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overdraft
(redirected from Overdraft protection)

    Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 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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Both CUNA and NAFCU have argued against the proposed opt-in requirement and against placing overdraft protection programs under the Truth in Lending Act.
Overdraft vendors share the wealth with CU leagues and trades by Siegriest, Lindsey / Credit Union Times
The Fairness and Accountability in Receiving Overdraft Coverage Act would require banks to obtain customersÕ permission before placing them in overdraft protection programs for ATM and debit card transactions.
Going after greedy banks by Staff / Las Vegas Sun
You can usually opt out of the overdraft protection program by going in and talking to a bank representative.
How to Avoid Overdraft Fees by Tim B Smith / Finance and Investment community
 
 
 
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