If a person fails to pay their overdraft fees for their bank account, the bank can take the person to court. If the person is taken to court, they may have to pay more fines and court costs.
It depends. You cannot be jailed for just availing the bank overdraft facility. But if you fail to pay back the money you owe the bank that you utilized by means of the overdraft option, then the bank can initiate a legal proceeding against you and you may be jailed if you fail to pay the money.
It Depends: Yes - If you have a valid overdraft account with the bank and you currently do not have enough balance in your account to pay for bank charges No - If you do not have a valid overdraft account with the bank.
it is when you do not pay a authorised payment from your bank lol
Some of the disadvantages of a bank overdraft facility are:you keep spending money even when you don't have enough cash to meet your spendingyou pay an interest on the money you utilize as part of the overdraft
The cheques and payments that are due from you would get paid even if your account does not have sufficient funds to pay them. this is the advantage of an overdraft facility
It depends. You cannot be jailed for just availing the bank overdraft facility. But if you fail to pay back the money you owe the bank that you utilized by means of the overdraft option, then the bank can initiate a legal proceeding against you and you may be jailed if you fail to pay the money.
Some of the disadvantages of a bank overdraft facility are:you keep spending money even when you don't have enough cash to meet your spendingyou pay an interest on the money you utilize as part of the overdraft
do you have to pay interest on a band overdraft ?
Yes. Banks provide overdraft facilities to customers at a fee. This fee is chargeable on a yearly basis and the bank has the right to deduct the amount from your bank account every year. If you fail to pay the fee, the bank also has the right to cancel your overdraft facility.
It Depends: Yes - If you have a valid overdraft account with the bank and you currently do not have enough balance in your account to pay for bank charges No - If you do not have a valid overdraft account with the bank.
it is when you do not pay a authorised payment from your bank lol
Some of the disadvantages of a bank overdraft facility are:you keep spending money even when you don't have enough cash to meet your spendingyou pay an interest on the money you utilize as part of the overdraft
The cheques and payments that are due from you would get paid even if your account does not have sufficient funds to pay them. this is the advantage of an overdraft facility
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.
Bank Overdraft as Liability by Kayors Yes, a bank overdraft are classified as a current liability. What happens here is withdrawls from the bank exceed deposits. The lending institution, usually the bank, would allow an extension of credit in such a case. The company is usually expected to pay within short-term and it results in negative balance in company's bank account. That is the reason for the overdraft being classified as a current liability.
In order to close it, you have to pay off the overdraft first.
Only if you do not pay the overdraft.