answersLogoWhite

0

The bank gets to charge outrageous fees and your 'credit' is protected with the person receiving the check.

User Avatar

Wiki User

16y ago

What else can I help you with?

Related Questions

Overdraft protection could be a positive factor if a deposit in transit occurs.?

yes


Where does a bank overdraft go on a balance sheet?

It depends: if the bank has a right to set-off the overdraft against any other positive balance, then it is netted off against cash. If there is no right to set-off, the overdraft appears as a currently liability (separately if it's material).


In which direction do electric field points from positive to negative?

The electric field points from positive to negative.


Is bank overdraft an asset?

yes it is an asset overdraft


Can I overdraft with bbt ATM?

Need overdraft of R1000


How do you spell overdraft?

That is the correct spelling of "overdraft" (a bad check).


What is the equivalent of the term overdraft protection in Portuguese?

proteção do overdraft


What is a overdraft check?

overdraft check is a check of "no sufficient funds".


Interest on overdraft?

Overdraft interest is usually around 17 to 21 percent. This is a huge penalty and your overdraft should be paid off as soon as possible. Most banks will not allow you to have an overdraft for long.


Do you have to pay interest on a bank overdraft?

do you have to pay interest on a band overdraft ?


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.


Why is it not good to use an overdraft?

it is not good to use an overdraft because then you can get quite cold!