Pleo Overdraft

Pleo Overdraft allows for a negative Account balance. Even if your Account is empty, you'll still be able to cover a variety of expenses:

• Online and in-store purchases made with Pleo cards

• Invoices (if you're in the UK or Germany)

• Fees for using Pleo

• Reimbursements to employees for out-of-pocket, mileage, or per diem (Germany and Sweden only) expenses

Navigate through the sections:

• Activate Overdraft
• Download Overdraft statement
• Fees
• How to get help

Activate Overdraft

Go to Cash Management to see if you can Activate Overdraft or if you need to Apply for Overdraft

To activate Overdraft:

1. Go to Cash Management

2. Access Overdraft

3. Click Activate Overdraft

4. Set your Overdraft limit (it can be less than or equal to the amount we've calculated).

5. Please take note of the activation fee that will be deducted from your Account

6. Choose a repayment option

7. Click Continue

8. You'll be prompted to set up a direct debit to cover the overdraft amount at the end of the month. If you don't choose auto repayment, then you will still need to top-up at least 10% of your Overdraft limit each month. For example, if you're Overdraft limit is 50,000 euros, then you'll be prompted to top-up at least 5,000 euros at the end of each month. This ensures that accrued interest is paid monthly. The full outstanding balance will need to be settled at the end of the 12 months (from the day of activation).

9. Activate Overdraft

To apply for Overdraft:

1. Go to Cash Management

2. Access Overdraft

3. Click Apply for Overdraft
4. Choose your Overdraft limit
5. Add your Bank and Financial statements
6. Submit the application

Download Overdraft statement

1. Navigate to Cash Management
2. Access Overdraft
3. Click Statements
4. Click Download

Repayment options

• Automatic repayment - the overall outstanding amount will be automatically debited from your bank account at the end of each month. If the repayment is successful, you will not pay any interest even if your Account balance has been negative during the month.
  
  

• Manual Account top-up before the month's end - no interest if the money reaches your account before the billing date, which is the last day of the month.
  
  

• Repay the negative balance over 12 months - pay back the total balance until the end of the year (via direct debit), while still paying interest each month. If you opt for this method, you'll need to top up at least 10% of your Overdraft limit per month. Interest will accrue at a rate starting from 6% per year (similar to many credit card providers). Let's look at an example:

  • Your average balance during March has been -€3,000.

  • A 6% annual interest rate has been accruing daily for the 31 days of March.

  • To calculate the interest charged at the end of March, we use this formula: (6%/365)*31*3,000 = €15.28
    
    

Good to know: You can see a breakdown of any interest fees by going to your Billing page and downloading your invoice(s)

Fees

• Activation fee

  2% of the Overdraft limit that you select - this amount will be deducted from your Pleo Account on the day of activation. This activation fee is charged annually, guaranteeing your Overdraft limit for the following 12 months, subject to our Terms and Conditions.
  
  

• Interest
  A fixed annual interest rate starting from 6% above benchmark will be charged every month, if the full balance is not paid back before the last calendar day of the month (fixed annual interest rate might differ for customers and can range from 6% to 18%)
  
  

• Overdue Fees and Penalties

  Charged in case your account falls into an "overdue" state. The details about these fees and penalties can be found in the Terms and Conditions (you can also find these linked in Pleo, after clicking on “Manage Overdraft”). Your Overdraft account can become Overdue if:

  • You have opted out of auto-repayment but failed to top-up your Account by at least 10% of your Overdraft limit, or

  • Your Account's balance is insufficient for due interest and fees, or

  • The outstanding Overdraft balance is not repaid at the end of the 12 month period (from the day of activation).

How to get help

• Any questions about pricing, activation, or similar - reach out to your dedicated customer success manager.
• Your organisation is having financial difficulties, we’d be happy to discuss repayment plans with you. Please get in touch at [email protected].
• For general technical support, here's how you can reach us.