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Overdraft is a deficit in a bank account caused by drawing more money than the account holds.
Overdraft Account will allow you to receive an extension of credit by drawing more funds from your account than the balance permits. The benefits of this account include:
- Always having a financial safety net, especially during life's little emergencies.
- Only paying interest on what you use.
- Having access to your funds24 hours a day,7 days a week.
- It can be set up without an establishment fee.
An overdraft allows you to withdraw more money from your bank account than you actually have. It involves an agreement with your bank which lets you use an overdraft facility for an agreed amount, and usually the bank charges you for the period you use it.
Well explained by experts
The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation.
Arranged Overdraft: This is based on a mutual agreement prior entered into by the lender and borrower (or a bank and customer) allowing withdrawal over and above the samount standing in the name of the later, preferably for some specific purpose.
An Un-arranged Overdraft: is where you spend more money than you have in your current account and haven't agreed an Arranged Overdraft limit beforehand. You’ll also go into an Un-arranged Overdraft if you go over the agreed limit of your Arranged Overdraft, if you have one.
This is usually based on a good relation and long standing relationships in between, Anyway in both cases, this will be set-off with the subsequent credits in the account by the later, and is commonly a running account in nature.
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Overdraft is using resource more than what was available without pre-approval. Means going beyond the line.
Pre-approved credits are loans.
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn".
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. Basically the bank allows people to borrow a set amount of money.
When you have your bank account in negative.
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