An overdraft is an agreed amount by which your bank account can be overdrawn. Generally you will be charged a set fee for the provision of an overdraft facility. This fee is often calculated as a fairly high percentage of the total value of the overdraft.
The option to have your checking account associated with another savings account of line of credit that allows a person to write checks for more than the actual balance in the account by automatically transferring funds to cover the item. A fee is often associated with when this service is used.
The pumping of water from a groundwater basin in excess of the supply coming into the basin. Such pumping results in continuing depletion of the groundwater and a lowering of the water table. overlying right The name of a ground-water right in a riparian rights state where the surface owner also owns the underlying water in fee simple.
that quantity of water pumped in excess of the available supply; the act of overdrawing a water supply or aquifer in amounts greater than replenishment. Also, the sustained extraction of groundwater from an aquifer at a rate greater than the recharge rate of the aquifer, resulting in a drop in the level of the water table.
When a depositor draws a check for more than the balance on deposit, he is said to be overdrawn. The Bank can either return the check to the institution from which it came or to the person who presented it for payment marked "Insufficient Funds", or elect to render the customer a service and pay the check. When the institution pays the check, it creates an overdraft in the depositor's account. The account ceases to become a deposit liability and becomes an asset since it is, in effect, a loan to the depositor. Overdrawn checks are accordingly charged service charges.
An agreement whereby the bank permits a customer to temporarily withdraw more money than is held in the account against payment of interest; this is a form of borrowing. A common feature of current accounts.
A short-term loan from a bank, when you spend more money out of your bank account than you have in it. Overdrafts are expensive and have to be re-paid whenever the bank demands the money back. It is best to avoid them.
The act of overdrawing a bank account. This means that the account holder wrote a cheque or withdrew funds greater than the available balance in his or her bank account. Also known as insufficient funds.
Banks will often allow you to overdraw your current account. If you have arranged for an overdraft facility on your account you will be charged an authorised overdraft rate - the rate of interest that you will pay on your overdrawn balance if you remain within your authorised limit. If you have not arranged an overdraft facility or exceed your authorised limit you will be charged interest at the unauthorised overdraft rate.
An arrangement made between you and your bank that allows you to withdraw more than the amount of money in your account. You won't have to pay any charges other than interest so long as you stay within your limit. Handy if you've had a busy month of spending and you still have a week to go before getting paid.
If you spend more money than you have in your current account you will go overdrawn. You can ask the bank if they can arrange to lend you some money for a short time. This is known as an arranged overdraft. You pay an agreed rate of interest on the overdraft. If you go overdrawn without asking the bank in advance, they might refuse to pay your cheques and charge you a high interest rate on the money that you owe them.
When a person or business borrows from their bank and is allowed to take out more money than they have in their account. If the overdraft is not agreed prior to taking out money not in your account you are likely to be subject to charges.
a shortfall in a bank account caused by taking out more money than you had in the account; financial institutions will allow good customers to have overdrafts for a short time, but they charge fees and interest for the service
A technique whereby a bank’s client is allowed to overdraw his account, i.e. withdraw funds exceeding his credit balance. The bank gives its client a general credit facility, by which the client, through an overdraft, extends himself a short-term loan, without needing a formal loan agreement. The advantage for the client is that he will pay for only as much as he has borrowed. Français: Découvert Español: Descubierto
A short-term credit granted by a bank to a client when the amount of an operation carried out using a payment card exceeds the balance of the card account of such client or the established limit of lending.
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account the excess is known as an 'overdraft' and the account is said to be 'overdrawn'. If agreed in advance by the bank this is essentially a form of loan facility. If not agreed in advance by the bank penal charges may be incurred.
When the amount of a check exceeds the available balance. Overdraft protection allows business owners to write checks for more than the account balance without the checks being returned. This service must be approved by the bank.
An overdraft occurs when withdrawals from a bank account exceed the available balance; i.e. over-drawings. This gives the account a negative balance and in effect means the account provider is offering credit.