In urgent cash needs, the amount determined by the bank is called a deposit account. The overdraft account belongs to bank customers and only has the right to use it.
It is recommended to be very careful with the overdraft account required to withdraw the amount determined by the debit card. The delay interest rate of this account is slightly higher than other accounts. The question many people wonder is how to open a deposit account?
How to Use Overdraft Account?
The overdraft deposit account, which is prepared for each bank customer and has different amounts, is available for the needs of individuals. It is a type of account that is not suitable for continuous use and can only be used if it is tightened in cash. In addition, if you do not have a credit account, you must apply. If you have made good and regular payments in your banking history, this account will be opened instantly.
Your bank will not open this account if something else has happened. Your bank score must be high before applying to the overdraft account. You can apply to the nearest bank branch to open an overdraft account. Your bank must share all the detailed and necessary information with you. You can decide to open a credit account by asking every question you have in mind. The only thing you need to pay attention to here is to provide timely repayments.
What is the Overdraft Account Limit?
Each bank determines a different amount for the limit of the overdraft account. Limit adjustment for overdraft account is based on your credit rating. If your credit rating is low, a small amount is set. If you have some money at the bank where you want to use Good Finance, your limit will increase even more.
The due date of the overdraft account is also determined by you. You should definitely share the date you can pay with the bank official. Otherwise, your overdue payments will increase even more due to interest. Some banks set a limit according to the salary amount of their salary customers. You will never encounter an overdraft account at a higher salary.
How is the Interest on the Deposit Account calculated?
The interest rate of the overdraft deposit account, which is proposed to be used in home emergency needs prepared for bank customers, varies according to each bank. The interest rate of overdraft account and additional account fee varies by bank. However, it is said to be higher than other interest rates. The interest rate is high as the overdraft account is an emergency loan and there is a condition to repay it on time. Since it is available in banks that charge additional fees, you should definitely contact your bank before opening an account.
What happens if the money withdrawn from your overdraft account is deposited late?
The overdraft deposit account given to you by your bank is very useful in difficult times. But if you do not pay the money you withdraw from your overdraft account in time, the expense to be applied exponentially may bother you a little. Instead of paying more money, it will be in your interest to pay money by paying attention to the bank’s account cut-off date.
You also need to adjust the payback time well before using the money in the overdraft account. It is not recommended to constantly use the overdraft account to avoid bigger and troubled moments later. Bank employees provide you with this type of information and provide you with more ideas.
Is Overdraft Account Closed?
You have the right to close your overdraft account that you do not want to use or need to remain open. You can close your credit legislation account at bank branches or online. However, if you still have an ongoing account, the closing can be done after the debt is over. You can get information from bank branches after a few days to make sure the account you closed.