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Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

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Overdraft facility also known as drawing credit or overdraft loan

Unless otherwise defined, in the case of a private account (usually a salary account), this refers to the possibility of overdrawing the account within specified limits (overdraft limit). In this case, the accrued interest is usually calculated on a daily basis and is usually deducted every three months. – However, the interest charged for the overdraft facility is much higher than the interest charged for other financing methods. This is because the overdraft facility is intended to bridge sudden bottlenecks in a private household, such as a temporary loss of earnings or illness, and to serve as a liquidity buffer. For other purposes, banks provide a number of special offers. § Section 493 of the German Civil Code contains a number of important legal bases for overdraft facilities. – When a business customer’s account is overdrawn, it is more commonly referred to as a current account advance. – See book credits, epoch, credit card, credit line, framework credit, overdraft, overdraft fee, template.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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