Letter Regarding An Overdraft Account




Letter Regarding An Overdraft Account :





XXXXX BUSINESS HOUSE

Door Number and The Name of The Street,
City with ZIP Code.
Phone : 0011 - XXXXXXXX
Fax : 0011 - XXXXXXXX



DATE


To :

The Manager,
ZZZZZZ Business House,
Door Number and The Name of The Street,
City with ZIP Code.
Phone : 0011 - XXXXXXXX
Fax : 0011 - XXXXXXXX


Dear Sir,


We refer to the arrangements whereby you were granted overdraft facilities to the extent of $ 20,000 against the security of freehold land of the value of $ 30,000.


As routine check of your account shows that during the year ended 31st December - 2007, you had very few occasions to overdraw and that even when you did, your overdrafts never exceeded $ 25,000. In fact, for the best part of the year under reniew your account showed a credit balance.


We have to point out in this connection that we find your operation of the account unremuneretive. This is so because while we have to adjust our cash position at all times to meet your possible drawings to the extent of Rs. 20,000. The interest earned by us on your account is not sufficient to compensate us for the burden which your drawing power imposes on our accounts. However, in view of our long connection with your esteemed firm we are prepared as a special case to allow the continuance of your present drawing power provide you agree to charging of interest on the minimum amount of $ 50,000. We trust you will have no objection to such a charge particularly because by this arrangement you will continue to have the power to overdraw your account by the extend of $ 21,000.


We request you to confirm this arrangement by letter informing us that the condition regarding the payment of interest on the minimum amount suggested by us is acceptable to you.


Yours Faithfully,


Vasu


Manager

For XXXXX BUSINESS HOUSE




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Letter Regarding An Overdraft Account
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