All banks and financial institutions are developing various products and campaigns to meet their customers’ financial needs. One of these support products is the Credit Deposit Account, CDA in the name used by everyone. What is the Overdraft Account? What is CDA? In this article, we will give you some information about the CDA.
Credit Deposit Account What is CDA?
The Credit Deposit Account means a credit balance defined for the current demand accounts of the bank customers. That is, a loan defined on your demand account within certain limits. CDA defines your minus sign that you can use if your cash on your demand account is finished. CDA, which is defined as money minus the money you will use when cash is over , also means cash money. This money (with some exceptions ) is available for all your transactions. You can do your EFT, transfer and payment transactions with your CDA account.
In the banks where you receive salary, your demand account usually comes with a defined BMD. Even if you do not have a CHD in your salary account, you can have your CHD account approved at high limits and withdraw the amount together with your salary since you regularly receive a salary from that bank . Since your salary account is paid every month, your bank will automatically be charged for the negative balance and it becomes a loop. For example, if your CDA is defined as your monthly salary , your salary will automatically pay for it. When you pay your salary again, this balance is again negative. You pay interest again for that month . If you have the opportunity to borrow this salary, you can deposit the account and close it in one place.
However, as we have just mentioned, the conditions of all banks are independent of each other . If you are applying for a physical application before opening the CDA account or applying at the time of application , read your CDA account’s terms until the end and find out the interest rates clearly.