This is a product that allows temporary facilities to be granted to our Commercial and Consumer Banking customers against proven account activity, to meet temporary shortfalls in their working capital requirements, in form of one-off overdraft facility for a maximum period of 30 days.
FEATURES AND BENEFITS
- Allows for working capital short term financing enabling client to be competitive in the market and meet short term liquidity requirements.
- TODs shall have a maximum tenor of Thirty (30) days only and repayable on or before the last day of each month.
- The facility amount granted shall not exceed 25% of the average monthly credit turnover, subject to the limit of the approving parties/authorities.
- Facility amount shall not exceed USD 5,000.
- Applicant shall undertake to domicile sales proceeds with the Bank or assign the receivables, for professional firms.
- Customers’ account must have been properly opened with all documentation in place.
- Applicant must have been in account relationship with UBA for at least 3 months during which it has been operated satisfactorily.
- The account must not have a history of returned cheques in the last 3 months.
- The customer profile must reveal an individual or company with the ability to meet obligations on a timely basis
- The customer’s account must reveal a predictable and consistent pattern of receipts and payments from and to identifiable sources.
- Duly completed TOD application form
- Undertaking to domicile sales proceeds or assignment of receivables, for professional firms etc