|Personal Overdraft Facility|
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Definition of Personal Overdraft Facility
Personal Overdraft Facility
A loan facility on a customers account at a financial institution allowing the customer to overdraw up to a certain agreed limit for an agreed period.
Money owed to the bank in a cheque account where payments exceed receipts.
An agreement permitting a bank customer to borrow either domestic dollars from the
International Banking facility. A branch that an American bank
A syndicated confirmed credit line with attached options.
An agreement by which a syndicate of banks indicates a willingness to accept
The amount by which a check or other payments exceeds the funds on deposits.
Is an agreement with the Bank or Financial Institution to cover overdrafts. This service will typically involve a fee and be limited to a pre-set maximum amount.
A short-term source of credit which allows you to overdraw on your account up to a pre-established limit. For example, overdraft protection spares customers both the cost and the personal embarrassment of NSF cheques. overdraft protection is attached to your PCF Chequing Account.
System whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage.
Assets, the title of which are held personally rather than in the name of some other legal entity.
A legal document whereby an individual takes responsibility for payment of debt or performance of some obligation if the person/company primarily liable fails to perform.
A bank's commitment to make loans to a borrower up to a specified maximum during a specific period, usually one year.
A revolving source of credit with a pre-established limit. You access the funds only as you need them, and any amount that you pay back becomes accessible to you again. Unlike a personal loan, a PLC permits you to write cheques and make bank machine withdrawals, and requires you to pay interest only on the funds that you actually use.
A lump sum that you borrow from a financial institution for a specified period of time. To repay the loan, you pay interest on the entire lump sum, and make payments on a scheduled basis.
A federal Act requiring the reporting of new hires into a national database.
Personal tax view (of capital structure)
The argument that the difference in personal tax rates between
An interest in an asset held by a trustee for the benefit of another person.
PIN (personal identification number)
A secret code that you use to access your bank account at a bank machine or at a point of sale (POS) terminal. You may also have a PIN for banking by telephone.
Bank borrowing facility to provide finance while the firm replaces U.S. commercial paper
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