This paper examines the overdraft facility offered in by the Royal bank of Scotland which has merged now with the ABN Amro bank. The overdraft facility is a very special facility which is offered by the bankers to their customers and especially in the UK this facility is used a lot by the students to cover their expenses at a very meagre rate. The main focus of this paper is on the banks operating in UK with the primary focus is based on the Barclays bank which is a leading bank in the UK.
A current account is used to hold funds for an individual. The benefit of having a current account is that it is an easy way of adding interest to the money that is in the account. Students will need a current account for many reasons, like salaries and benefits can be paid in and paying bills can be made a lot easier. This is because money can automatically put in and the bill will be automatically paid via direct debit. The account will also give interest on the balance will help their money grow. The graduate royalties account is available for 3 years and comes with an interest free overdraft up £2000. An overdraft is a service that enables the account holder to withdraw over and above what they actually have in the account. Overdrafts are only available to people over the age of 18. This service will be appropriate for teenagers because it is flexibility on those occasions when you might need to spend before your money is paid in. This is also a preparation for teenagers to handle loans and credit cards because it is the banks money they are handling on a small scale.
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A credit card allows customers to purchase goods on credit. This means that the customer will not have to pay for the good at the time of the transaction. The banks loans the customer money by a credit card. This loan is interest free for a short period time (after which the APR is usually quite high). The student Credit Card is designed for student life. It is a big breakthrough for students when they need all their essential needs. Food, clothes and books. When you add up all the expenses of student living it comes at a big price. On the student credit card there is up to 56 days interest free credit and this should come as good news (if the customer pays the balance in full and one time and have paid the previous month’s balance in full and on time) If not the interest rates will apply. The card is very flexible because it can be managed online from a computer or MAC to check balances etc.
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