from The American Heritage® Dictionary of the English Language, 5th Edition.
- noun The act of overdrawing a bank account.
- noun The amount overdrawn.
- noun The maximum amount of credit extended to a customer.
- noun A current of air made to pass over the ignited fuel in a furnace.
- noun A series of flues in a brick kiln designed to force air down from the top.
- noun The air so forced.
from The Century Dictionary.
- noun In furnaces of steam-boilers, and generally in domestic furnaces and stoves, a draft of air admitted over, and not passing through, the ignited fuel.
- noun In kilns for bricks and tiles, a form of construction whereby the kiln is heated from the top toward the bottom.
- noun The amount by which a draft exceeds the sum against which it is drawn; a draft against a balance greater than the balance itself.
- noun The act of overdrawing one's account, especially one's bank-account.
from the GNU version of the Collaborative International Dictionary of English.
- noun (Banking) The act of overdrawing; a draft in excess of the credit balance; also, the amount or sum overdrawn.
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun uncountable The act of
overdrawinga bank account.
- noun countable The
- noun countable The
maximumamount that may be overdrawn.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- noun a draft in excess of the credit balance
from Wiktionary, Creative Commons Attribution/Share-Alike License
Despite the fact that they've had checking accounts all their lives (and presumably know what they're doing), each year older Americans pay 4.5 billion dollars in overdraft fees -- and on average they actually pay more in fees than they receive in credit when the overdraft is triggered by a debit card transaction.
Most banks and credit unions automatically sign customers up for what they call overdraft "protection," that allows -- rather than blocks -- purchases and ATM withdrawals that overdraw their bank accounts.
But a new report from the Center for Responsible Lending says banks are taking advantage of their customers by automatically enrolling card users in what they call overdraft protection programs.
Meanwhile, the Federal Reserve is examining the fairness of certain overdraft practices.
A merchant mistakenly put a hold on his funds, then the bank cleared transactions from high to low, triggering hundreds in overdraft fees, he says.
U.S. banks will collect a record $38.5 billion in overdraft fees this year, with nearly all the revenue paid by just 10% of customers, according to a research report released Monday.
When I checked my balance I found that my bank hit me for $175 in overdraft fees.
Tam Tran, 36, of Columbia, Md., has paid BofA more than $5,000 in overdraft fees in the past year.
The Federal Reserve on Thursday released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.
Davis of Strunk & Associates says courtesy overdraft is a "value (consumers) are very willing to pay for."