Overdraft

Overdraft,

Definition of Overdraft:

  1. A deficit in a bank account caused by drawing more money than the account holds.

  2. An overdraft is an extension of credit from a lending institution that is granted when an account reaches zero. The overdraft allows the account holder to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal.

  3. Balance of a bank account in which funds withdrawn have exceeded funds deposited.

  4. Basically, an overdraft means that the bank allows customers to borrow a set amount of money. There is interest on the loan, and there is typically a fee per overdraft. At many banks, an overdraft fee can run upwards of $35.

  5. Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals. The most common form of business borrowing, an overdraft is a type of revolving loan where deposits (credits) are available for re-borrowing, and interest is charged only on the daily overdraft (debit) balance. It is, however, also a demand loan: the facility can be cancelled (and entire outstanding amount called) at any time by the lender at its discretion, without any warning notice or explanation. If the overdraft is secured by an asset or property, the lender has the right to foreclose on the collateral in case the account holder does not pay. Calls happen usually where the (1) borrowers credit rating falls, (2) lender has reason to believe the borrower may go into default, or (3) borrower has not revolved the overdraft in a satisfactory manner and has turned it into a ■■■■■■■■ debt. An overdraft is approved only for a fixed period (usually one year) after which it is must be renegotiated. In the US practice (where it is called line of credit or credit Line), the borrower is often required to maintain 10 to 20 percent of the approved overdraft limit as cash balance in the account, and must demonstrate its continuing financial health by managing without the overdraft for a one or two-month period (called cleanup period). Also called bank overdraft.

Synonyms of Overdraft

Arrear, Arrearage, Arrears, Back debts, Back payments, Bankruptcy, Bouncing check, Bust, Collapse, Crash, Default, Deferred payments, Deficit, Deficit financing, Dollar gap, Failure, Insolvency, Insufficient funds, Kited check, Overdrawn account, Receivership, Credit, Advance

How to use Overdraft in a sentence?

  1. When I left Cambridge I had a $900 overdraft.
  2. The overdraft was prepared for by the bank so they automatically assumed an acceptable level of risk was likely with the funds withdraw process.
  3. I did not realize that going to Pizza Hut would cause me to overdraft my bank account and make me pay a small fee.
  4. The overdraft allows the customer to continue paying bills even when there is insufficient money in the customer's account(s).
  5. You must make sure to not take to much money out of your account or you may have to pay a big overdraft fee.
  6. Overdraft protection is a loan provided by some banks to customers when their account reaches zero.
  7. An overdraft is like any other loan, the customer pays interest on the loan and, in the case of overdrafts, will typically have a one-time insufficient funds fee.

Meaning of Overdraft & Overdraft Definition

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Overdraft,

Overdraft: What is the Meaning of Overdraft?

  1. Overdraft can be defined as, An overdraft is a credit institution loan extension when the account is zero. The overdraft allows the account holder to continue withdrawing funds, even if the account runs out of funds or does not have enough funds to cover the withdrawal amount.

    • An overdraft is a loan that some banks offer to customers when their account is zero.
    • An overdraft allows a user to continue paying their bills, even if there is not enough money in the user's account.
    • Overdrafts Like other loans, clients pay interest on the loan and overdrafts usually charge a one-time fee for insufficient funds.

  2. Overdraft means, An overdraft occurs when the bank pays the application (such as a check) when the account balance is not sufficient to cover it. This type of payment is called an overdraft and the account is called an overdraft. See also overdraft protection.

  3. Overdraft can be defined as, An overdraft occurs when the bank pays the application (such as a check) when the account does not have enough money to cover it. This type of payment is known as an overdraft and this account is called an overdraft. See overdraft protection.

  4. Refers to the amount due to the bank as the withdrawal from the account is more than the deposit. An agreement in which the bank usually lends to the customer up to a maximum amount.

  5. You can define Overdraft as, A deficit occurs when you withdraw money that exceeds your account balance. This usually results in fines for financial institutions.

  6. Meaning of Overdraft: If the amount withdrawn from the bank account is more than the actual amount in the account, this surplus is called overdraft and the account is overdraft. See related questions about overdraft programs

Meanings of Overdraft

  1. Deficit in a bank account due to withdrawal of more than the amount available.

Sentences of Overdraft

  1. When I left Cambridge, I had an overdraft of $ 900

Overdraft,

How Do You Define Overdraft?

  1. An overdraft is an extension of credit by a credit institution when the account z. Overdrafts allow the account holder to continue withdrawing funds even if the account runs out of funds or there are not enough funds to cover the refund amount.

    • Overdraft protection is a loan that some bank customers provide when their accounts, for example,
    • Overdrafts allow customers to continue paying their bills even if there is not enough money in the customer's account.
    • Overdrafts are like any other loan, consumers pay interest on the loan and overdrafts usually do not have a one-time fee.

  2. An overdraft occurs when you do not have enough money to buy or pay. Another way to say this is that an overdraft occurs when a transaction exceeds your available balance. If so, you can do so by withdrawing, deducting or refunding your account without payment. We make this decision at our discretion based on a number of factors, such as the number of transactions and the history of your account. See Escrow Agreement and Information for more details. See also Overdraft Protection.

  3. Definition of Overdraft: Overdrafts occur when a bank makes the required payment (for example, this type of payment is called an overdraft and the account is exposed). See Overdraft Protection.

  4. Overdraft means: Refers to the amount owed by the bank due to withdrawal from the account which is more than the deposit. Arrangements under which banks give credit to the customer, usually up to a minimum amount.

  5. A deficit that appears when you withdraw money from an account that exceeds the account balance. This is usually a financial penalty.

  6. You can define Overdraft as, If the amount withdrawn from the bank account is actually more than the amount available in the account, then the surplus is considered as overdraft and the account is considered as overdraft. See related questions about overdraft protection programs.

Meanings of Overdraft

  1. Deficit in a bank account is the result of withdrawals in excess of the amount in the account.

Sentences of Overdraft

  1. I had when I left Cambridge. There was an overdraft of 900.

Overdraft,

What is Overdraft?

  • An overdraft occurs when there is not enough money in the account to close or withdraw the transaction, but the bank still approves the transaction. Basically, it is an extension of the financial guarantee loan provided in account z. Overdrafts allow the account holder to continue withdrawing funds even if the account runs out of funds or does not have enough money to cover the withdrawal.

    • An overdraft occurs when there are no funds to withdraw money from an account, but the bank still allows the transaction.
    • Overdrafts allow customers to pay their fees, even if they do not have enough money.
    • Overdrafts are like any other loan - the account holder pays interest on it and usually charges a nominal fee.
    • Some banks provide overdraft protection to their customers when their account is de-escalated, avoiding lower payment fees, but often include interest and other fees.

  • An overdraft occurs when you do not have money to purchase or pay. Another way to say this is that an overdraft occurs when a transaction exceeds your available balance. In that case, pay yourself, withdraw or reject your account, or return it unpaid. We make this decision at our discretion based on a number of factors, such as the number of transactions and the history of your account. See Escrow Agreement and Information for more details. See also overdraft protection.

  • An overdraft occurs when a bank makes a requested payment (for example, this type of payment is called an overdraft and the account is opened. See Overdraft Protection).

  • Refers to the amount owed to the bank due to withdrawal from the account which is more than the deposits. Arrangements under which banks give credit to the customer, usually up to a minimum amount.

  • When the amount withdrawn from a bank account actually exceeds the amount in the account, the excess amount is called overdraft and the account is overdrawn. See related questions about overdraft protection programs.

Meanings of Overdraft

  1. Deficit in the bank account which resulted in withdrawal of more than the amount in the account.

Sentences of Overdraft

  1. I had an overdraft of £ 900 when I left Cambridge.

Overdraft

With an overdraft service you can borrow a certain amount in addition to your bank balance.

In return, depending on the account provider, you pay interest or fees, or both.

Exceeding the agreed limit changes an allowed overdraft into an unauthorized overdraft and leads to fines and (usually high) interest on the extra amount.

Banks collect around £4.7 billion a year through fees such as £39 for an NSF check and £28 for each day the account exceeds the allowable limit.

But amid record profits from the big street banks, a riot has broken out, with consumers refunding hundreds, if not thousands, of pounds in fees.

When the amount withdrawn from a bank account exceeds the amount actually in the account, the excess is called an overdraft and the account is called an overdraft. See related questions about overdraft protection programs.