It is normal that for our summer holidays let’s make a budget of what we can spend so as not to unbalance our domestic economy, but it is also common for the final balance to reflect a negative balance.
Because on our rest days in the summer period we usually give ourselves more whims than expected and perhaps we are not aware of the real expense that we are making until after the end of the holidays we review all the charges.
It may not be a big setback for us to spend a bit in our spending forecasts, but we must be aware that our checking account always have available balance to face our payments, since leaving the account uncovered, without money, inevitably leads us to red numbers and the collection of commissions.
“The tacit overdraft in an account occurs when a bank customer runs out of account balance and enters in red numbers. This means that the money in your account is not enough to meet a specific payment and your bank admits the tacit overdraft and advances the money necessary to cover that debt, although for this it charges a commission and/or interest that depends of the amount of the debt contracted”, explains BBVA on his blog specializing in finance.
“This situation can be triggered when a good forecast of the relationship between collections and payments has not been made. Or also when an unforeseen event has occurred, such as the late payment of payroll or the existence of a payment that was not expected”, he specifies.
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The banking product comparator HelpMyCashcalculates that, for example, “for a overdraft of 15 eurosyou could pay more than 50″. And it is that to the overdraft commission, which is usually 4.5% as a general rule, we would have to add late-payment interest, which is around 7.50% nominal per year.
In addition, the financial institution will charge you a commission for the notices in the form by postal mail, mail or phone call that it has made to inform you of your outstanding debt. is what is calledclaim of debit positions and it usually ranges between 30 and 50 euros and can only be charged once for the same debt.
According to the Law 16/2011, of June 24, on consumer credit contractsthe application of the overdraft commission together with the late payment interest cannot result in an equivalent annual rate (APR) of more than 2.5 times the legal interest of the money. Because the legal interest on money in 2023 is 3.25%, the current APR cannot exceed 8.13%.
HelpMyCash experts recall that “banks usually establish that a negative balance for a maximum period of up to 90 days is an overdraft” and that after this time, if the account has not been regularized, “the bank will consider the client as delinquent”.
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