Arranged Overdrafts a) You can talk to us about requesting an Arranged Overdraft, during or at any point after opening an account with us. If you are an existing customer you can request an increase to or a reduction of an existing Arranged Overdraft limit by talking to us in branch, via Online Bank or over the phone. After reviewing your request, we may either:
Arranged Overdrafts. 8.2 We may agree to make an Arranged Overdraft available on your account. Arranged Overdrafts are only available on certain Transaction Accounts, and only if the additional conditions for that particular type of account say so. Where an Arranged Overdraft is available, the additional conditions for the account will tell you whether you need to meet any Arranged Overdraft eligibility criteria.
Arranged Overdrafts. If you want to borrow from us using your account, you must apply for an arranged overdraft. This allows you to borrow up to an agreed limit. Whether we agree to lend you money depends on your financial situation. If we do agree, we’ll tell you the limits and interest rate in a letter that contains the terms of the arranged overdraft. This is called a facility letter. If you have an arranged overdraft that you haven’t used for a certain period of time, we may end the facility and, if we do so, we’ll write to tell you. Unarranged overdrafts It may be that a payment instruction or us taking an amount from your account would result, without prior arrangement, in the account becoming overdrawn, or the agreed overdraft limit being exceeded. If so, we may in our sole discretion and without contacting you, allow an overdraft to be created or allow the agreed overdraft limit to be exceeded. In these circumstances, the new or excess overdraft is an unarranged overdraft and you will be charged at the applicable rate for unarranged borrowing. For details of our unarranged borrowing rate please see the tariff or price plan for your account. It can vary like all other terms under this agreement. Overdrafts are repayable on demand. This means we can ask for immediate repayment although we’ll usually give you advance notice for any arranged overdraft. Repaying what you borrow When we deduct fees and charges from your account, they reduce your balance or form part of the amount you owe us. When you put money into your account, we’ll use it to repay any amounts you owe us. We do this in a set order.
Arranged Overdrafts a) You can contact us to discuss and request an overdraft, or an extension to an existing overdraft, in each case up to a set limit and in either case this is referred to as an ‘Arranged Overdraft’. After reviewing your request, we may either:
