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Overdraft Protection

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Space Emperor

Joined: Jan 15, 2005

PostPosted: Mon Jul 14, 2008 7:12 pm    Post subject: Overdraft Protection Reply with quote

The Navy request overdraft protection for its mineral resources. We are not sure what exact amount we need, but it will probably be around 5k to 10k. (7.5k the median amount)

And maybe a 1k of Rads as well.

What are the banks terms and conditions?

FSL Kana/CNO F.W.S.N/FNS Brawler (PBC IV)

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Leaky Guru

Joined: May 28, 2005
Location: Canada!

PostPosted: Fri Jul 18, 2008 1:30 am    Post subject: Reply with quote

Overdraft protection is available for a 5% service fee, payable up front.
IE: for $10,000 of protection, a fee of $500 would be applied.

Overdraft protection is a form of insurance against accidentally writing a cheque for more than you have left. If you try to float that debt for multiple turns, your protection will be drained rapidly.

If you know for sure that you will need extra funds, it is far better to go with a loan, since the rates are far cheaper.
Our current loan rate for minerals is 0.5% per month. A loan of 10k that is paid back over 10 months would collect a fee of $500, the same as above, but you would not have to pay it all back after the first month. Smile

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