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    Thread: what is overdraft?

    1. #21
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      Default Re: what is overdraft?

      Overdraft is the amount of withdrawal that exceeds the funds available on the checking account; negative account caused by a customer who writes a check that exceeds the number of funds in his account; in accordance with the provisions, withdrawals that exceed funds are a debt so that it can be reported as a credit expansion; banks are not required to provide overdrafts; however, they often make exceptions for customers who have good relations; bank customers who obtain an overdraft facility can withdraw funds or check the amount needed every time without worrying that their checks are rejected or they have to pay overdraft fines.

      The Overdraft Facility is a product that offers loans with guaranteed product choices such as time deposits, mutual funds, retail bonds, and life insurance financing.


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    3. #22
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      An overdraft is an augmentation of credit from a loaning establishment when a record achieves zero. An overdraft enables the person to keep pulling back cash notwithstanding when the record has no assets in it or inadequate cash to cover the measure of the withdrawal. Fundamentally, overdraft implies that the bank enables clients to acquire a set measure of cash. With an overdraft account, your bank covers watches that would somehow ricochet and be returned without installment. Similarly as with any advance, you pay enthusiasm on the exceptional equalization of an overdraft advance. Frequently, the enthusiasm on the advance is lower than charge cards. As a rule, there are extra charges for utilizing overdraft assurance that decrease the sum accessible to cover your checks, for example, lacking subsidizes expenses per check or withdrawal.


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      In an actual sense and in clear explanation an overdraft is enabling a customer by a bank to allow redrawal above a customers account balance. In some cases, charges are applied depending on the agreement between a customer and the financial institution or the existing policy of a bank.

      Over draft is also a credit facility granted by a bank to customers especially customers with a current account in most cases and there is usually a fixed rate or charge unless if there is still an overdrawn amount agreed then there will be extra charge.


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      A bank overdraft is an act of withdrawing money from your account that is excess or above the actual money in your account. for example, you have $1000 in your bank account and you need $1500 urgently to purchase an item, you then decide to get an overdraft of $500 to supplement the actual $1000 you have. That $500 you requested to be added to the actual $1000 you have is called an overdraft and interest will be charged on the $500 you borrowed. But interest charged on overdraft is less compare to that charged when you go to a bank to loan money from them. And in overdraft there is a limited amount that is sanctioned by the bank of which customers cannot exceed that amount. Also, bank overdraft can mainly be available for customers that has current account in that bank.


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      As we can already see from the name over draft means that you are over withdrawing from your account balance, there is a fee that you will pay for this service because you are now borrowing from the commercial bank just like every everyone else that is a borrower, when you are using an over draft service, you will need to do that without some documentation that would be required from the normal way that is involved in taking loans from the commercial banks, that is actually the only difference, also there is limited amount that you can access with this service because your bank has not exceeded certain limitations. Only people who are trustworthy are granted overdraft facilities.


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    9. #26
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      An overdraft is what happens when an account owner uses more funds than what he or she has in the account. It is a credit facility commercial banks offers, that allows an individual to withdraw money continuously, even if the account has no funds in it or not enough to cover the withdrawal. Basically, overdraft means that the bank allows customers to borrow a set amount of money
      This facility is usually given by banks to business establishments or individuals, against fixed deposits or other securities. The interest paid is only limited to the overdraft money you are actually using and not the full overdraft limit.
      There is no fixed tenure for an overdraft. You pay interest as long as you hold the money and can close it any time you wish.


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      Overdraft can be defined as an extension of credit from a lending institution that is granted when an account reaches zero. The overdraft allows the account holder to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal. So overdraft has to do with when the bank allows customers to borrow a set amount of money. There is interest on the loan and there is typically a fee per overdraft. With an overdraft account, a bank is covering payments a customer has made that would otherwise be rejected, or in the case of actual checks, would bounce and be returned without payment. Overdraft protection provides the customer with a valuable tool to manage their checking account. If you're short a few dollars on your rent payment, overdraft protection ensures that you won't have a check returned against insufficient funds, which would reflect poorly on your ability to pay. However, banks provide the service because of how they benefit from it namely, by charging a fee. As such, customers should be sure to use the overdraft protection sparingly and only in an emergency.


    11. #28
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      An overdraft is a variable amount of borrowing that is agreed with bank up to a set limit, Overdrafts allow us to borrow money as and when we need it up to a limit agreed between us and the bank. This can be great for short term financial requirements and it also can help with any sought of emergencies, but the only things about an overdraft is that, the interest is a bit higher compare to that of the normal loan.
      An overdraft occurs when a personís bank account goes below zero, The negative balance may be accidental but when there is over draft on the account, then the charges will be drawn their.
      but i think its better we know the rates and charges before applying for the overdraft.


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