overdraft

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Related to Bounce protection: Overdraft protection

Overdraft

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: deficit

overdraft

see BANK ACCOUNT.
References in periodicals archive ?
Deposit customers can also activate bounce protection by using ATMs or debit cards.
Bounce protection disclosure to retail depositors usually states that approval of overdraft items is at the discretion of the bank, even if overdrafts have been paid for the depositor in the past.
Account holders can often opt out of the bounce protection feature by contacting staff at the financial institution.