Overdraft lingo

Former_MSE_Will

We’ve been chatting about the wording used to describe overdrafts and wanted to get your opinions. Which are your faves from the two lists below?

List one:

• Arranged overdraft
• Planned overdraft
• Formal overdraft
• Agreed overdraft
• Formally requested overdraft
• Authorised overdraft

List two:

• Unarranged overdraft
• Unplanned overdraft
• Informal overdraft
• Unagreed overdraft
• Informally requested overdraft
• Unauthorised overdraft

If you haven’t already, join the forum to reply.
If you aren’t sure how it all works, read our [URL="http://www.moneysavingexpert.com/site/forum-introduction-guide!]Forum Intro Guide[/URL]

[Deleted User]

Arranged Overdraft and Unarranged Overdraft.

SnowTiger

Arranged and Unarranged are the two terms that seem to be most used. Why confuse things by inventing new ones?

My Mother would refer to using an overdraft as 'being up queer street'. :rotfl:

Former_MSE_Will

Thanks folks! Any more for any more?

badger09

Arranged/agreed Unarranged/unagreed would, I think, be the most easily understood by both financially aware & unaware.

agrinnall

Arranged/Unarranged seem to be the most popular although I think Authorised/Unathorised are also pretty definitive. However, having managed to avoid using either type during my nearly 40 years of banking I'm probably not the best person to comment.

[Deleted User]

Here's my arguments against the others in the list:

List one:

• Planned overdraft - You don't usually PLAN to go into overdraft.
• Formal overdraft - sounds like I had to suit up and have a meeting to arrange it. Like a formal dinner.
• Agreed overdraft - if they didn't AGREE it... why would they let it go through?
• Formally requested overdraft - "Dear Sir, I cordially request that your good firm provide the numerical leniency against my deposit held with your good selves... ta ta, pip pip, chocs away good fellow."
• Authorised overdraft - of course it's authorised. Otherwise they wouldn't let the transaction go through.

List two:

• Unplanned overdraft - as above
• Informal overdraft - as "Informally requested" below
• Unagreed overdraft - if it wasn't agreed, aren't you stealing from the bank?
• Informally requested overdraft - makes it sound like you casually shouted in through the bank window "can i have some money, mate?"
• Unauthorised overdraft - if they didn't authorise you taking the money out, it's stealing again

Former_MSE_Will

Thanks for your thoughts!

Vortigern

From your lists I'd prefer agreed overdraft (because there is an agreement between bank and customer) and unauthorised overdraft (because the bank did not authorise your overspend, and will charge you extra)

Also, consider this statement: "I have an overdraft"

Does this mean "I have the facility to borrow from the bank if I wish"

...or does it mean "I am overdrawn, my balance is negative, in the red"

It seem to me that "I have an overdraft" could have either of those meanings.

robatwork

Well in my world there is the word "agreed" but no word "unagreed".

badger09

robatwork wrote: »

Well in my world there is the word "agreed" but no word "unagreed".

http://www.collinsdictionary.com/dictionary/english/unagreed