What Is the Definition of a Bank Overdraft?

Answer

An overdraft is a loan arrangement between the borrower and the bank whereby the bank extends the credit to a maximum amount against which the customer can write cheques or make withdrawals. It refers to the amount of money borrowed that exceeds the deposits.
Q&A Related to "What Is the Definition of a Bank Overdraft"
Withdrawal of money in excess of credit balance.
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1. Look at your account information to determine if you have overdraft protection. If you did not opt in for this service, you cannot overdraw your account if you are purchasing an
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1. Set up Overdraft Protection, which will help you save you a lot money. If you don't have an Overdraft Protection on your account,then every single Overdrawn will cost you 35 dollars
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Bank of America on Oct 10 removed overdraft fees when a customer's
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1 Additional Answer
A bank overdraft can refer to a loan arrangement under which a bank extends credit up to a maximum amount against which a current account customer can write checks or make withdrawals.
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