Published: 06 Aug 2022 › Updated: 06 Aug 2022
LeoGlossary: Overdraft
A situation where a bank makes a payment from a request such as a check even though there is not enough money to cover it. This results in an account being overdrawn.
Some financial institutions will offer overdraft protection where the fees can be avoided by linking the account to another one, such as a savings account where the money will be pulled from.
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