[GNC] Operating Checking Account in Overdraft

[Mike or Penny Novack]

On 8/2/2018 9:21 AM, Adrien Monteleone wrote:

> I have sent an email to the Australian and New Zealand Chartered Accountants asking them the question.
>
> I will let you know what they say.
>
> Kind Regards,
>
> Murray

This is something we here in the US can't help much on because we do not 
have "two way checking accounts". We might have checking accounts with 
"overdraft protection" but with those the credit balance situation is 
assumed to be temporary. We might have lines of credit accounts against 
which checks can be written (normal way to make disbursements from the 
account) but with these the balance is almost never* debit, the account 
a liability. What we don't have is accounts designed to be used either way.

Michael D. Novack

* Having had one of these many decades ago, I seem to recall sometimes 
making an extra large payment before leaving for a month or two hiking. 
But this would be a temporary situation, just like temporary the other 
way around with a checking account that had overdraft protection. I had 
one of those two back then, but can't remember how long I had to 
straighten out a "overdraft" situation.