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Overdrafts

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carlton23 | 10:49 Mon 15th Nov 2010 | Business & Finance
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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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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.
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Thanks again Chuck.
erm it may not cancel their overdraft though? If its an arranged OD then they may just spend the money and be overdrawn again.
Anyone can pay money into an account.
If it is a large amount, questions may be asked due to the Money Laundering Regulations.
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.

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Overdrafts

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