Overdraft is a credit limit authorised by the bank in a particular amount depending on your regular income. Overdraft becomes available after signing the agreement. The customer may use it at his/her own discretion. Interest is charged only on the used amount of the credit limit. When the credit is paid off, the customer may again use the overdraft for everyday spending.
The spent amount of overdraft is covered by every next incoming transaction, for example, salary:
- The bank authorised overdraft in the amount of EUR 500 and you spent EUR 150.
- Then you receive a salary in your bank account in the amount of EUR 700.
- From the incoming funds EUR 150 will be automatically transferred to pay off the overdraft.
- Now the amount available for your daily spending is your salary in the amount of EUR 550 plus the overdraft limit of EUR 500.
- Extra funds within the amount authorised by the bank are available for you at any time.
- You may use the credit limit for any planned or unexpected expenditure.
- After paying it off, the overdraft facility is again available. Interest is charged only on the used amount of the credit limit.
- Overdraft can be withdrawn free of charge in cash from Nordea bank ATMs and from network of ATMs of partner banks.
Apply for Overdraft
Applying in the Netbank or calling the Contact Centre will cost you lower commission fee for processing overdraft application, if compared to submitting the application form at the Customer Service Unit.
General Terms and Conditions on Overdraft