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General details about overdrafts
An overdraft limit is really a borrowing center makes it possible for you to definitely borrow cash throughout your present account.
There are two main forms of overdraft – unarranged and arranged.
An arranged overdraft is a limit that is pre-agreed which enables you to save money money than you’ve got in your overall account. It could be a security internet to pay for short-term outgoings, such as a unforeseen bill. It’s not ideal for longer-term borrowing. We charge a fee for every single time of this thirty days you go beyond any interest free limit you may have that you use your arranged overdraft where.
An unarranged overdraft is whenever you may spend more cash in advance or you have exceeded an existing arranged borrowing facility than you have in your current account and you have not agreed an arranged overdraft limit with us.
You are able to only make re re payments from your own account when you yourself have sufficient money into your account or through an arranged overdraft to pay for them. Barclays will usually make an effort to get back any deal that may simply take your account into an unarranged overdraft position. Having money that is enough your overall account or having an arranged overdraft limit may help avoid re payments such as for example concern bills from being came back unpaid.
On really uncommon occasions we could be struggling to get back a repayment ( ag e.g. as a result of an offline deal made on a journey) therefore the account may enter an unarranged overdraft.
