Overdraft T&C

1. The Customer shall not overdraw any Account without the Bank’s prior written consent.
2. Notwithstanding the above, the Customer agrees that the Bank shall be entitled to debit the Customer’s Account with the amount of any fees, charges, costs or expenses due to the Bank, any cheques, bills of exchange, promissory notes, orders for payment drawn or Debit Card transactions accepted or made by the Customer and to carry out any instructions relating to the Account even if doing so may cause the Account to be overdrawn or any overdraft to be increased.
3. If the Bank allows any overdraft to occur or an overdraft to be increased, for any reason, the amount overdrawn, together with interest and other charges, will be repayable immediately upon demand by the Bank.
4. The Bank shall be entitled to charge interest on any overdrawn amount at such rate as the Bank shall from time to time determine (to be specified in the Tariff of Charges) and shall be calculated in accordance with the Bank’s policy and will be debited from the Account at such intervals as the Bank may determine. Any payment by the Customer into an overdrawn Account shall be applied by the Bank first in settlement of interest and other charges on the overdraft and thereafter towards settlement of the principal amount of the overdraft.
5. Without prejudice to the generality of the above, the Bank is not obliged to permit an overdraft on the Customer’s Account to occur or continue.