The current account overdraft, already a problem in itself, can turn into a nightmare with the new rules in force from next year
Going in the red can happen but with the new rules it could prove to be much more onerous than in the past. Here’s what you need to always keep under control.
The overdraft is considered by any banking institution as a form of loan. In case you have to face one unexpected expense that exceeds its availability, for example, the bank can be authorized to lend part of the money. And that part of the money is shown as a negative balance.
However, if you do not pay the position quickly, within 90 days, there is a risk of becoming very quickly defaulting and then having to pay unexpected interest.
Overdraft on the current account: what changes in 2022
With the new rules coming in 2022, the main problem with the account that is not in good health is to become defaulting very quickly and become a full-fledged debtor of your bank.
With the new rules for example, it is no longer possible to continue paying automatic debits if the account is in the red. This means that having the account in the red will not only be a cash problem but will lead to delays in the repayments of a mortgage or a subscription, with all the consequences of a default position of this type.
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From this new rule also derives a second consequence that should not be underestimated: the reporting to the CRIF or the Central Financial Risks after three months from non-payments starting from 100 euros. In essence, being with the account in the red will also lead to being included in the list of bad payers.
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Being reported to the CRIF means not being able to access credit lines for a variable time but which is usually 12 months from the reporting. A very unpleasant situation, especially in this very delicate period that we are experiencing.
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