Answered
In Education
How do you record overdraft?
please help me, on how do i record bank overdraft on the book of account? An How do you record the Post Dated Check received?
Results for: Overdraft
Answered
What is bank overdraft?
Bank Overdraft is a facility wherein a bank customer can withdraw more money than what is actually available in his/her account. Let us say I have an overdraft account with IC…ICI Bank and have only Rs. 5000 in my account, I can withdraw even 15000 or 20000 from my account. I will have to repay this money that I took from them in future or else they will charge me an interest. The bank will also set an Overdraft limit which will define how much money over and above my bank balance I can withdraw. (MORE)
Answered
What is authorised overdraft?
An authorised overdraft is an amount of money that you have agreed with you bank and which you can withdraw from the account for which the overdraft has been set up, the… overdraft being the extra fund you have access to when your account does not hold sufficient funds. (MORE)
Answered
Advantages of overdrafts?
A overdraft can ease cases where a very short term, large sum of money is required. But honestly it will be better terms to argue about the disadvantages of a overdraft, as t…here are numerous disadvantages. (MORE)
Answered
What are the disadvantages of overdrafts?
Overdraft fees incur disadvantages onto both banking consumers and originating firms themselves. Overdrafts can represent a form of usury against economically at risk popu…lations already struggling with meager financial resources. For them incurring overdraft fees on credit/debit cards can serious impact their budgets. Overdrafts represent a liabilities risk to firms as the create risky debt hedging by offering what is a form of predatory loans by authorizing transactions above account availabilities. (MORE)
Answered
In Banking
What is overdraft in banking?
Overdraft is a facility wherein a customer can withdraw money from his account even if he does not have sufficient balance to cover for it. He would have to eventually return …the money to the bank but still he can take cash for his requirements anytime he wants. You will be paying an interest equivalent to the money that you have taken from your OD account for as long as you haven't repaid the money in full. Also the bank will charge you an annual fee for providing the OD facility. (MORE)
Answered
What is an agricultural overdraft?
Either one will work. What will be more important is your skill as a phtoographer (if you overexpose your photos, you will wash out the color). If you don't keep your hand ste…ady, you will shake the camera when you snap the shutter, resulting in poor picture quality. (MORE)
Answered
What are overdraft accounts?
Overdraft is a facility wherein a customer can withdraw money from his account even if he does not have sufficient balance to cover for it. He would have to eventually return …the money to the bank but still he can take cash for his requirements anytime he wants. You will be paying an interest equivalent to the money that you have taken from your OD account for as long as you haven't repaid the money in full. Also the bank will charge you an annual fee for providing the OD facility. (MORE)
Answered
How do you repay an overdraft?
You don't actually repay and overdraft fee. When your account becomes negative the overdraft fee is then taken out adding to the original negative amount. In order for the ban…k to allow you to cash checks against your account or even keep the account you have to make a deposit to make the account good. When making the deposit that's when you essentially pay back the overdraft. For example if your account was in the negative $20.00 you are then hit with and overdraft fee commonly $35.00 so to make the account good and to use it you have to deposit at least $55.00 (MORE)
Answered
In Uncategorized
What is the purpose of overdrafts?
The reasons people overdraft their account vary depending on their situation. Mostly, it is because they need to purchase something that they do not have the funds available f…or. When they use their debit card to make the purchase, the bank will pay the charges and the consumer will incur a fee for the convenience of overdrafting their checking account. (MORE)