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Overdraft on Current Account info

  • 06-07-2011 3:48pm
    #1
    IrishEyes19
    Registered Users, Registered Users 2 Posts: 1,861 ✭✭✭


    Just wondering if someone could explain the process of an overdraft on a laser to me. Im completely bank issues illiterate, having just used a normal atm card for the past few years and moved to a laser about a year ago. If I requested a overdraft on my laser card, how do they go about getting the repayment back. Is it a month later with interest ect. Any info would be great. thanks:)


Comments

  • #2
    keithclancy
    Registered Users, Registered Users 2 Posts: 9,208 ✭✭✭keithclancy


    The laser makes no difference.

    Its whatever terms are on the overdraft facility on your account.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    There is no difference in the procedure between a Laser and an ATM card, they are just different mechanisms for accessing money.

    If you have an overdraft facility it means you are allowed to go into the red so a laser transaction or ATM withdrawal will be approved up to the agreed limit. This means, for example, if your account is 20 euros overdrawn (i.e. you owe them 20 euros) and you have an overdraft limit of 100 euros, you will be allowed to spend (on laser) or withdraw cash (with an ATM card) up to 80 euros.

    With an overdraft there is no scheduled repayment as there is with a mortgage or term loan but the bank will probably expect you to not be permanently in the red i.e. once every so often you need to be in the black (i.e. have a positive balance).

    During times you are overdrawn they will calculate interest and apply this to your current a/c every three months or so. You can avoid interest altogether by getting a credit card but you need discipline (which means that you avoid the temptation to buy something just because you can) and you must pay off the full balance every month.


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