I once had overdraft which was more than my salary. I had to take a loan from a different bank to pay my overdraft. Was young and didn't fully understand it. I will never ever have an overdraft.
@torrancet768 ай бұрын
Wow….what bank was that with?
@MHawk-xt7vqАй бұрын
This is very educational because I didn’t have any funds left and now I know what the negative balance is.
@10khours2 жыл бұрын
Thanks for the ever educational content! We make such ill-informed decisions when young🤦🏾♀️. Been working to pay mine back the past few years - will get there soon
@hlobisileskincare38372 жыл бұрын
I love how this is straight to the point, short, yet very informative.... Thank you! 🤗 💗
@taylorschwab9301 Жыл бұрын
You make me so proud to be South African living abroad! Thanks so much.
@wilfredvicasiuskoper36532 жыл бұрын
You have the option of scheduling the overdraft over 12 months... Most banks will advise you to clear the OD with your 13th cheq that way you can still sort out your monthly expenses.
@ziyandambobo84242 жыл бұрын
There's a difference between going into overdraft on your cheque account (meaning the balance becomes negative to allow for your debit orders to run) and HAVING an overdraft facility (which is a product and is priced differently kind of like a PL for example)... But agree with everything else
@nkhensanikobyana48402 жыл бұрын
Never knew the “dangers” of using an overdraft
@chevonne84922 жыл бұрын
Thank you for this very helpful information about overdraft, it has helped me to decide against taking one out and live within my means. God bless you.
@AmeeraHoney_2 жыл бұрын
So weird how I was talking about this yesterday and there's a whole video on it! Siyabonga!! 🥺❤
@yolisak40732 жыл бұрын
Thank you so much for your insightful videos Nicolette:) Your property buying content is a real-life-saver! Please can you do a video on buying property from your parents, below market-value? Tax implications etc. Thanks
@iwasbornunderwater2 жыл бұрын
Yhoooo one of the first things that forced me into financial literacy 🤦🏽♀️ They just gave me one and sis just started spending. I was 24 and so irresponsible.
@FinancialBunny2 жыл бұрын
my first salary was R8K and I was offered an overdraft of R14K
@Cmrmusic7342 ай бұрын
Very helpful good editorial👍
@arianaencalada2524 Жыл бұрын
Thank you so much for explaining this very nicely
@liiilliees2 жыл бұрын
This is very insightful, thank you
@thembinkomo85189 ай бұрын
Great explanation ❤
@marvinmm43252 жыл бұрын
If overdraft is a credit facility does that mean the more I use it and pay ut back, the better my credit score will get? 🤔
@mjmeternal26962 жыл бұрын
We sisi uya rocka!! I love the vibe in your explanations. What will happen if I put more money on the Credit Card?
@KotinChronicles2 жыл бұрын
UGH this was SOOOOO helpful, thank you!!!
@Auris578 ай бұрын
Thank you, miss.
@Gtheeng10 ай бұрын
Thank you for the good information
@domingespphaulyondjaba27922 жыл бұрын
I took a long term overdraft with fnb in 2018 of N$ 7000 and I only managed to pay back $1000 so far. I guess the problem has always been having to go to the bank and queue up. They Current charge me interest rates but it's quite small and that has been my 1st and last overdraft since. Hope to pay back the remaining 6000 soon and close off that account
@Molly-dw1ft2 жыл бұрын
Sign up for online banking if you did not yet do so and you can pay off your at your comfort of your home and skip lines. You can call the bank on how to go about it.
@yumyumntintili41282 жыл бұрын
🥂We learn everyday
@roameasy88902 жыл бұрын
Dankie Sis Nicolette, mara we need more content. I know you’re busy but if you can, spoil us pls
@marshamosala18992 жыл бұрын
Thanks, very helpful🤗
@preciouskobane44732 жыл бұрын
Thank you so much for this video
@fineapple.60202 жыл бұрын
Thank you for the video ❤️.
@cwenga14692 жыл бұрын
Nicolette, Why don't you put a Financial advise disclaimer in the beginning of your video so you don't have to say it every time, or do both
@FinancialBunny2 жыл бұрын
because someone will say they didn't see it
@mologadihazellegodi86262 жыл бұрын
Thank you sis❤️❤️❤️
@julietoneill12687 ай бұрын
Thank you sis 🙏👏
@Kazi6072 жыл бұрын
Notification gang 💃💃💃
@Majdeebayan4 ай бұрын
thanks for helpe
@kgomotsodiale73552 жыл бұрын
I know banks enjoy taking our monies. However, why would we pay to have an overdraft facility? Shouldn't that come with an account that you open with the banks or the interest you have to pay once you in overdraft?
@FinancialBunny2 жыл бұрын
you pay interest only on what you use
@10khours2 жыл бұрын
And a facility fee - it's still a credit facility...
@jessmillerz5736 Жыл бұрын
i woke up to having an overdraft this morning and i had no idea about it, was told i need pay it if i can by 2:30 the same day. i’m very confused on what to do
@FinancialBunny Жыл бұрын
Did you go into a negative? Was the account overdrawn?
@wakeup24622 жыл бұрын
💯
@leesekati61822 жыл бұрын
Hi, what happens to the overdraft contract when one becomes unemployed?
@bongiwelandu25872 жыл бұрын
It depends if u took a credit life insurance. If u hv then u get retrenched it will pay ur installments for a certain period. If u die it pays off ur debt finish
@mercypath92 жыл бұрын
The whole video is just explaining what it is and what to do to avoid it pretty much no option mentioned
@anthonysaechao62 ай бұрын
Don't do overdraft once you borrow they only give you a short time to pay back if you don't pay back you can't touch your asset until you pay off your overdraft
@user-te6nj8fv7e11 ай бұрын
Thats okay there
@carlosrobmaynor87642 ай бұрын
Hi I have a a question about my bank overdraft limit ?
@yumyumntintili41282 жыл бұрын
Gang gang
@whatif92892 жыл бұрын
I have an overdraft with fnb, if I dnt use it 4 a specific month, I dnt pay anything. But if I use it, I pay around R69 service fee and less than R5 interest, maybe that's because my salary comes in on the 25th and cover the amount, b4 the charges.
@bongiwelandu25872 жыл бұрын
Thats what i always tell ppl that if u will hv 1 make sure its above ur salary andbuse it when necessary
@xcapitalmoney40896 ай бұрын
Does it help with credit score ?
@mgeijho2 жыл бұрын
I dont understand this overdraft thing.because ive heard people say they took years to pay theirs back but you are talking about R1000.00.i dont understand why someone would struggle to pay back 1000rand.wouldnt it automatically get wiped out once you deposit more than R1000 in your account?
@prichardgumpo16042 жыл бұрын
R1000 is just an example,i have a R10 000 overdraft that i am struggling to clear because of ignorant decisions,every month interest kicks me in the butt😂but i should be able to clear it in a few months time
@mgeijho2 жыл бұрын
@@prichardgumpo1604 i got that it was an xample i was just suprised that she used a low figure thats why i wanted to understand if shes talking about the same 1 that you for instance,are talking about!but i get it now.thanx for the clarity.
@Mis_Candy2 жыл бұрын
😪😪😪😪 thank you for this
@praetorianlukoskinen281410 ай бұрын
😢
@fundiesam2 жыл бұрын
Basically it's a mini loan 😫😫. Is there a way to cancel such?