2007-06-07 23:11:17 · 13 answers · asked by fee 210 1 in Business & Finance ➔ Credit
whats overdaft?
2007-06-07 23:13:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, you can be overDAFT (smirk). Seriously, you can get overdraft protection from your bank with reasonable fees IF you make the agreement in advance with the bank. In our case, we have an agreement to attach any overdraft directly to the VISA card issued by the same bank. Should we accidentally overdraw, a cash advance is drawn from the card in sufficient amount to cover the shortage, and the bank mails us a notice indicating what occurred. The fees are not too bad at all.
However, without prior agreement, the bank can either refuse to honor the check, or, at its discretion cover the shortage and charge you a substantial fee for doing so.
2007-06-08 07:12:39 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
Yes. The bank will usually allow you to do it, depending on your account (switch cards will do it, visa electron you can only get away with if you get cashback in certain places!), but you will be charged a fee and interest for each day you are over your overdraft limit.
My advice is don't do it, but my boyfriends would be, make sure you take out exactly what you need. If you make 2 transactions, you will get 2 fees, and if you take out more than you need, you'll pay more interest. It's a fine balance!
2007-06-08 06:15:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
shame you are going to get so picked on for saying overdaft. lol
you can only go into overdraft if u have that facility on your account. you'll have to call your bank to find out.
2007-06-08 06:14:54 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you have a basic bank account, then no, you cannot go overdrawn. Any other current account should have overdraft facilities on them, but you should contact your bank and arrange an overdraft, otherwise you will be charged high fees if it is unauthorised.
2007-06-08 08:26:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes if you have overdraft protection. They charge you fees for the service and interest on the money. It is a win-win situation for the bank only.
2007-06-08 07:12:27 · answer #6 · answered by Gone fishin' 7 · 0⤊ 0⤋
depends on the type of account.
for example my mrs - income nil - overdraft allowance of £100 because it is a standard account.
me - income, well lets say its comfortable, overdraft allowance - nil because it is a lesser account. yet we use the same bank - logic in that, nil.
2007-06-08 09:43:06 · answer #7 · answered by alatoruk 5 · 0⤊ 0⤋
Yes it would be very daft!
You need to phone the bank first to agree on this or you will be charged extortionate rates.
2007-06-08 06:13:49 · answer #8 · answered by Ylang-Ylang 6 · 1⤊ 0⤋
yes you can
best contact your branch for a limit to avoid charges of unauthorised overdraft
2007-06-08 06:19:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes you can my advice is to put draft excluders around the doors and windows this should help keep your account warm
2007-06-08 06:21:35 · answer #10 · answered by a2wickedbad 1 · 0⤊ 0⤋