What is Overdraft?
1.
The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation.
PRETTY MUCH WHEN ONE OF THE BANK'S WORKERS IS STEALING YOUR MONEY.
MC Hammer: It seems i have overdrafted in my account.
Banker: It seems that your 1 bedroom apertment's rent was more than $500.
See
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