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- Dictionaryoverdraft/ˈəʊvədrɑːft/
noun
- 1. a deficit in a bank account caused by drawing more money than the account holds: "when I left Cambridge I had a £900 overdraft"
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Jul 8, 2024 · The overdraft allows the customer to continue paying bills even when there is insufficient money in their account. Many banks impose additional fees or penalties for overdrawn...
OVERDRAFT definition: 1. an amount of money that a customer with a bank account is temporarily allowed to owe to the…. Learn more.
Dec 18, 2023 · What Is a Bank Account Overdraft? Overdrafts represent an essential aspect of modern banking often misunderstood by customers. At its core, a bank account overdraft occurs when a bank account holder's balance goes below zero, resulting in a negative balance.
Nov 30, 2022 · Definition. An overdraft is when you don’t have enough money in your account to cover a transaction, so your bank pays instead. Learn how it works and what fees your institution may charge.
OVERDRAFT meaning: 1. an amount of money that a customer with a bank account is temporarily allowed to owe to the…. Learn more.
An overdraft occurs when something is withdrawn in excess of what is in a current account.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. In these situations the account is said to be "overdrawn".
Apr 13, 2022 · Those sneakers you bought with your debit card were a little more than you had in your checking account—but you still walked away with a fresh pair of kicks. This is called an overdraft—when you spend or withdraw more than you have in your account, but the transaction still goes through.
1. : an act of overdrawing at a bank : the state of being overdrawn. also : the sum overdrawn. 2. : line of credit. Examples of overdraft in a Sentence.
Jan 31, 2024 · An overdraft occurs when you don’t have enough money in your account to cover a transaction, but the bank pays the transaction anyway. Tip. Deposits to your account may not be immediately available for your use. Always make sure you have sufficient available funds in your account.
Jan 11, 2024 · An overdraft fee is a charge you incur from your bank when you spend more money than you have available in your bank account, usually your checking account. » MORE: Best banks for overdrafts.
