Overdraft FAQs
Below is a list of answers to some of our members most frequently asked Overdraft-related questions. If you have a question of your own that is not covered below, then please contact us today. |
Do I have to be a member? |
Anyone can enquire or apply for an overdraft with us, you don't have to be a member at the time. You will need to become a member when you take out the overdraft. We are a mutual financial services organisation whose shareholders are its members, and you must be a member before you can take up a product or service with us. Become a member |
How much can I borrow? |
The maximum amount you can borrow is dependent on your ability to meet your repayments. |
How is interest calculated? |
Interest is calculated daily on the amount of overdraft you are using and charged monthly. |
How long do I have to repay? |
An overdraft is a continuous credit contract which means as you pay it back you can redraw on it up to your agreed limit. |
How do I make repayments? |
You can arrange to make your loan repayments either by:
|
How do I stay informed? |
Your statements are issued monthly. Account Balances and Statements are also available through our Mobile Banking App, Internet Banking and Phone Banking services. |
What security is required? |
We offer two types of Overdrafts: Mortgage secured and Personal unsecured. Security is required on the Mortgage secured type. |
Additional product information: |
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