Find Out If You Can Overdraft A Savings Account: What You Need To Know
WHAT IS AN OVERDRAFT? When money is taken out of a current account more than what is available, it is called an overdraft. This can be money in a bank account in financial systems. It could be groundwater in an aquifer for water supplies. If an overdraft has been agreed to in advance with the account provider and the amount overdrawn is within the allowed overdraft limit, interest is typically imposed at the agreed rate....