Deal with unforeseen expenditure while you are waiting for your income, you have an overdraft, which is an authorisation to debit your account to cover your short-term cash requirements, generally for less than 3 months. This authorisation must be based on a forecast credit flow; a proven cash inflow.
An overdraft enables you to finance a short-term cash requirement. This permanent cash flow financing does not require specific authorisation for each use.
Anyone with a BICIM cheque account can benefit from an overdraft.
The duration is defined for each overdraft authorisation, depending on the expected date of receipt of the funds. The duration is generally 3 months and may not exceed 12 months. The overdraft is renewable, subject to a new authorisation.
The rate is calculated on the basis of the rate plus a fixed margin defined in the bank's general terms and conditions. The overdraft may not exceed the usury rate defined by the BCEAO (Central Bank of West African States).
The amount depends on your cash flow requirements and your repayment capacity.
To cover emergencies, you can take out an overdraft facility. An overdraft facility can be used to cover an unexpected expense during the month, while you wait for your income to arrive. To apply, contact your advisor.
Anyone with a BICIM cheque account.
Overdraft facilities are normally for 15 days. In all cases, the overdraft facility must be repaid within 30 days, with a monthly credit break on the current account.
The amount of the overdraft facility is defined initially in the contract to which the overdraft facility is attached (current account or package). It can be revised according to changes in your income and is strictly less than your average monthly credit flow.
The rate is calculated on the basis of the bank rate plus a fixed margin defined in the bank's general terms and conditions. It may not exceed the usury rate defined by the BCEAO and there are no handling charges. In the case of personalised overdraft facilities, fees may be charged.