short-term finance extended by banks subject to instant recall A maximum deficit balance is pre-agreed and interest is paid on the actual daily balance outstanding
When your account goes below zero-there is not enough money to cover the withdrawal
A line of creditm contractually repayable on demand unless a fixed term has been agreed, established through a customer's current account
If you have an overdraft, you have spent more money than you have in your bank account, and so you are in debt to the bank. the amount of money you owe to a bank when you have spent more money than you had in your account
The pumping of water from a groundwater basin or aquifer in excess of the supply flowing into the basin; results in a depletion or "mining" of the groundwater in the basin (See: groundwater mining)
An amount paid out by a bank to cover cheques and withdrawals that exceed the balance of funds available in a deposit account BACK TO TOP
A credit facility granted by a bank which allows the borrower to draw funds from the bank up to a prescribed limit as and when the borrower wishes
{i} overdrawing of a bank account; amount overdrawn; limit to which money may be withdrawn from the bank on credit; draft of air flowing over a fire (e.g. in a furnace)
The average yearly amount of water removed from an underground basin which exceeds the amount replenished, occurring over the long term
When the amount of a paid check or other withdrawal exceeds the available balance in a checking account (can result in fees)
The word overdraft means the act of overdrawing from a Bank account In other words, the account holder withdraws more money from a Bank Account than has been deposited in it
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account the excess is known as an 'overdraft' and the account is said to be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
A negative (minus) balance in an account, resulting from the paying (posting) of checks for an amount greater than the depositor’s balance
Ground water withdrawal in excess of the amount of water that can be withdrawn from the ground water basin annually without producing an undesired result; specifically the rules of the SWFWMD state pumping from a well at such a flow rate that the resulting water level is below sea level or causes environmental damage on the land surface
The pumping of water from a groundwater basin or aquifer in excess of the supply flowing into the basin This pumping results in a depletion or "mining" of the groundwater in the basin
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 Back to Top
The withdrawal from a bank account of an amount greater than the positive balance in the account Often used to refer to a negative balance in one's account
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
The pumping of water from a groundwater basin or aquifer in excess of the supply flowing into the basin; results in a depletion or mining of the groundwater in the basin (See: groundwater mining )
An amount paid out by a bank to cover cheques and withdrawals that exceed the balance of funds available in a deposit account Top of Page
An overdraft facility is a formal arrangement with a bank which allows an account holder to draw on funds in excess of the amount on deposit. Overdraft facility financing is most commonly used by businesses as a way of making their working capital more flexible, although it can also be available to individuals. Banks which offer this service typically have a number of expectations from customers who use it, and it is important to be aware of these expectations before entering an overdraft facility agreement
A debit balance in the customer’s account that occurs in the course of the banking day and is expected to be repaid by a credit to the account prior to the end of the banking day