Overdraft - Wikipedia

An overdraft occurs when money is withdrawn in excess of what is on the current account. In this situation the account is said to be "overdrawn". Overdraft FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Paymentsfromabankaccountexceedingthebalance "Overdrawn"redirectshere.Fortheracehorse,seeOverdrawn(horse). "Iwarnyou,Sir!Thediscourtesyofthisbankisbeyondalllimits.Onewordmoreand I–Iwithdrawmyoverdraft!"CartoonfromPunchMagazineVol.152,June27,1917 Anoverdraftoccurswhenmoneyiswithdrawninexcessofwhatisonthecurrentaccount.Inthissituationtheaccountissaidtobe"overdrawn".Ifthereisaprioragreementwiththeaccountproviderforanoverdraft,andtheamountoverdrawniswithintheauthorizedoverdraftlimit,theninterestisnormallychargedattheagreedrate.Ifthenegativebalanceexceedstheagreedterms,thenadditionalfeesmaybechargedandhigherinterestratesmayapply. Contents 1History 2Reasonsforoverdrafts 3UnitedKingdom 3.1Amountoffees 3.2Legalstatusandcontroversy 4UnitedStates 4.1Consumerreportingandaccountdenial 4.2Overdraftprotection 4.2.1Adhoccoverage 4.2.2Overdraftlinesofcredit 4.2.3Linkedaccounts 4.2.4Bounceprotectionplans 4.3Transactionprocessingorder 4.4Opt-inregulation 4.5Alternativestooverdraftprotection 5References History[edit] Thefirstoverdraftfacilitywassetupin1728bytheRoyalBankofScotland.ThemerchantWilliamHoggwashavingproblemsinbalancinghisbooksandwasabletocometoanagreementwiththenewlyestablishedbankthatallowedhimtowithdrawmoneyfromhisemptyaccounttopayhisdebtsbeforehereceivedhispayments.Hewasthusthefirstrecipientofcashcreditfromabankintheworld.[1]Withindecades,theadvantagesofthissystem,bothforcustomersandbanks,becameapparent,andbanksacrosstheUnitedKingdomadoptedthisinnovation. Withtheonsetofindustrialization,newbusinessesneededaneasyformofcredittojump-starttheiractivities,withouthavingtotakeoutloansonsecuritiestheydidnotnecessarilyhave.TheimportanceofthisnewfinancialinnovationwasrecognizedbythephilosopherDavidHumewhodescribeditinoneofhisessaysas"oneofthemostingeniousideasthathasbeenexecutedincommerce".[2] Reasonsforoverdrafts[edit] Overdraftsoccurforavarietyofreasons.Thesemayinclude: Intentionalloan–Theaccountholderfindsthemselvesshortofmoneyandknowinglymakesaninsufficient-fundsdebit.Theyaccepttheassociatedfeesandcovertheoverdraftwiththeirnextdeposit. Failuretomaintainanaccurateaccountregister–Theaccountholderfailstoaccuratelyaccountforactivityontheiraccountandoverspendsthroughnegligence. ATMoverdraft–BanksorATMsmayallowcashwithdrawalsdespiteinsufficientavailabilityoffunds.Theaccountholdermayormaynotbeawareofthisfactatthetimeofthewithdrawal.IftheATMisunabletocommunicatewiththecardholder'sbank,itmayautomaticallyauthorizeawithdrawalbasedonlimitspresetbytheauthorizingnetwork. Temporarydeposithold–Adepositmadetotheaccountcanbeplacedonholdbythebank.ThismaybeduetoRegulationCC(whichgovernstheplacementofholdsondepositedchecks)orduetoindividualbankpolicies.Thefundsmaynotbeimmediatelyavailableandleadtooverdraftfees. Unexpectedelectronicwithdrawals–Atsomepointinthepasttheaccountholdermayhaveauthorizedelectronicwithdrawalsbyabusiness.Thiscouldoccuringoodfaithofbothpartiesiftheelectronicwithdrawalinquestionismadelegallypossiblebytermsofthecontract,suchastheinitiationofarecurringservicefollowingafreetrialperiod.Thedebitcouldalsohavebeenmadeasaresultofawagegarnishment,anoffsetclaimforataxingagencyoracreditaccountoroverdraftwithanotheraccountwiththesamebank,oradirect-depositchargebackinordertorecoveranoverpayment. Merchanterror–Amerchantmayimproperlydebitacustomer'saccountduetohumanerror.Forexample,acustomermayauthorizea$5.00purchasewhichmayposttotheaccountfor$500.00.Thecustomerhastheoptiontorecoverthesefundsthroughchargebacktothemerchant. Chargebacktomerchant–Amerchantaccountcouldreceiveachargebackbecauseofmakinganimpropercreditordebitcardchargetoacustomeroracustomermakinganunauthorizedcreditordebitcardchargetosomeoneelse'saccountinorderto"pay"forgoodsservicesfromthemerchant.Itispossibleforthechargebackandassociatedfeetocauseanoverdraftorleaveinsufficientfundstocoverasubsequentwithdrawalordebitfromthemerchant'saccountthatreceivedthechargeback. Authorizationholds–WhenacustomermakesapurchaseusingtheirdebitcardwithoutusingtheirPIN,thetransactionistreatedasacredittransaction.Thefundsareplacedonholdinthecustomer'saccountreducingthecustomer'savailablebalance.However,themerchantdoesnotreceivethefundsuntiltheyprocessesthetransactionbatchfortheperiodduringwhichthecustomer'spurchasewasmade.Banksdonotholdthesefundsindefinitely,andsothebankmayreleasetheholdbeforethemerchantcollectsthefunds,thusmakingthesefundsavailableagain.Ifthecustomerspendsthesefunds,then,barringaninterimdeposit,theaccountwilloverdrawwhenthemerchantcollectsfortheoriginalpurchase. Bankfees–Thebankchargesafeeunexpectedtotheaccountholder,creatinganegativebalanceorleavinginsufficientfundsforasubsequentdebitfromthesameaccount.[3] Playingthefloat–Theaccountholdermakesadebitwithinsufficientfundsintheaccount,believinghewillbeabletodepositsufficientfundsbeforethedebitclears.Whilemanycasesofplayingthefloataredonewithhonestintentions,thetimeinvolvedinthecheque'sclearingandthedifferenceintheprocessingofdebitsandcreditsareexploitedbythosecommittingchequekiting. Returnedchequedeposit–Theaccountholderdepositsachequeormoneyorderandthedepositeditemisreturnedduetonon-sufficientfunds,aclosedaccount,orbeingdiscoveredtobecounterfeit,stolen,altered,orforged.Asaresultofthechequechargebackandassociatedfee,anoverdraftresultsorasubsequentdebitwhichwasreliantonsuchfundscausesone.Thiscouldbeduetoadepositeditemthatisknowntobebad,orthecustomercouldbeavictimofabadchequeoracounterfeitchequescam.Iftheresultingoverdraftistoolargeorcannotbecoveredinashortperiodoftime,thebankcouldsueorevenpresscriminalcharges. Intentionalfraud–AnATMdepositwithmisrepresentedfundsismadeorachequeormoneyorderknowntobebadisdeposited(seeabove)bytheaccountholder,andenoughmoneyisdebitedbeforethefraudisdiscoveredtoresultinanoverdraftoncethechargebackismade.Thefraudcouldbeperpetratedagainstone'sownaccount,anotherperson'saccount,oranaccountsetupinanotherperson'snamebyanidentitythief. Bankerror–Achequedebitispostedforanincorrectamountduetohumanorcomputererror,soanamountdifferentfromthemakerintendedmayberemovedfromtheaccount.Somebankerrorscanworktotheaccountholder'sdetriment,butotherscouldworktotheirbenefit. Victimization–Theaccountmayhavebeenatargetofidentitytheft.Thiscouldoccurastheresultofdemand-draft,ATM-card,ordebit-cardfraud,skimming,chequeforgery,an"accounttakeover",orphishing.Thecriminalactcouldcauseanoverdraftorcauseasubsequentdebittocauseone.ThemoneyorchequesfromanATMdepositcouldalsohavebeenstolenortheenvelopelostorstolen,inwhichcasethevictimisoftendeniedaremedy. Intradayoverdraft–Adebitoccursinthecustomer'saccountresultinginanoverdraftwhichisthencoveredbyacreditthatpoststotheaccountduringthesamebusinessday.Whetherthisactuallyresultsinoverdraftfeesdependsonthedeposit-accountholderagreementoftheparticularbank. Merchantoverdraft–Anunsecuredoverdraftofferedbyfinancialinstitutionstoamerchant,andtheamountoverdrawniswithintheauthorizedoverdraftlimit,whichisusuallyofveryhighvalue.[4] UnitedKingdom[edit] BanksintheUKnormallyofferanoverdraftfacilityfreeofcharge,subjecttoapre-arrangedlimit(formerlyknownasanauthorizedoverdraftlimit).Interest,feesorbothwouldnormallybechargedifthefacilityisusedbutaccountsmayhaveaninterest-freebufferofafewtensofpoundsorahigherdeliberatefeatureofafewhundredpoundsinterestfree. Whenatransactionwouldexceedthepreviouslyagreedoverdraftlimitthebankcanchooseeithertodeclinethetransactionortoacceptitasaninformalrequestforanincrease,formerlyoftenknownasanunauthorizedoverdraft.Chargesandinterestratesforinformalincreaseswilloftenexceedthoseforaformalrequest.Thereisalsonormallyafeeperdeclinedtransaction,oftensubjecttomonthlycaps.Usually,thebanksendsoutaletterinformingthecustomerofthechargeandrequestingthattheaccountbeoperatedwithinitslimitsfromthatpointonwardsorinformingthecustomeroftheirnewlimit.InaBBCWhistleblowerprogrammeonthepractice,itwasnotedthattheactualcosttothebankwaslessthantwopounds.[citationneeded] Accountsexistwithoverdraftprotectionfacilitieswhichguaranteethatthebankwillnotallowaninformaloverdraftandwhichmayhavelowerchargesforrefusingtransactions,protectingthecustomerfromtheinterestandchargeswhichwouldbeincurredifanoverdraftwasgranted.Accountsforthoseundereighteenyearsoldwillnotnormallypermitanoverdrafttobecreated. Amountoffees[edit] NomajorUKbankhascompletelydroppedinformaloverdraftcharges.Some,however,offera"bufferzone",wherecustomerswillnotbechargediftheyareovertheirlimitbylessthanacertainamount.Otherbankstendtochargefeesregardlessoftheamountoftheleveloftheoverdraft,whichisseenbysomeasunfair.Inresponsetocriticism,LloydsBankingGroupchangeditsfeestructure;ratherthanasinglemonthlyfeeforanunauthorizedoverdraft,theynowchargeperday.Theyalsoallowa'graceperiod'whereanaccountholdercanpaymoneyinbefore2:30pmonaweekdaybeforeanyitemsarereturned.Alliance&Leicesterformerlyhadabufferzonefacility(marketedasa"lastfewpounds"featureoftheiraccount),butthishasbeenwithdrawn. Ingeneral,thefeechargedforaninformalrequestisbetween£25and£30,alongwithanincreasedrateofdebitinterest.ThechargesforchequesandDirectDebitswhicharerefused(or"bounced")duetoinsufficientfundsareusuallythesameasorslightlylessthanthegeneraloverdraftfees,andcanbechargedontopofthem.Asituationwhichhasprovokedmuchcontroversyisthebankdecliningacheque/DirectDebit,levyingafeewhichtakesthecustomeroverdrawnandthenchargingthemforgoingoverdrawn.However,somebanks,likeHalifax,havea"nofeesonfees"policywherebyanaccountthatgoesoverdrawnsolelybecauseofanunpaiditemfeewillnotbechargedanadditionalfee. Legalstatusandcontroversy[edit] Seealso:UKdefaultchargescontroversy In2006theOfficeofFairTradingissuedastatementwhichconcludedthatcreditcardissuerswerelevyingpenaltychargeswhencustomersexceededtheirmaximumspendlimitand/ormadelatepaymentstotheiraccounts.Inthestatement,theOFTrecommendedthatcreditcardissuerssetsuchfeesatamaximumof£12.[5] Inthestatement,theOFTopinedthatthefeeschargedbycreditcardissuerswereanalogoustounauthorizedoverdraftfeeschargedbybanks.Manycustomerswhoincurredunauthorizedoverdraftfeesusedthisstatementasaspringboardtosuetheirbanksinordertorecoverthefees. TheSupremeCourtin2009heldthattheOFTstatementwasnotbindingforcurrent(checking)accountsandlargelyresolvedthematterinfavorofthebanks.[6] UnitedStates[edit] Consumerreportingandaccountdenial[edit] IntheUnitedStatessomeconsumerreportingagenciessuchasChexSystems,EarlyWarningServices,andTeleChecktrackhowpeoplemanagetheircheckingaccounts.Banksusetheagenciestoscreencheckingaccountapplicants.Thosewithlowdebitscoresaredeniedcheckingaccountsbecauseabankcannotaffordanaccounttobeoverdrawn.[7][8][9] Overdraftprotection[edit] OverdraftprotectionisacreditserviceofferedbybankinginstitutionsprimarilyintheUnitedStates.Overdraftorcourtesypayprogramprotectionpaysitemspresentedtoacustomer'saccountwhensufficientfundsarenotpresenttocovertheamountofthewithdrawal.OverdraftprotectioncancoverATMwithdrawals,purchasesmadewithadebitcard,electronictransfers,andchecks.Inthecaseofnon-preauthorizeditemssuchascheques,orACHwithdrawals,overdraftprotectionallowsfortheseitemstobepaidasopposedtobeingreturnedunpaid,orbouncing.However,ATMwithdrawalsandpurchasesmadewithadebitorcheckcardareconsideredpreauthorizedandmustbepaidbythebankwhenpresented,evenifthiscausesanoverdraft.[citationneeded] Adhoccoverage[edit] Traditionally,themanagerofabankwouldlookatthebank'slistofoverdraftseachday.Ifthemanagersawthatafavoredcustomerhadincurredanoverdraft,theyhadthediscretiontopaytheoverdraftforthecustomer.Bankstraditionallydidnotchargeforthisadhoccoverage.However,itwasfullydiscretionary,andsocouldnotbedependedon.Withtheadventoflarge-scaleinterstatebranchbanking,traditionaladhoccoveragehaspracticallydisappeared. Theoneexceptiontothisisso-called"forcepay"lists.Atthebeginningofeachbusinessday,branchmanagersoftenstillgetacomputerizedlistofitemsthatarependingrejection,onlyforaccountsheldintheirspecificbranch,cityorstate.Generally,ifacustomerisabletocomeintothebranchwithcashormakeatransfertocovertheamountoftheitempendingrejection,themanagercan"forcepay"theitem.Inaddition,ifthereareextenuatingcircumstancesortheiteminquestionisfromanaccountheldbyaregularcustomer,themanagermaytakeariskbypayingtheitem,butthisisincreasinglyuncommon.Bankshaveacut-offtimewhenthisactionmusttakeplaceby,asafterthattime,theitemautomaticallyswitchesfrom"pendingrejection"to"rejected",andnofurtheractionmaybetaken. Overdraftlinesofcredit[edit] Thisformofoverdraftprotectionisacontractualrelationshipinwhichthebankpromisestopayoverdraftsuptoacertaindollarlimit.Aconsumerwhowantsanoverdraftlineofcreditmustcompleteandsignanapplication,afterwhichthebankcheckstheconsumer'screditandapprovesordeniestheapplication.TheselinesofcreditareloansandmustcomplywiththeTruthinLendingAct.Aswithlinkedaccounts,bankstypicallychargeanominalfeeperoverdraft,andalsochargeinterestontheoutstandingbalance.Somebankschargeasmallmonthlyfeeregardlessofwhetherthelineofcreditisused.Thisformofoverdraftprotectionisavailabletoconsumerswhomeetthecreditworthinesscriteriaestablishedbythebankforsuchaccounts.Oncethelineofcreditisestablished,theavailablecreditmaybevisibleaspartofthecustomer'savailablebalance. Linkedaccounts[edit] Alsoreferredtoas"OverdraftTransferProtection",acheckingaccountcanbelinkedtoanotheraccount,suchasasavingsaccount,creditcard,orlineofcredit.Oncethelinkisestablished,whenanitemispresentedtothecheckingaccountthatwouldresultinanoverdraft,fundsaretransferredfromthelinkedaccounttocovertheoverdraft.Anominalfeeisusuallychargedforeachoverdrafttransfer,andifthelinkedaccountisacreditcardorotherlineofcredit,theconsumermayberequiredtopayinterestunderthetermsofthataccount. Themaindifferencebetweenlinkedaccountsandanoverdraftlineofcreditisthatanoverdraftlineofcreditistypicallyonlyusableforoverdraftprotection.Separateaccountsthatarelinkedforoverdraftprotectionareindependentaccountsintheirownright. Bounceprotectionplans[edit] Amorerecentproductbeingofferedbysomebanksiscalled"bounceprotection". Smallerbanksofferplansadministeredbythird-partycompanieswhichhelpthebanksgainadditionalfeeincome.[10] Largerbankstendnottoofferbounceprotectionplans,butinsteadprocessoverdraftsasdisclosedintheiraccounttermsandconditions. Ineithercase,thebankmaychoosetocoveroverdrawnitemsattheirdiscretionandchargeanoverdraftfee,theamountofwhichmayormaynotbedisclosed.Asopposedtotraditionaladhoccoverage,thisdecisiontopayornotpayoverdrawnitemsisautomatedandbasedonobjectivecriteriasuchasthecustomer'saveragebalance,theoverdrafthistoryoftheaccount,thenumberofaccountsthecustomerholdswiththebank,andthelengthoftimethoseaccountshavebeenopen.[11]However,thebankdoesnotpromisetopaytheoverdrafteveniftheautomatedcriteriaaremet. Bounceprotectionplanshavesomesuperficialsimilaritiestooverdraftlinesofcreditandadhoccoverageofoverdrafts,buttendtooperateunderdifferentrules.Likeanoverdraftlineofcredit,thebalanceofthebounceprotectionplanmaybeviewableaspartofthecustomer'savailablebalance,yetthebankreservestherighttorefusepaymentofanoverdrawnitem,aswithtraditionaladhoccoverage.Bankstypicallychargeaone-timefeeforeachoverdraftpaid.Abankmayalsochargearecurringdailyfeeforeachdayduringwhichtheaccounthasanegativebalance. Criticsarguethatbecausefundsareadvancedtoaconsumerandrepaymentisexpected,bounceprotectionisatypeofloan.[12]Becausebanksarenotcontractuallyobligatedtocovertheoverdrafts,"bounceprotection"isnotregulatedbytheTruthinLendingAct,whichprohibitscertaindeceptiveadvertisementsandrequiresdisclosureofthetermsofloans.Historically,bounceprotectioncouldbeaddedtoaconsumer'saccountwithouthisorherpermissionorknowledge. Transactionprocessingorder[edit] Anareaofcontroversywithregardstooverdraftfeesistheorderinwhichabankpoststransactionstoacustomer'saccount.Processingdebitsfromlargesttosmallestwillmaximizethenumber(butnotvalue)ofoverdrawndebitsonacustomer'saccount.Thissituationcanarisewhentheaccountholdermakesanumberofsmalldebitsforwhichtherearesufficientfundsintheaccountatthetimeofpurchase.Later,theaccountholdermakesalargedebitthatoverdrawstheaccount(eitheraccidentallyorintentionally).Ifalloftheitemspresentforpaymenttotheaccountonthesameday,andthebankprocessesthelargesttransactionfirst,multipleoverdraftscanresult.Anotherproblemfortheconsumercanoccurwhenalargedepositandalargerdebitoccuronthesameday;forexample,acustomerwith$700intheiraccountwhodepositsa$600paycheckandlaterpaysan$800rentcheckonthesamedaywillbechargedanoverdraftfee,despitehavingmorethanenoughmoneyintheiraccounttocoverthecheck.[citationneeded] The"biggestcheckfirst"policyiscommonamonglargeU.S.banks.[13]Banksarguethatthisisdonetopreventacustomer'smostimportanttransactions(suchasarentormortgagecheck,orutilitypayment)frombeingreturnedunpaid,despitesomesuchtransactionsbeingguaranteed.Consumershaveattemptedtolitigatetopreventthispractice,arguingthatbanksuse"biggestcheckfirst"tomanipulatetheorderoftransactionstoartificiallytriggermoreoverdraftfeestocollect.BanksintheUnitedStatesaremostlyregulatedbytheOfficeoftheComptrolleroftheCurrency,aFederalagency,whichhasformallyapprovedofthepractice;thepracticehasrecentlybeenchallenged,however,undernumerousindividualstatedeceptivepracticelaws.[14][15]Inclassaction,U.S.BankCorporationenteredintoa$55millionsettlementagreementonJanuary16,2014,overthepracticeofreorderingtransactions(highest-lowest)inpostingdebitcardtransactionstocustomeraccountsandtheallegedeffectthepostingorderhadonthenumberofoverdraftfeeschargedtoaccountholders.[16] Bankdepositagreementsusuallyprovidethatthebankmaycleartransactionsinanyorder,atthebank'sdiscretion.[17] Opt-inregulation[edit] InJuly2010,theFederalReserveadoptedregulations(revisionstoRegulationE)whichprohibitedoverdraftfeesresultingfromonetimedebitcardandATMtransactionsunlessthebankcustomerhadoptedintooverdraftprotection.ConsumerswhooptintooverdraftprogramspaymorethanseventimesasmuchinoverdraftandNSFfees,averagingalmost$260ayear,basedonarecentreportfromtheU.S.ConsumerFinancialProtectionBureau.[18]ResearchbyMoebsServicesreleasedinFebruary2011showedthatasmanyas90%ofcustomershadchosenoverdraftprotection,resultingintheprojectionthatUnitedStatesbankswouldpostrecordprofitsfromoverdraftfees.[19] Alternativestooverdraftprotection[edit] Fintechinnovationsandoverdraftprotectionappshaveledtoviablealternativestooverdraftfees.[20] References[edit] Banksportal ^"Ashorthistoryofoverdrafts".eccountmoney.Archivedfromtheoriginalon2013-11-05. ^"World'sfirstoverdraftauthorisation,1728".RoyalBankofScotland.Archivedfromtheoriginalon2013-09-21. ^Yates,Jon(8December2011)."Bankfeesthatoverdrawteen'saccounthavemomseeingred:DanielGanzianowentfromhaving$4.85toowingmorethan$200".ChicagoTribune.Archivedfromtheoriginalon11January2012.Retrieved10December2011. ^"Merchantoverdraft". ^"Yourreporter:Unauthorisedoverdraftfees".BBCNews.May2,2006. ^"complaintsaboutbankcharges".FinancialOmbudsmanService.Archivedfromtheoriginalon2019-05-08.Retrieved2017-02-18. ^Tugend,Alina(24June2006)."SHORTCUTS;BalancingACheckbookIsn'tCalculus.It'sHarder"–viaNYTimes.com. ^Ellis,Blake(16August2012)."Bankcustomers-you'rebeingtracked". ^Ellis,Blake."CFPBtosupervisecreditreportingagencies". ^"OverdraftLoans-Issues".NCLC.7March2010. ^UnitedStatesHouseofRepresentativesCommitteeonFinancialServices(July11,2007)."TestimonyofNessaFeddisonbehalfoftheAmericanBankersAssociationbeforetheSubcommitteeonFinancialInstitutionsandConsumerCredit"(PDF).Archivedfromtheoriginal(PDF)on2008-07-10.Retrieved2019-06-04. ^"Bounceprotectionloans/debitcardsundercommitteemicroscope".U.S.PIRGConsumerBlog.ArchivedfromtheoriginalonNovember20,2008. ^"Banks'check-clearingpoliciescouldleaveyouwithoverdrafts-USATODAY.com". ^Kreppein,ScottJ.(February8,2009)."BankofAmericaSettlesClossonClassActionOverIllegalNon-SufficientFundandOverdraftFees".DissentofManLawBlog.RetrievedJune4,2019. ^Kreppein,ScottJ.(August31,2007)."ConsumerProtection-OverdraftFees,UKCurbsExcessiveFees;USEffortsNotSoWellReceived".DissentofManLawBlog.RetrievedJune4,2019. ^Settlement."RustConsulting-USBankOverdraftSettlement".UnitedStatesDistrictCourtfortheSouthernDistrictofFlorida. ^"DepositAgreementandDisclosures"(PDF).BankofAmerica.Archivedfromtheoriginal(PDF)onSeptember28,2007. ^"OverdraftFees:WhatBanksCharge".NerdWallet. ^Kapner,Suzanne(February23,2011)."Americanschoosingtopayoverdraftfees".TheFinancialTimes.RetrievedFebruary23,2011. ^Medal,Andrew(21June2019)."CashAdvanceAppsCanBeaShort-TermBridgeforPeopleShortonMoney".Entrepreneur. vteNon-sufficientfunds Advance-feescam Badcheckrestitutionprogram Chequefraud Checkkiting ChexSystems Non-sufficientfunds Overdraft SharedCheckAuthorizationNetwork vteConsumerdebtKeyconcepts Annualpercentagerate(APR) Effectiveannualrate(EAR) Credithistory Unsecured Creditcarddebt cashadvance Overdraft Paydayloan Personalloan /Signatureloan Moneylender Microcredit Secured Mortgageloan /Homeequityloan (creditline) Remortgage Cartitleloan /Logbookloan Taxrefundanticipationloan Pawnbroker Management Consolidation Creditcounseling /Managementplan /Settlement Personalbankruptcy Foreclosure /Repossession Personalfinance Alternativefinancialservices Financialliteracy Authoritycontrol:Nationallibraries Germany Israel UnitedStates 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