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    Thread: what is overdraft?

    1. #11
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      An overdraft occurs when a person's bank account goes below to zero, the balance is a negative number the customer , who is 'overdrawn' owes the money to the bank. the negative balance may be accidental when the customer draws more money than was available in the account, or an arranged overdraft, which is a prior agreement with the account provider usually a bank with interest changed at an agreed rate.
      Even with an agreed overdraft, if the customer exceeds the agreed overdraft limit (credit limit), additional fees may be changed and the interest rates may be higher.
      Experts remind people that when they go into overdraft they are getting into debt. It should be used for short- term borrowing or emergencies only they add, however many customers end up treating their arranged overdraft as their spending limit instead of a last resort.


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    3. #12
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      Overdraft is the withdrawal of available funds in your account due to the customer who writes a check that exceeds the amount of funds in his account in accordance with the provisions. If you have a good relationship with that customer then you will not worry that your check is lost or not the person is paying a fine,
      Whenever you want an overdraft you must follow the rules and conditions of the money that you want to lend, usually every bank is not required to have overdraft facilities, only if you again need funds for sudden needs to the bank's customers while waiting for recommendations from the famous Bank.
      Not all of them can receive overdraft facilities from the Bank, maybe this information and facilities are only for certain groups.


    4. #13
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      Term over draft means when you balance in your bank account is empty and have no money then you request to bank for draft to give money as a loan and it is returnable to this bank on certain terms and condition credit card is an other example of overdraft it works also as a over draft, credit card provide the facility to their consumer to withdraw money or purchase goods when he has no money into their account like this overdraft is an example of credit card, in overdraft extra amount given by bank and it deducted when you deposit or salary credited to your account. Term overdraft is also used in companies as well as in business sector this means your cash balance is ended and you take loan this is called overdraft.


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    6. #14
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      an overdraft is an extension of credit from a lending institution when an account reaches zero an overdraft allows the individual to continue withDRAWING MONY EVEN IF THE ACCOUNT HAS NO FUNDS IN IT OR NOT ENOUGH TO COVER THE WITHDRAWAL BASICALLY OUVERDRAFT MENES THAT THE BANK ALLOWS CUSTOMERS TO BORROW A SET AMOUNT OF MONEY
      with an overdraft account your bank cocers checks that eould otherwise bounce and et returned without payment as wiyh any loan you pay interest on the outstanding balance of an overdraft loan


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    8. #15
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      Default Re: what is overdraft?

      Quote Originally Posted by forexguy9 View Post
      in the banking sector, there is a term called "overdraft", what does this mean? is this facility available to all bank account holders?
      an overdraft is an extension of credit from a lending institution when an account reaches zero. an overdraft allows the individual to continue withdrawing money 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. with an overdraft account, your bank covers checks that would otherwise bounce n' get returned without payment. as with any loan, you pay interest on the outstanding balance of an overdraft loan. often, the interest on the loan is lower than credit cards. in many cases, there are additional fees for using overdraft protection that reduce the amount available for overdraft protection such as insufficient funds fees per check or withdrawal.
      bit by bit, over time... it will accumulate into a mountain..!


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      Default Re: what is overdraft?

      An overdraft allows you to access extra funds through your transaction account up to an approved overdraft limit, avoiding overdrawn and dishonour fees.
      Interest is only charged on the amount overdrawn (when fees and charges are paid on time). A monthly service fee may also be charged, depending on the type of overdraft you choose.
      You can make withdrawals using your overdraft in all the usual ways, including at an ATM, in branch, Debit Mastercard, BPAY®, Online, Mobile, Telephone and EFTPOS.
      Overdrafts don't have a set repayment schedule, allowing you to decide when you want to make a repayment, for example, when your salary is credited to your account.
      You should also carefully consider the overdraft limit you apply for to avoid overspending.
      Credit criteria, terms and conditions, fees and charges apply.
      An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. ... If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate.


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      Default Re: what is overdraft?

      An overdraft is a banking transaction where by a client use cash that exceed the cash available in their checking account on a transaction.
      this can happen when such person issue a check or use their credit cards.
      but An over draft doesn't just happen to any bank account, a customer will have to file for an overdraft protection, Without overdraft protection, any transaction that is exceeding the amount in the checking account would be declined by the bank.
      but personally i think An overdraft mainly should be used by the client in an emergency situation, but it seems people are making use of overdraft on irrelevant thing.


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    12. #18
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      Default Re: what is overdraft?

      Overdraft is a privilege bank gives to its customer to continue withdrawing from his account even when his account balance is zero or not having enough cash for withdrawal. Overdraft is a kind of bank loan to its customer and the extra monies withdrawn by the customer attracts interest. Overdraft is not for every bank customer but it is exclusively for overdraft accounts users. When operating an overdraft account a customer can withdraw and make purchases with his zero bank account untll the amount allocated to such account has been completely used. When an overdraft cheques is issued, instead for it to be voided due to lack of money in the issuer bank account, it will rather be paid. Overdraft attracts interests for its usage and any defaulting customer gets extra interest on his overdraft loaned money.


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    14. #19
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      Default Re: what is overdraft?

      A BANK overdraft is a temporary loan banks give to individual and corporate account holders that enable them withdraw funds above the balance available in the account.
      There are two types of overdraft
      Authorized overdrafts: this is the amount of overdraft limit we agree to borrowed from the bank and we cannot spent ore than that amount through every means of transaction

      Unauthorized overdrafts: this are the expenses that are urgent and unplanned overdrafts and this mostly happen when we spent money more than the amount of money we have in our bank account
      there are also overdraft interest which is being charge by the bank.


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    16. #20
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      Default Re: what is overdraft?

      An overdraft is the provision made available by financial institutions, mostly from banks to their customers to be able to have access to some money through their bank accounts. An overdraft is a debt, because it allows customers to make use of the money that is being loaned to them from their banks. An overdraft is actually useful to some customers, because it caters for their urgent needs. But in most cases, it attracts some charges or interests rates, just like in the case of loaning.
      Meanwhile an overdraft is different from the regular "loan giving" because, in in the case of an overdraft, clients are given the privilege of applying for an overdraft(loan) on their bank accounts, even if the accounts balances are zero or empty.


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