Definition of "overdraft" [o•ver•draft]

• The act of overdrawing a bank account. (noun)
• The amount overdrawn. (noun)
• The maximum amount of credit extended to a customer. (noun)
• A current of air made to pass over the ignited fuel in a furnace. (noun)
• A series of flues in a brick kiln designed to force air down from the top. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "Despite the fact that they've had checking accounts all their lives (and presumably know what they're doing), each year older Americans pay 4.5 billion dollars in overdraft fees -- and on average they actually pay more in fees than they receive in credit when the overdraft is triggered by a debit card transaction."
• "Most banks and credit unions automatically sign customers up for what they call overdraft "protection," that allows -- rather than blocks -- purchases and ATM withdrawals that overdraw their bank accounts."
• "But a new report from the Center for Responsible Lending says banks are taking advantage of their customers by automatically enrolling card users in what they call overdraft protection programs."