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 ?
Half of the consumers who overdraw their checking accounts do so by $40 or less, and 34 million consumers, or about 26% of consumer checking accounts, do this 10 or more times per year, Moebs said.
With the development of superlight aluminum arrows and, perhaps more significantly, carbon arrows, the need for long overdraws has largely disappeared.
Overdraws allow the archer to use a shorter (and therefore lighter) arrow to achieve higher arrow speed and a flatter trajectory However, overdraws -- especially longer overdraws -- are generally a bit more critical of any archer's shooting error.
An overdraw arrow rest must have a guard to prevent accidental discharge of the arrowhead through your hand.
Consumers, especially those who overdraw their checking account 10 or more times a year, will pay significantly less in fees if they bank with a community bank or credit union that offers overdraft services," points out Michael Moebs, Economist and CEO of Moebs $ervices.
Not being able to overdraw isn't necessarily bad, though, as it stops you getting into more difficulties.
It is estimated that 50 million Americans overdraw their accounts annually.
In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.
But how you are affected will depend on whether you generally stay in credit, sometimes overdraw without permission or have claimed a refund of penalty charges.
If you overdraw with permission you'll pay a certain amount of interest, but if you do it without permission you'll pay a higher level of interest and they'll often hit you with a fee of around pounds 25.
Consumers must be notified when an impending debit or ATM transaction will cause an overdraw on the account.
Some 61 percent of the 2,400 surveyed preferred that their debit card purchase be denied at the checkout if it would otherwise overdraw their account and incur a fee.