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What is the difference between overdraft facility and bank account debit?

Bank Accounting Economics Banking Bank Reconciliation
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Question added by Sami CHIHA , Finance Manager , SHERWOOD
Date Posted: 2016/04/23
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by Deleted user

Overdraft Facility : A option given by a banker to its Current Account Holders wherein the bank shall pay the customer's obligations even if the Account does not have sufficient funds up to a agreed amount by both parties.

Bank Account Debit: The funds available in the account are used immediately to pay off the obligations.

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