OREANDA-NEWS. February 26, 2010. AsiaUniversalBank sets upon offering overdrafts under Elcard payroll project card. The overdraft service is convenient when a customer needs money badly, and the available account balance is not sufficient while account inflows are few days away. Overdraft provides with certain flexibility by relieving from an uncomfortable procedure of searching and borrowing “till the pay check” and allowing withdrawal of the needed amounts from ATMs, reported the press-centre of AsiaUniversalBank.

The overdraft may be available to staff of entities that enjoy Elcard payroll project. To gain advantage of the service, a company must enter into Overdraft Contract with AsiaUniversalBank. Overdraft opportunities under the payroll project shape an excellent supplement to a social package provided by companies which will be definitely complimented by employees. Overdraft allows card holders to utilize a credit in amount of up to 80% of the salary. After overdraft is recovered, the customer may revolve the credit again. An organization can increase a credit amount to its employees by providing additional guarantee. It is convenient that the credit is repaid and interest rate applied by default, once payroll proceeds arrive to the customer’s account.

“Overdraft is a useful tool, as a card holder does not have to wait for the bank’s approval and provide the bank with a huge package of regular documents, like financial records, pledge agreements and letters of comfort”, Irina Agdeeva, AUB Vice President for Marketing and Promotion of Banking Products and Services, said. “An employer just signs an agreement with our bank and provides employees with an easy credit as well as opportunity to pay for goods and services or withdraw cash at any point. This type of crediting is convenient for companies as overdraft omits a need for advanced payments. The required amounts are simply borrowed from the bank.”, Irina Agdeeva added.