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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 · Basically, an overdraft means that the bank allows customers to borrow a set amount of money. There is interest on the loan, and there is typically a fee per overdraft.
Apr 17, 2024 · An overdraft drops your bank account balance below zero, and can result in fees and interest. Overdraft protection prevents a non-sufficient funds fee.
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 · 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.
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 especially to established or institutional customers.
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.
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.
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.
4 days ago · An overdraft is a form of debt. When you take out more money than you have in your account, you’re borrowing money from the bank, which often comes with a charge. For example, if you have £50 ...
