*UBL UK would not charge anything on such transactions. However, the owner of the machine may levy some charges, but in such cases, customer is mostly informed by the machine.
**In addition all foreign currency transactions would be converted to GBP at prevailing exchange rate.
8. Overdrafts
A overdraft is a short-term way of borrowing money through a current account so you can make payments even though there isn’t enough money in your Account to cover them.
"Authorised Overdrafts"
UBL UK currently does not offer Arranged Overdrafts.
"Unauthorised Overdrafts"
This occurs where there is no agreed facility on your Current Account and you make a payment instruction or incur charges on your account.
UBL UK does not offer arranged overdrafts, but in the event that you find yourself in an unarranged overdraft, the interest rate applied as of 14.04.20 is 28.07% Equivalent Annual Rate (EAR)*.
The table below shows you how much it will cost to borrow £500 based on different lengths of maintaining an unarranged overdraft at the current rate of 28.07% EAR Variable**.
| Example unarranged overdraft period
|
The daily cost as of 14.04.2020
|
| 3 days
|
£0.34 per day
|
| 30 days
|
£0.34 per day
|
| 60 days
|
£0.34 per day
|
**Assuming the Account moves into unarranged overdraft, and remains overdrawn for the same balance for the specified number of days.
All overdraft outstanding amounts and fees are repayable on demand.
Overdraft interest on negative balances will be calculated daily and debited from your account on the last day of the calendar month.
*EAR is Equivalent Annual Rate. This is the actual annual rate of an overdraft. It does not take into account other fees and charges.