What is an overdraft?

Overdraft explained #business #personalfinance #money

[MisterRorschach]

Banks automatically set it up for you and don’t tell you about it. They will even, like in my case, set it up when you’ve asked them multiple times to turn it off. Then you get a 37 dollar fee each time you use your card. So you better hope you don’t use your card at a place that does extra service charges or tips that post outside the main total. Or you’ll get hundreds of dollars in overdraft fees for spending a few dollars.

[ChristianSieburger]

Hello!
Then what would be the best way to get a loan for getting a property/car etc?; if it is not with your current bank?
Hope my question is understandable, I am not really good on this area I an only 23 and very cheap experience

[derbylied]

What about Monzo overdraft?, they are offering a thousand and exchange 30 odd quid in return however it seems dodgy to me like it could be a scam and they will likely take more money out of me in debt.