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overdraft
(redirected from Overdraft protection)

   Also found in: Financial, Encyclopedia, Wikipedia 0.02 sec.

A check that is drawn on an account containing less money than the amount stated on the check.

The term overdraft is also used in reference to the condition that exists when vouchers or purchase orders are drawn in amounts exceeding the amount that has been appropriated or budgeted.

Cross-references

Commercial Paper.


See also: deficit


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? Mentioned in ? References in periodicals archive
 
Interagency Joint Guidance on Overdraft Protection Programs.
the National Credit Union Administration and the Office of the Comptroller of the Currency issued final joint guidance to help insured depository institutions address concerns federal and state bank regulators, consumers, financial institutions and their trade representatives have raised about overdraft protection programs (www.
Then from three to 60 days, if you don't report the problem, you can be charged $500 against bank losses, and if you wait longer, the bank can clean out your balance and any overdraft protection to pay off illegal usage.
 
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