Overdrafts
From Open Risk Manual
Definition
Overdrafts. In the context of the Financial Competence Framework, Overdrafts is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Overdrafts in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 322 | Understands that the total amount of money available to spend in a bank account may include an agreed overdraft facility | Knowledge |
| 323 | Knows that an overdraft is a form of credit that may incur costs and must be repaid | Knowledge |
| 324 | Has the goal of keeping a positive bank balance as part of following a budget | Skill |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
