When you have an overdraft facility, you can spend or withdraw more than your account balance up to a predetermined limit. If you exceed this limit, the bank may decline transactions or may charge additional fees. Interest is typically charged on the overdrawn amount until it is repaid.

Fees for personal overdrafts can vary by bank and account type. Common charges include overdraft fees for each transaction that exceeds your balance and daily interest on the overdrawn amount. It's important to review your bank's fee schedule to understand the costs involved.

To apply for a personal overdraft, you generally need to contact your bank or financial institution. This can often be done online, by phone, or in person. You may need to provide personal information, income details, and complete a credit assessment to determine your eligibility.

Yes, most banks allow you to set or adjust the limit on your overdraft facility. You can typically request a specific limit based on your financial needs. Keep in mind that the bank will assess your creditworthiness and account history when considering your request.

To avoid overdraft fees, you can monitor your account balance regularly, set up low balance alerts, and link your checking account to a savings account or credit card for overdraft protection. Additionally, consider keeping some funds as a buffer in your checking account to prevent going over your limit.