overdraft account
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Overdraft — An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of… … Investment dictionary
overdraft — over·draft / ō vər ˌdraft/ n 1: the act or result of drawing on a bank account for more than the balance; also: the amount exceeding the balance in an overdraft 2: a loan or credit extended on a current account esp. to established or… … Law dictionary
overdraft — ► NOUN ▪ a deficit in a bank account caused by drawing more money than the account holds … English terms dictionary
Overdraft — I warn you, Sir! The discourtesy of this bank is beyond all limits. One word more and I I withdraw my overdraft! Cartoon from Punch Magazine Vol. 152, June 27, 1917 An overdraft occurs when money is withdrawn from a bank account and the… … Wikipedia
Overdraft fee — Unauthorized overdraft fees (sometimes called paid referral fees ) are fees charged by banks on various types of bank accounts, usually current or checking accounts. In the United States alone, overdraft fees bring in billions of dollars every… … Wikipedia
overdraft — a form of loan by which a person with a trading bank current account is given permission to continue making drawings on the account up to an agreed limit, after the balance has been reduced to nil. Glossary of Business Terms Provision of instant… … Financial and business terms
overdraft — / əυvədrɑ:ft/ noun 1. an amount of money which a company or person can withdraw from a bank account, with the bank’s permission, despite the fact that the account is empty ● The bank has allowed me an overdraft of £5,000. (NOTE: The US term is… … Dictionary of banking and finance
overdraft — A loan made to a customer with a cheque account at a bank or building society, in which the account is allowed to go into debit, usually up to a specified limit (the overdraft limit). Interest is charged on the daily debit balance. This is a less … Accounting dictionary
overdraft — A loan made to a customer with a cheque account at a bank or building society, in which the account is allowed to go into debit, usually up to a specified limit (the overdraft limit). Interest is charged on the daily debit balance. This is a less … Big dictionary of business and management
overdraft — UK [ˈəʊvə(r)ˌdrɑːft] / US [ˈoʊvərˌdræft] noun [countable] Word forms overdraft : singular overdraft plural overdrafts a) an agreement with your bank that allows you to spend money when you have no money left in your account overdraft limit (= the … English dictionary
Overdraft Protection — A line of credit that banks offer to their customers to cover their overdrafts. Overdraft protection kicks in when a customer writes a check for more than the amount in their account. Also referred to as cash reserve checking. Overdraft… … Investment dictionary
