Overdraw

(redirected from overdrawing)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.
Related to overdrawing: overdrew

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 ?
Similarly, Bethpage countersued plaintiff Sheila McDermott, claiming she wound up with a negative balance of $889.70 after overdrawing her checking account 17 times in August 2015 and failing to repay the money.
Last night it was overdrawing around 1,500 MW when the grid collapsed," Delhi's power minister Haroon Yusuf said.
Although there are financial penalties for overdrawing from the grid, it is still a cheaper option than buying power on the open market for cash-starved state electricity boards.
New Delhi, July 31 ( ANI ): The Central Electricity Regulatory Commission (CERC) issued a notice to the Uttar Pradesh Government and two other states - Rajasthan and Haryana-to explain the overdrawing of power and for blatantly flouting of norms governing access to electricity/power supply, which led to grid failures in the northern and eastern parts of India, and to one of the longest blackouts ever in the country on Tuesday.
'This hearing will answer important questions regarding the definitions within the contracts between ANZ and its customers of what is a fee or a charge,' said Watson, adding: 'We know that customers who were late paying a credit card or overdrawing their account were charged USD30 or more.