overdraft


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Related to overdraft: Overdraft Facility

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 ?
The credit union's overdraft agreement, which was included in the complaint, read, "For current fees, visit our website or ask us.
Andy Mielczarek, head of retail products at HSBC UK, said: "We have spent time listening to our customers on how we can improve our overdraft oering.
emergency, access the overdraft you've paid off again.
I got PS1,560 in unfair bank charges back" IF you have an overdraft the "I got PS1,560 in unfair bank charges back" IF you have an overdraft the nightmare scenario is exceeding your limits and getting stung with bank charges - these transaction fees can be PS6 per day or up to PS25 per transaction.
Because current law does not address the size or frequency of overdraft fees, banks have a strong incentive to push customers to opt in, and then to continue to barrage them with high fees.
Our table on the left shows just how much overdraft charges can vary from bank to bank.
Qualitatively, early signs are of improving success rates for overdraft and loan applications made in Q3 2011.
The new agreement means that AA Credit Union will charge 1% overdraft providing the member either corrects the overdraft before 22:00 the same day or has a small overdraft which did not take the end-of-day account balance into the negative by more than USD10.
What should you do (or not do) when advertising overdraft programs to your customers?
Around 26 per cent of current accounts have increased the interest they charge customers who have an authorised overdraft since March 2009, with some raising their rates by more than eight per cent, according to Moneyfacts.
As a standard service, many banks will cover such an overdraft until you make a deposit to cover the difference, but there's a fee for that, which could add $20 to $35 to that cup of coffee.
Bank customers complained about the Halifax, claiming it was charging an effective annual rate of interest of 3,650 per cent on an overdraft of just Au10.