Discovered authorized, can my child find himself in the open? | Orange Bank

Can my child find himself uncovered

When a bank account has a negative balance, it is said that it is uncovered. In most cases the bank tolerates a certain level of overdraft and the bank account can continue to operate, as provided for in the account agreement. The holder of an uncovered account will be invoiced agios (interests).

Overdraft

When a bank account has a negative balance, it is said that it is uncovered. In most cases the bank tolerates a certain level of overdraft and the bank account can continue to operate, as provided for in the account agreement. The holder of an uncovered account will be invoiced agios (interests).

The authorized overdraft, how it works ?

According to a certain threshold, decided between the bank and its client and noted in the account agreement, an overdraft may be “authorized”, it is then applied less important agios than in the case of an unauthorized overdraft. Note that it can happen, at the discretion of the bank, that an account is found in open without it is an authorized overdraft, but it will be invoiced higher agios. If this unauthorized overdraft is granted while waiting for upcoming income, we are talking about “cash facility”.

Did you know

Whether authorized or not, when an overdraft lasts more than three months it turns into consumer credit. It is then the account agreement which determines the interest rate which applies as well as the reimbursement methods. Remember that like any credit, an overview commits you and must be refunded and you must always check your reimbursement capacities before committing.

Can my child find himself uncovered ?

With the Premium pack, cards more of your children are immediate debit and systematic authorization and the overdraft is not authorized on accounts. On the other hand, it may be that in some exceptional cases, your child can find himself in the open on pre-authorized transactions.

Examples: Service stations, online catering orders, and for offline transactions (motorways and parking lots)

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