overdraft overdraft  /ˈoʊ vərd ˌræft/

Definition(s):

  • (n) a draft in excess of the credit balance

Usage(s):

  1. To few institutions do so many British gentlemen owe so much as they do to the overdraft.
  2. The banks say that being threatened with legislation had no impact on their decisions to make annoying debit card overdraft fees slightly less annoying.
  3. For one thing, the overdraft and late fees that banks pile on are an unacceptable risk to the unbanked, who can't afford to lose access to their funds.

News

  1. Overdraft Protection May Do More Harm Than Good

    Overdraft costs on consumer checking accounts vary widely across financial institutions and often result in more costs and more involuntary account closures for consumers who opt into such coverage, the Consumer Financial Protection Bureau reported on Tuesday. "Consumers need to be able to anticipate and avoid unnecessary fees on their checking accounts," said CFPB Director Richard Cordray.
    on June 12, 2013     Source: E-Commerce Times

  2. Overdraft coverage offers revenue bonanza for banks

    Overdraft coverage offers revenue bonanza for banks Associated Press Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Published 6:00 pm, Tuesday, June 11, 2013 Washington A U.S. agency says consumers who opt for overdraft coverage on their checking accounts pay higher fees and are more likely to have their accounts ...
    on June 12, 2013     Source: Albany Times Union

  3. Overdraft protection can be costly, government study finds

    Overdraft protection programs are complex and confusing and can make it difficult for checking account customers to know when they are going to get dinged with a fee, according to a new report from the Consumer Financial Protection Bureau (CFPB).The agency’s study released on Tuesday raises serious questions about overdraft practices at some of the nation’s larger financial institutions (more ...
    on June 11, 2013     Source: MSNBC

Quotes

  1. George Osborne, the Shadow Chancellor, said: "Gordon Brown is a man with an overdraft, not a man with a plan. He is being forced into this borrowing. He presents it as a strategy but it is actually a consequence of his great failure that borrowing...
    on Oct 27, 2008 By: George Osborne Source: Times Online

  2. "Giving customers the chance to choose whether they want overdraft protection is important, but we need to do far more to protect customers from abusive bank products," said Senator Christopher J. Dodd, Democrat of Connecticut. "We still need...
    on Nov 12, 2009 By: Chris Dodd Source: New York Times

  3. Murray said: "First of all I don't know where these reports come from. So far as Charlton are concerned, the directors will keep supporting the club and nobody has talked administration." "We have been told by our bankers that our overdraft...
    on Feb 9, 2009 By: Richard Murray Source: ESPN

Word of the Day
untenable untenable
/ən ˈtɛ nə bəl /