0
What happens if i overdraft anything between 3000 to 5000 because i need the money as an emergency and i have overdraft protection?
Wiki User
∙ 14y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Why is it not good to use an overdraft?
it is not good to use an overdraft because then you can get quite cold!
Is bank overdraft a liability?
Yes Bank overdraft is always a liability, because banks charge interest on overdraft amount on current account interest rate. Since overdraft is an adhoc arrangement it has to be liquidated within a time frame. So, it is advisable to ask for overdraft arrangement only in dire needs.
How can you say overdraft is an asset?
An overdraft is an asset for the bank because it is money that they will receive with interest. From the customers point of view, an overdraft is a liability because we have to repay the money with interest. Overdraft accounts offer easy cash but at high interest rates. As you are going to return the money including any fees/interest, it will always be a liability for you as the customer.
What are the disadvantages of a overdraft?
Some disadvantages include: 1. Rate of interest charged on the overdraft amount used 2. We do not keep a check on our expenses. because of the availability of overdraft we may overspend when compared to our income.
Is 3600.00 in overdraft fees for1 year legal?
I have overdraft protection, so my bank covers overdrafts instead of bouncing checks. This is useful because I have several auto-pay accounts, and I don't keep track of them well. However, overdrafts are charged to me at a rate of $30 a pop- if I had 120 overdrafts, that would be $3600. Just how disorganized is your checkbook? H-m-m-m?
Why is it not good to use an overdraft?
it is not good to use an overdraft because then you can get quite cold!
What did the emergency services do in the Kobe earthquake?
they could not do anything because they did not arrive
Is bank overdraft a liability?
Yes Bank overdraft is always a liability, because banks charge interest on overdraft amount on current account interest rate. Since overdraft is an adhoc arrangement it has to be liquidated within a time frame. So, it is advisable to ask for overdraft arrangement only in dire needs.
How can you say overdraft is an asset?
An overdraft is an asset for the bank because it is money that they will receive with interest. From the customers point of view, an overdraft is a liability because we have to repay the money with interest. Overdraft accounts offer easy cash but at high interest rates. As you are going to return the money including any fees/interest, it will always be a liability for you as the customer.
What are the disadvantages of a overdraft?
Some disadvantages include: 1. Rate of interest charged on the overdraft amount used 2. We do not keep a check on our expenses. because of the availability of overdraft we may overspend when compared to our income.
Why didn't the German citizens do anything about the concentration camps?
because the camps were there for their protection
Is 3600.00 in overdraft fees for1 year legal?
I have overdraft protection, so my bank covers overdrafts instead of bouncing checks. This is useful because I have several auto-pay accounts, and I don't keep track of them well. However, overdrafts are charged to me at a rate of $30 a pop- if I had 120 overdrafts, that would be $3600. Just how disorganized is your checkbook? H-m-m-m?
Is overdrafting your bank account considered fraud Can you be stopped from leaving the country because of this?
If you KNOWINGLY write checks that cannot possibly be paid, yes, you have committed fraud. Whether or not it will prevent you from leaving the country cannot be known. Thanks for the answer Bob. I did not write any checks, it is an overdraft from use of debit card. Is it a similar case? Sorry to tell you that, yes, it is. A debit card is treated the same as paper checks. HOWEVER, if you are subscribed to an "overdraft protection" plan you would be covered and technically NOT overdrawn (but you will be being charged exorbitant rates for this protection by the bank).
Can you get overdraft fees refunded?
Overdraft fees can be refunded by calling the bank and asking them who accepts legal paperwork on behalf of the bank, because you intend to take them to small claims court and get your money back.The bank will usually refund the overdraft fees within a few days because it would cost them more to defend themselves in court than it would be to refund your fees.
Will always receive immediate medical attention in the emergency room?
sometimes . well yes , because they'll get you anything that you want or need .. its just a matter of time . (:
What are some of the biggest money makers for banks in terms of services they offer?
Fees tend to be one of the greatest sources of revenue for banks. For example, if you have overdraft protection, your bank is going to charge you $20-$40 per item that bounces. This is considered a service to you because it keeps your payments from being declined at the point of sale.
Does The Commercial Overdraft Possess A Variable or Fixed Rate?
Because of the changing character of the facility, it is just provided with a flexible rate of interest.
