... is stated and the length of the borrowing agreed. The bank will adopt its normal criteria in deciding whether or not to agree to the customer's request and its decision will be put in writing. Technically all overdrafts are repayable on demand though in reality they are allowed for the period agreed and would not be called in earlier unless there were exceptional circumstances . Some current accounts provide for an automatic overdraft facility up to a prescribed limit, which could possibly specify that interest will not be charged for borrowing up to a specified sum and beyond that a rate of interest and a fixed quarterly commission charge which is generally more favorable than that charged to customers who borrow without such an account. Some account even free interest for 3 months, such as student account in National Bank, you can apply for overdraft up to $5,000 with 3 months-free-interest. In ...

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