Given what we know, we can confirm that when you make a withdrawal and overdraft an RBA, you can balance the account again by repaying the overdraft, potentially with a low-interest credit.
What is an Overdraft on a Bank account?
- An Overdraft is when more money is withdrawn than what the account has available.
- This action will cause the account to incur steep overdraft fees every 5-7 days (depending on the bank).
- In order to balance this, the withdrawn amount must be quickly repaid.
- A quick (yet not ideal) method to achieve this is to take out a low-interest credit for the amount needed.
Therefore, since an overdraft indicates that the user withdrew more money than the account had available, the only way to balance this and avoid the steep overdraft fees is to repay the withdrawn amount as quickly as possible. In the event that the user does not have the money to repay, a more viable option is to use a low-interest credit to repay the amount.
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