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Bank Overdraft is a facility wherein a bank customer can withdraw more money than what is actually available in his/her account. Let us say I have an overdraft account with ICICI Bank and have only Rs. 5000 in my account, I can withdraw even 15000 or 20000 from my account. I will have to repay this money that I took from them in future or else they will charge me an interest. The bank will also set an Overdraft limit which will define how much money over and above my bank balance I can withdraw.
An account where the customer has used his/her overdraft facility is called an overdrawn account
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∙ 12y ago
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What is the name of the fee for an overdrawn account?
Overdraft
Because my account was overdrawn I have got a letter from BofA Your account has been closed they deposited the amount overdrawn now my ending balance is 0.00 do I have to pay them back?
Yes!
What does it mean if your account has a minus sign?
IT most likely means that your overdrawn on your account and its at a negative balance.
Settling an old overdrawn bank account?
Settling an old, overdrawn bank account can help to improve your credit standing over a period of time. Many banks will also allow you to open an account again once the overdraft is paid.
If a balance in the bank account is overdrawn on what side is the balance brought down?
bank
What is the name of the fee for an overdrawn account?
Overdraft
Because my account was overdrawn I have got a letter from BofA Your account has been closed they deposited the amount overdrawn now my ending balance is 0.00 do I have to pay them back?
Yes!
What does 5 dollars overdrawn mean?
It means that an account you have is -$5.
How do you write a appeal letter to bank on not closing my current account due to overdrawn?
When you write a letter to your bank make sure you are honest. It is always better to tell them the reasons for having your account overdrawn.
Are you in debt if you have a negative sign in your checking account?
Yes, you are probably overdrawn in your bank account as well.
What does it mean if your account has a minus sign?
IT most likely means that your overdrawn on your account and its at a negative balance.
What is a check written for more money than your account contains?
overdrawn
Settling an old overdrawn bank account?
Settling an old, overdrawn bank account can help to improve your credit standing over a period of time. Many banks will also allow you to open an account again once the overdraft is paid.
If a balance in the bank account is overdrawn on what side is the balance brought down?
bank
Can you close your bank account if it is overdrawn?
In order to close it, you have to pay off the overdraft first.
What does OD mean on a bank statement?
Overdrawn. Means the bank account in question doesn't have enough money to supply a check written or a recent withdrawal. Generally a bad thing.
What is the term used for a negative checking account balance?
"Overdrawn" is the common term used to describe a negative checking account balance.
