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If a balance in the bank account is overdrawn on what side is the balance brought down?
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∙ 15y ago
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Wiki User
∙ 15y ago
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What is overdrawn account?
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. An account where the customer has used his/her overdraft facility is called an overdrawn account
Settling an old overdrawn bank account?
Settling an old, overdrawn bank account can help to improve your credit standing over a period of time. Many banks will also allow you to open an account again once the overdraft is paid.
What does OD mean on a bank statement?
Overdrawn. Means the bank account in question doesn't have enough money to supply a check written or a recent withdrawal. Generally a bad thing.
Can you close your bank account if it is overdrawn?
In order to close it, you have to pay off the overdraft first.
What is stands for OD bank account?
OD in banking typically stands for overdraft or overdrawn, meaning more cash was taken than was in the account.
How can you use negative numbers to represent real-world problems?
An overdrawn balance on your bank account is a negative number !
What if your checking account is overdrawn by 50. you write a check for 20. what is the balance on you account?
At the moment of writing the check, the balance is still $50 overdrawn. If the check should be presented to the bank, then your balance will depend upon several factors: If you have an overdraft facility and the $20 check does not exceed this, then your new balance will be $70 overdrawn. If you do not have an overdraft facility, then the bank may bounce (decline) the check, in which case your balance may still be $50 overdrawn. However, they may charge you for bouncing the check as you did not have the funds to meet the check, so your overdraft will be increased by their fee, whatever it is. They may honour the check and your bank balance will be $70 overdrawn. However, they may also charge you a fee for honouring the check when you were overdrawn; thus your balance will be increased from $70 overdrawn by their fee. You may also have received funds before the check was presented, eg you got paid, and so the balance may not be overdrawn and the check honoured without problem.
What is the past tense of overdrawn?
The past tense of overdrawn is overdrew. As in "he overdrew his bank balance".
If a company has overdrawn its bank balance then what is the answer?
if the company has overdrawn it balance that means the company ow the bank' in other words the company had made an overdraft, it is the liability to the company..
Example of a real life situation for the integer -100?
You overdraw your bank account by 100 currency units. What is your bank balance? That is, before the bank slaps on a overdrawn penalty, an interest charge, a charge to write to you to inform you that you are overdrawn, and quite possibly, a charge to tell you that you are now even more overdrawn than you thought because of all these charges!
What is --5?
-5-5=-10 e.g. if you are overdrawn in your bank account by $5 and withdraw another $5 you will be left with an overall negative balance of -$10.
What is 5'?
-5-5=-10 e.g. if you are overdrawn in your bank account by $5 and withdraw another $5 you will be left with an overall negative balance of -$10.
What is 5!?
-5-5=-10 e.g. if you are overdrawn in your bank account by $5 and withdraw another $5 you will be left with an overall negative balance of -$10.
What is overdrawn account?
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. An account where the customer has used his/her overdraft facility is called an overdrawn account
How do you write a appeal letter to bank on not closing my current account due to overdrawn?
When you write a letter to your bank make sure you are honest. It is always better to tell them the reasons for having your account overdrawn.
What is -5-5?
-5-5=-10 e.g. if you are overdrawn in your bank account by $5 and withdraw another $5 you will be left with an overall negative balance of -$10.
What is -5 (-3)?
-5-5=-10 e.g. if you are overdrawn in your bank account by $5 and withdraw another $5 you will be left with an overall negative balance of -$10.
