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Farm Business
Agricultural Matters
Overdraft requirements for coming growing season.
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<blockquote data-quote="neilo" data-source="post: 6745252" data-attributes="member: 348"><p>The changes are for authorised overdrafts too, bringing an end to the penalty clauses for unauthorised borrowing, where the banks have been charging for each day over the limit, on top of high interest rates. Apparently it’s unfair!</p><p></p><p>I was shocked by the report on BBC Breakfast that reckoned 11million people in the UK used unauthorised overdrafts (as well as 14m using authorised ones). I had no idea so many were regular borrowing at crazy rates like those.</p><p>I have a (free) OD facility on my current account, but I’ve never used it. My business OD is in regular use for working capital though, which is what they’re meant for, not long term borrowing. It used to be that, if you stayed in the red, the banks would try to move some of the debt onto longer term borrowing such as loans, but I suspect it has more to do with which product provides the biggest margin to them now.</p></blockquote><p></p>
[QUOTE="neilo, post: 6745252, member: 348"] The changes are for authorised overdrafts too, bringing an end to the penalty clauses for unauthorised borrowing, where the banks have been charging for each day over the limit, on top of high interest rates. Apparently it’s unfair! I was shocked by the report on BBC Breakfast that reckoned 11million people in the UK used unauthorised overdrafts (as well as 14m using authorised ones). I had no idea so many were regular borrowing at crazy rates like those. I have a (free) OD facility on my current account, but I’ve never used it. My business OD is in regular use for working capital though, which is what they’re meant for, not long term borrowing. It used to be that, if you stayed in the red, the banks would try to move some of the debt onto longer term borrowing such as loans, but I suspect it has more to do with which product provides the biggest margin to them now. [/QUOTE]
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Overdraft requirements for coming growing season.
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