Banks offer their customers several advantages. One such benefit is the overdraft facility that has been made easily accessible to account holders. As per this facility, a customer is allowed to withdraw money from their bank account even though the balance shows zero. It is important to know that an overdraft facility is usually offered to withdraw a limited amount.
What is an Overdraft Limit?
The overdraft limit is basically the money value permitted by the bank, which can be withdrawn in addition to the credit bank balance. Moreover, the bank also charges extra fees if a customer exceeds his/her overdraft limit or for bounced payments.
