What is an Overdraft? How do you pay it back?

In this video we look at the Overdraft facility

[@nwabisabeba1678]

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.

[@torrancet76]

Wow….what bank was that with?

[@MHawk-xt7vq]

This is very educational because I didn’t have any funds left and now I know what the negative balance is.

[@10khours]

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

[@hlobisileskincare3837]

I love how this is straight to the point, short, yet very informative.... Thank you! 🤗 💗

[@taylorschwab9301]

You make me so proud to be South African living abroad! Thanks so much.

[@wilfredvicasiuskoper3653]

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.

[@ziyandambobo8424]

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

[@nkhensanikobyana4840]

Never knew the “dangers” of using an overdraft

[@chevonne8492]

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_]

So weird how I was talking about this yesterday and there's a whole video on it! Siyabonga!! 🥺❤

[@yolisak4073]

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

[@iwasbornunderwater]

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.

[@FinancialBunny]

my first salary was R8K and I was offered an overdraft of R14K

[@Cmrmusic734]

Very helpful good editorial👍

[@arianaencalada2524]

Thank you so much for explaining this very nicely

[@liiilliees]

This is very insightful, thank you

[@thembinkomo8518]

Great explanation ❤

[@marvinmm4325]

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? 🤔

[@mjmeternal2696]

We sisi uya rocka!! I love the vibe in your explanations. What will happen if I put more money on the Credit Card?

[@KotinChronicles]

UGH this was SOOOOO helpful, thank you!!!

[@Auris57]

Thank you, miss.

[@Gtheeng]

Thank you for the good information

[@domingespphaulyondjaba2792]

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-dw1ft]

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.

[@yumyumntintili4128]

🥂We learn everyday

[@roameasy8890]

Dankie Sis Nicolette, mara we need more content. I know you’re busy but if you can, spoil us pls

[@marshamosala1899]

Thanks, very helpful🤗

[@preciouskobane4473]

Thank you so much for this video

[@fineapple.6020]

Thank you for the video ❤️.

[@cwenga1469]

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

[@FinancialBunny]

because someone will say they didn't see it

[@mologadihazellegodi8626]

Thank you sis❤️❤️❤️

[@julietoneill1268]

Thank you sis 🙏👏

[@Kazi607]

Notification gang 💃💃💃

[@Majdeebayan]

thanks for helpe

[@kgomotsodiale7355]

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?

[@FinancialBunny]

you pay interest only on what you use

[@10khours]

And a facility fee - it's still a credit facility...

[@jessmillerz5736]

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]

Did you go into a negative? Was the account overdrawn?

[@wakeup2462]

💯

[@leesekati6182]

Hi, what happens to the overdraft contract when one becomes unemployed?

[@bongiwelandu2587]

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

[@mercypath9]

The whole video is just explaining what it is and what to do to avoid it pretty much no option mentioned

[@anthonysaechao6]

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-te6nj8fv7e]

Thats okay there

[@carlosrobmaynor8764]

Hi I have a a question about my bank overdraft limit ?

[@yumyumntintili4128]

Gang gang

[@whatif9289]

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.

[@bongiwelandu2587]

Thats what i always tell ppl that if u will hv 1 make sure its above ur salary andbuse it when necessary

[@xcapitalmoney4089]

Does it help with credit score ?

[@mgeijho]

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?

[@prichardgumpo1604]

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

[@mgeijho]

@@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_Candy]

😪😪😪😪 thank you for this

[@praetorianlukoskinen2814]

😢

[@fundiesam]

Basically it's a mini loan 😫😫. Is there a way to cancel such?

[@nkosiyabomelvin4646]

You have to pat it back to cancel it

[@setapomoloi7709]

Yep definitely a grave

[@wiseman9960]

Fix your acoustic

[@FinancialBunny]

Will do Wisey❤️