Overdraft. A look into history

A type of short-term loan in which a client can make a payment from his account that exceeds the balance. The overdraft system has been around for almost 300 years. The owners of the Royal Bank of Scotland were the first to come up with such a service in 1728. Edinburgh’s bank branch has offered Scottish merchant William Hogue a loan of £ 1,000 from the bank. She exceeded his account balance. From this date, it is customary to count the history of the overdraft.