What is NAB's policy on overdrafts?

National Australia Bank has specific policies regarding overdrafts, which are designed to offer customers additional financial flexibility. An overdraft is essentially a facility that allows individuals to withdraw more money than what is currently available in their account, providing a safety net for unexpected expenses. NAB's policy often includes the requirement for customers to apply for an overdraft facility, and approval is generally subject to credit assessment. Customers should be aware that overdraft fees and interest rates can vary widely depending on the type of account and the customer's financial circumstances. Overdrafts can either be arranged, which means they have been pre-approved up to a certain limit, or unarranged, which can lead to higher fees and potential negative impacts on credit ratings. It is important for customers to carefully review the terms and conditions of overdraft facilities, as well as the associated costs, to ensure they understand how an overdraft might affect their financial situation. For further specific details about overdraft policies and to access the latest information, it is advisable to visit the current NAB website or their customer service section for contact information.