Arranged Overdraft - An overdraft lets you spend more money than you have in your bank account. You can ask your bank for an arranged overdraft, where you agree a limit in advance—this usually has lower fees. If you go over without arranging it, that’s an unarranged overdraft, which can cost more. It’s useful in emergencies but should be used carefully, as interest and fees apply.
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What is an arranged overdraft?
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