0
No. Overdraft is a facility wherein a customer can withdraw money from his account even if he does not have sufficient balance to cover for it. He would have to eventually return the money to the bank but still he can take cash for his requirements anytime he wants.
Mortgage is a facility wherein a customer borrows money from a bank to purchase a home.
The only similarity between overdraft and mortgage is the fact that you will be paying an interest to the bank in return for the cash you borrowed from them.
Add your answer:
Earn +20 pts
Can you apply for bank overdraft if your property is still under mortgage loan?
Yes. Overdraft protection is usually tied to your checking account and doesn't relate to a mortgage loan or even require that you own a home. In most cases you apply for overdraft protection and if you qualify, the bank will approve you for a preset line of credit. When a check is presented on your checking account and you do not have enough to cover it, the bank will advance a sum of money to pay the check. The bank usually begins to charge an agreed upon interest rate to you on the sum of money they advanced until you pay for the amount of the advance and the accrued interest.
Can I overdraft with bbt ATM?
Need overdraft of R1000
Is bank overdraft an asset?
yes it is an asset overdraft
How do you record a 2nd mortgage?
You file it in the same registry as the first mortgage.
What is a overdraft check?
overdraft check is a check of "no sufficient funds".
Is not a form of revolving credit i. Overdraft ii. Credit card iii. Charge card iv. Home equity line of credit?
Home mortgage
Disadvantage of bank overdraft?
Some of the disadvantages of a bank overdraft facility are:you keep spending money even when you don't have enough cash to meet your spendingyou pay an interest on the money you utilize as part of the overdraft
Is an overdraft an advance?
Yes. Overdraft is like an advance where you take cash from your overdraft account (even though you do not have equivalent bank balance) and then you repay the money to the bank once you have raised enough funding to repay the same. The bank would charge you an overdraft fee + interest for the money you borrowed from them
Can you apply for bank overdraft if your property is still under mortgage loan?
Yes. Overdraft protection is usually tied to your checking account and doesn't relate to a mortgage loan or even require that you own a home. In most cases you apply for overdraft protection and if you qualify, the bank will approve you for a preset line of credit. When a check is presented on your checking account and you do not have enough to cover it, the bank will advance a sum of money to pay the check. The bank usually begins to charge an agreed upon interest rate to you on the sum of money they advanced until you pay for the amount of the advance and the accrued interest.
Can I overdraft with bbt ATM?
Need overdraft of R1000
Is bank overdraft an asset?
yes it is an asset overdraft
How do you record a 2nd mortgage?
You file it in the same registry as the first mortgage.
What is the equivalent of the term overdraft protection in Portuguese?
proteção do overdraft
What is a overdraft check?
overdraft check is a check of "no sufficient funds".
How do you spell overdraft?
That is the correct spelling of "overdraft" (a bad check).
Interest on overdraft?
Overdraft interest is usually around 17 to 21 percent. This is a huge penalty and your overdraft should be paid off as soon as possible. Most banks will not allow you to have an overdraft for long.
Does bank overdraft go on a balance sheet or income statement?
Bank overdraft is shown in balance sheet same as bank account or any other cash account, it's a short term bank credit.
