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What (who) is overdraft$56485$ - definition
OCCURS WHEN MONEY IS WITHDRAWN FROM A BANK ACCOUNT AND THE AVAILABLE BALANCE GOES BELOW ZERO
Overdraft protection; Bounce protection; Overdraft Protection; Overdrawn; Playing the float; Overdraft fee; NSF fee; Unauthorised overdraft fee; Courtesy pay
overdraft
(overdrafts)
If you have an overdraft, you have spent more money than you have in your bank account, and so you are in debt to the bank.
N-COUNT
Overdrawn
·p.p. of Overdraw.
Overdraft
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account.
Wikipedia
Overdraft
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. For water resources, it can be groundwater in an aquifer. In these situations the account is said to be "overdrawn". In the economic system, if there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.
