Business Finance

Overdrafts

A short term working capital facility where a business can access finance up to an agreed limit.The banks will charge interest on any overdraft but beware – if you are careless enough to exceed any agreed limit you will pay very heavy penalties indeed! It is vitally important to ensure you have adequate arrangements in place to support the working capital requirements of your business to avoid such situations. Not only will it be costly in terms of the penalties imposed, it will also undermine your relationship with the bank and your suppliers.

In addition to interest on any overdraft charged, the banks will also levy expensive “arrangement” fees for setting up and reviewing your overdraft facility. XBA can help you o minimise these charges.



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