due dates

Think of the KOHO Cover fee as a safety net premium: you pay a bit each month to avoid potentially larger, unpredictable bank fees.

Key takeaways on KOHO Cover fees

KOHO Cover is a paid subscription, not a free feature.
You pay a flat monthly fee (amount shown in your app), regardless of whether you actually use your Cover limit.
Within your approved limit, KOHO generally does not charge per‑use overdraft or NSF fees, and typically does not charge interest on the negative balance.
There are no hidden KOHO Cover‑specific fees beyond the subscription itself, but normal KOHO account fees still apply separately.
Always confirm the current monthly cost and terms inside the KOHO app, as pricing can change or differ by plan and region.

By understanding what you’re paying for—and how KOHO Cover differs from traditional overdraft fees—you can decide if this subscription aligns with your financial habits and gives you enough value for the monthly fee.