Q. Do I need to fill an application each time I want to use this facility?
A. You submit an application only once. Once the overdraft is put in place, it is available to you for the first 180 days. We then review the way you have operated your account and the outcome is positive, the overdraft becomes permanent.
Q. What is the maximum overdraft limit that I may request for?
A. The maximum that you may request for is 50% of your net monthly salary. The absolute limit is therefore dependent on your income. A 6 month average income is used to determine the monthly salary.
Q. I have taken other facilities at Oceanic Bank, will this affect my limit?
A. No, this will not affect your limit. But we will exercise due diligence in our assessment and approval process.
Q. What is the tenor on this facility?
A. The facility revolves back to its maximum limit each time your salary comes in. The facility is available to you as long as your salary comes into your Oceanic Bank salary current account.
Q. How long will it take before the limit is set up on my current account?
A. The limit will be set up on your account within 24 hours after you have submitted a properly filled application form in so far as you have met our requirements and the application is approved.
Q. How will I know when my application has been approved?
A. You will receive an offer letter which will state the terms and conditions under which this overdraft is being made available to you including the pricing.
Q. Do I need to provide any collateral or a guarantor?
A. We simply require that your monthly salary payments be domiciled with us.
Q. How do I access my facility?
A. The Direct PASS provides you with the ability to draw beyond your credit balance every month. You can do this in the same way you normally use your money by issuing cheques to pay for goods and services, paying for purchases at PoS terminals and withdrawing cash over the counter or at an ATM
Q. May I use this facility only for what I agreed to use it for?
A. What you do with this facility is entirely up to you. We need not be informed of the use to which it is going to be put. If you want a large amount of money which exceeds your overdraft limit, we have other facilities which are tailored to assist you in achieving your dreams such as owning a home, land, car etc
Q. How do I repay?
A. The overdraft is revolving. It is automatically liquidated and also made available when your salary is paid.
Q. Do I need to pay a subscription charge?
A. No you do not. We only charge you monthly interest management fee for the utilized amount only. If you do not use your limit in any month then you do not pay any charges in that month either.
Q. May I use my savings account?
A. Facilities can only be granted on current accounts.
Q. Do I have to take out an insurance policy on the facility?
A. No.
Direct PASS
