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Bank overdraft Just as there are now many different types of accounts available to the customer so there are many different types of borrowing facilities, or lending products as they tend to be called. Bank overdraft is one of the lending products provided by the banks in New Zealand. Not only register banks provide overdraft but also some non-bank organization. Therefore, overdraft is the most common source of short-term finance available. *What is bank overdraft Overdrafts are provided to both personal and commercial customers for what are known as working capital purposes and are attached to a cheque account. Overdraft enables you: 1. Get cash at ATMs 2. Pay off accidents, sickness or unemployment 3. Avoiding late payment on your bills Overdraft enables business: 1. Working capital funding 2. Seasonal fluctuations in business cash flow 3. Late payment by debtors *Types of overdraft -----Interest-free overdraft -----Interest-bearing overdraft *How bank overdraft currently operate An overdraft facility permits the account holder to draw...

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