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Overdrafts

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carlton23 | 11:49 Mon 15th Nov 2010 | Business & Finance
6 Answers
If I give someone a large amount of cash for him/her to pay off an overdraft and I pay it into their account myself, will their overdraft be paid off automatically?
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Avatar Image ChuckFickens
That's very kind of you!

yes it will, it will cover the overdraft first and take the account into the black and then the overdraft call be cancelled.
11:52 Mon 15th Nov 2010
Avatar Image carlton23
Question Author
Thanks again Chuck.
12:11 Mon 15th Nov 2010
Avatar Image redcrx
erm it may not cancel their overdraft though? If its an arranged OD then they may just spend the money and be overdrawn again.
13:54 Mon 15th Nov 2010
Avatar Image spudqueen
Anyone can pay money into an account.
19:03 Mon 15th Nov 2010
Avatar Image twix123
If it is a large amount, questions may be asked due to the Money Laundering Regulations.
01:53 Tue 16th Nov 2010
Avatar Image Captain Spod
Well yes, but...
If the bank has bounced payments to e.g. their own credit card they might make good the missing payments leaving an amount outstanding on the overdraft.
16:26 Tue 16th Nov 2010

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