overdraw

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overdraw

verb aes alienum contrahere, be debited with, be in debt, be prodigal, become bankrupt, become innolvent, deplete, dissipate, exhaust, incur a debt, overcharge, overextend, overspend, overstrain, overstretch, owe, owe money, run into debt, spend more than one has, squander
Associated concepts: overdraw an account
See also: dissipate

TO OVERDRAW. To draw bills or cheeks upon an individual, bank or other corporation, for a greater amount of funds than the party who draws is entitled to.
     2. When a person has overdrawn his account without any intention to do so, and afterwards gives a check on a bank, the holder is required to present it, and on refusal of payment to give notice to the maker, in order to hold him bound for it; but when the maker had overdrawn the bank knowingly, and had no funds there between the time the check was given and its presentment, the notice is not requisite. 2 N. & McC. 433.

References in periodicals archive ?
Our customers have been clear that they want to know if a purchase is going to overdraw their account," said Susan Faulkner, Deposits and Card Product executive.
If you are one of them, consider moving your account to a provider that rewards customers who don't overdraw.
It is estimated that 50 million Americans overdraw their accounts annually.