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What is Overdraft

This is when you owe money to your bank through your current account.

Because of the nature of current accounts the bank may allow an account holder to take out more money than is in their bank account. This is called a bank overdraft facility. 

There are two types of overdraft:

  1.  Authoried
    This is where the bank has agreed a limit that you can be overdrawn. They may charge interest or a dialy rate when your overdrawn.

  2. Unauthorised.
    This is where there is no agreement with the bank and there will be penalties and high interest rate charged on the account.

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Term created / updated 2017-04-13 13:24:52

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