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Overdraft Facility |
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Overdraft Facility A short term loan that a bank makes to a business automatically if that business otherwise would face an overdraft. For example, if a business has $10,000 in the bank and withdraws $12,000 for its payroll, an overdraft facility is an automatic loan for the extra $2,000. The overdraft facility is payable on demand and, as with most loans, the business must pay interest on the amount borrowed. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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