Saturday July 4, 2020

Understanding penalty interest charges

I am a sole trader and had a bank overdraft of €50,000. QUESTION:

20th August, 2005

I am a sole trader and had a bank overdraft of €50,000. However, I have checked the bank statements and seem to be getting charged penalty interest, even though the account is only overdrawn by €40,000. How can I check if I am unnecessarily being charged penalty interest and what are the common areas where sole traders with overdrafts are overcharged? QUESTION:

Contact your bank immediately and ask for a printout of the interest which...

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