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Personal Overdrafts
Personal Overdraft – provide you a credit facility that you can withdrawn when required and can pay later in terms of EMI’s.
Individual overdraft or personal overdraft is a situation when a bank allows an individual to cover a transaction or withdrawal even without any money in the account. This is a credit given by the bank to the individual when their account reaches zero.
The overdraft allows a person to continue withdrawing money from the account even when there are no funds in the account. The overdraft gives the person the liberty to withdraw a set amount of money from the bank. However, a certain amount of interest is applicable on this loan, and there is a small fee per overdraft.
While only some banks offer this facility, the account holder must check their balance to avoid such a situation. As overdraft comes with an interest and a per-transaction fee, studies have shown that people often pay more in costs than without it.
The overdraft allows a person to continue withdrawing money from the account even when there are no funds in the account. The overdraft gives the person the liberty to withdraw a set amount of money from the bank. However, a certain amount of interest is applicable on this loan, and there is a small fee per overdraft.
While only some banks offer this facility, the account holder must check their balance to avoid such a situation. As overdraft comes with an interest and a per-transaction fee, studies have shown that people often pay more in costs than without it.
Our team of experts at WealthVault is here to help you ease out your money management habits. The experts can introduce you to banks and the plans that offer individual overdraft protection.
Along with this, we can help you understand the system’s functioning better to avoid any overdraft situations. Client satisfaction is our top priority, and we work accordingly to help them out and ensure their benefit and savings.
Reach out to our professionals for assistance right away!
Along with this, we can help you understand the system’s functioning better to avoid any overdraft situations. Client satisfaction is our top priority, and we work accordingly to help them out and ensure their benefit and savings.
Reach out to our professionals for assistance right away!