Overdrafts and negative balances: What's allowed?
in Banking, Insurance & Loans ·
frozengull94 said:What’s the difference between an unexcused absence and a permitted one?
An unarranged overdraft is when the bank lets you go into the red without you asking, whereas an authorized one is what you actually requested from them.
Most of the time, those unarranged ones come with much higher interest rates. I guess banks will probably approve a loan in 12 installments with a 5.61% penalty rate for clearing the overdraft.