Overdraft Protection DEMO
What is an Overdraft?
Overdraft is a term used when withdrawals made from a deposit account are more than the available funds, which result in a negative balance. Typical transactions that could cause an overdraft include checks written, automatic payments or transfers, debit card purchases or ATM withdrawals.
Overdrafts can occur for a variety of reasons. Here are just a few of the more common examples:
Addition or subtraction error, resulting in less in your account than expected
An item in your deposit was returned and you already had made payments against the deposited amount
Forgetting to make a deposit
Automatic payment not entered in your register
Soft holds-you may have used your card for a hotel stay and an amount representing your room fees is placed on hold-even though the final amount may be less, or you may not use that particular card for final payment.
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