Do not overdraft ever on your checking account or they will constantly take away the amount that you overdrew and that your next paycheck will not be enough to cover your bills.
You can purchase overdraft protection at Bank of America and Wells Fargo by going online or to one of their service centers and signing up to be covered. Chase bank has overdraft protection but you only pay if you have to use this service.
yes it is an asset overdraft
Would you classify a Bank Overdraft as Cash? If Yes, why?
"Bank of America offers standard checking and saving. In addition, lending services include five types of mortgages. Bank of America also offers overdraft protection."
interest on bank overdraft.
You can purchase overdraft protection at Bank of America and Wells Fargo by going online or to one of their service centers and signing up to be covered. Chase bank has overdraft protection but you only pay if you have to use this service.
Debit cash / bankCredit loan from bank / bank overdraft
Debit cash / bankCredit bank overdraft
yes it is an asset overdraft
Would you classify a Bank Overdraft as Cash? If Yes, why?
"Bank of America offers standard checking and saving. In addition, lending services include five types of mortgages. Bank of America also offers overdraft protection."
Your income & your ability to repay the money provided as overdraft
interest on bank overdraft.
For an overdraft, the journal entry would be to debit the bank account (increasing the overdraft liability) and credit the corresponding expense account or accounts that led to the overdraft. This reflects the additional amount drawn from the bank account beyond the available balance.
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 ICICI 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.
do you have to pay interest on a band 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 ICICI 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.