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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.


    4. #23
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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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    6. #24
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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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