Are there any penalties for overdrawing my business account?

HSBC Business (UK) has specific policies regarding overdrafts that may involve fees or penalties if the business account is overdrawn. Typically, businesses may incur interest charges on the amount overdrawn, which can vary based on the agreement established at the opening of the account. Additionally, there could be an arrangement fee or service charge if the overdraft is unauthorized or exceeds any arranged limit. It is important for businesses to review the terms and conditions associated with their particular account type to fully understand the implications of an overdraft. For the most accurate and detailed information, businesses should consult the relevant section of HSBC UK's website or the account documentation that outlines fees and charges related to overdrafts. This will provide clarity on potential penalties or charges that may apply.